local property tax
TRANSCRIPT
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COMPANY PROFILE
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SPEAKER PROFILE
NEIL ARMSTRONG
PRINCIPAL OF ARMSTRONG ASSOCIATES
(Twitter @armstrongACCA)
Neil Armstrong FCCA, AITI, is a fellow of the Association of Chartered Certified Accountants and an associate of the Institute of
Taxation in Ireland. He is Principal of Armstrong Associates Auditors and Accountants based in Bray.
Local Property Tax
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WHEN?
Budget 2013 (Dec 12)1st July 2013 – ½ year
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DEFINITION
Residential PropertyHouse and up to 1 acreOwnersLandlordsLocal AuthorityJoint Owners
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RATES
Rates Property Value up to €1m = 0.18% Property Value above €1m = 0.25% Split Banding
But local authority may vary basic rate From 1st Jan 2014 Adjustment not to exceed 15% (0.21%)
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VALUATION
Market ValueValuation date 1st May 2013Valid to 31st Dec 2016Improvements-IgnoredMarket Value?
Property Price Register.ie
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EXEMPTIONS
Subject to Commercial RatesNew, unoccupied and unsoldGhost EstatesNew purchased from builder between 1/1/13-
31/10/16 - 2016S/H purchased by first time buyer 1/1/13 –
31/12/13 - 2016
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OPERATION
Self AssessmentRevenueMarch 2013 – First ContactLPT Return and InformationLPT due 7th May 2013/Online 28th MayValid to 2016
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PAYMENT
Due Date 21st July 2013Future years to be confirmedROSDDSalary DeductionDeduction from SW
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HOUSEHOLD & NPPR
Household Charge – abolished 1/1/13NPPR abolished 1/1/14Eg
2nd Home Value €215k
2013 2014
LPT(225k) 202 405
NPPR 200 NIL
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COMPLIANCE
Revenue Enforcement Sheriff, Court, AttachmentInterest & PenaltiesCharge on Property – Can’t Sell
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SELF EMPLOYED
Tax Clarance CertIncome Tax Return Surcharge
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EMPLOYER
Employee RequestRevenue DirectionPayroll SystemRemit to Revenue/P35Statement to Employee
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KEY DATES
Mar 2013 – Revenue Contact, Info/LPT Est., LPT Return
1st May 2013 – Valuation Date/Ownership7th May 2013 – LPT filing date – paper28th May 2013 – LPT filing date- ROS1st July 2013 – Start phased payment21st July 2013- Online payment
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QUESTIONS
?
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THANK YOU
You can find more about Local Property Tax (LPT) Update on our blog at armstrongassociaties.ie/blog
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