We are still waiting on Michael Noonan to confirm . He last said he was considering a phased in approach to relief .
You've incurred a legitimate expense in connection with your letting. Surely that is allowable.
The LPT has nothing to do with letting expenses, it is not an expense incurred in letting a property. It is a tax on the property ownership.
A PAYE worker doesn't get an income tax credit/income deduction for the LPT he pays for his PPR.
It is not equitable that a landlord should get an income tax credit/income deduction for LPT he pays for his property that he chooses to let.
But property insurance is not a tax but it is a legitimate business expense. Why should anyone be allowed to claim a tax-credit or refund for paying a tax?
Why not allow PAYE workers to claim their income tax as a tax credit?
Sorry, I don't understand your point. Is it that taxes can't be used as deductions against taxable income?
This is clearly not the case as the tax system already allows for many taxes, eg road tax, excise duty, non-recoverable VAT, to be treated where appropriate as deductions against taxable income.
Also, the specific provisions of the Taxes Acts referring to rental income allows as a deduction, "rates levied by a local authority".
Except that the LPT is not a rate levied by a local authority, it's a tax imposed by an Act of the Oireachtas. (Not saying it's not deductible though!)
I thought the LPT legislation does indeed allow the relevant local authority to vary the amount within a certain percentage, making it a rate levied by a local authority, or at least it could be argued thus. I am claiming it anyway. I never claimed the NPPR or HH charge but to hell with that.
Yeah I'm sure it'll have its day in court where a judge will decide what it is.
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