Thomas Pringle (Donegal, Independent)
Link to this: Individually | In context | Oireachtas source

213. To ask the Minister for Finance the cost of abolishing the 4% interest rate for those who choose to defer payment of the property tax under the current system; and if he will make a statement on the matter. [10353/16]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I am advised by Revenue that there are currently in excess of 29,000 properties availing of the deferral option in respect of Local Property Tax (LPT), as provided for by Part 12 of the Finance (Local Property Tax) Act 2012 (as amended).

The deferrals, which attract an interest charge of 4% per annum, will for the majority of cases remain in place for the duration of the current valuation period, i.e. from 1 May 2013 to 31 October 2019. At the end of 2015 the cumulative deferred liabilities generated interest charges totalling more than €1.6 million. This indicates approximate annual interest charges of €0.6 million.