A property disposed of on the 1st of Dec is the LPT due for 2022?

[HecTom]

A property disposed of on the 1st of Dec isthe lpt due for 2022.

 

[fidelcastro]

Yes. You owned on 1st Nov.

 

[HecTom]

Many thanks

 

[jpd]

The Revenue website has a page dedicated to this https://www.revenue.ie/en/tax-professionals/ebrief/2021/no-2172021.aspx

 

[Zenith63]

Going through a sale at the moment. I had to pay the CGT for 2022 but this will be refunded by the buyer as part of the closing. I guess that’s down to the solicitors to negotiate, but it seems to be the norm based on other posts here.

 

[Freelance]

LPT must be up to date when the sale closes, or you quite likely delay the close. Solicitors should arrange a pro rata payment from the buyer to the vendor to cover any prepayment (.e.g. if you close on 28th Feb 2022 the vendor should refund you 10/12 of the 2022 LPT which you paid). In the example you give, the refund to you should be 1/12 of the 2021 LPT and 12/12 of the 2022 LPT. The same applies to Management fees, if any.

 

[fidelcastro]

in the scheme of overall sale, its very small.