Non Principal Private Residence €200 relief?

J

julybaby01

Guest
If you are receiving rent from a second property (NPPR) you need to pay this €200 'tax' by the end of September.
This may be pushing it but... since this is an expense, can you offset the €200 against your rental income on your annual tax return?
 
Not knowing very much about this (and I'm sure I'm not alone in this regard; I listen to the news every day and heard nothing about this leglisation - it's almost as if they want to ensure our ignorance of the law and then fleece us for late penalties), but I would have thought the answer was yes.

Considering PRTB registration can be offset as an expense, than I can't see why NPPR would be any different, unless it's some sort of technicality whereby you can't offset a tax against a tax liability (it could be argued that PRTB registration isn't a tax - it's a fee, whereas NPPR is a tax).

In any case, until I learn otherwise, I intend to offset it as a legitimate expense. Damn them anyway.
 
I reckon it is allowable as an expense, just as VAT is allowed to non-registered people. ie, the gross amount of expenses (incl VAT) is used when calculating total expenditure.

I'm waiting for confirmation of this.

Either way, no need to worry about it til Oct 2010!

Between this levy, the immimnent property tax, and only 75% of interest allowed against rental income, it's going to be very expensive! Not to mention service charges already being paid.
 
paulpd said:
Between this levy, the immimnent property tax, and only 75% of interest allowed against rental income, it's going to be very expensive! Not to mention service charges already being paid.
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too right...god fobid we'd ever be permitted to make any money from our investments!
 
According to the E&Y website, the Revenue have confirmed to them that this is not a deductable expense when calculating taxable rental income.

Great.
 
paulpd said:
Either way, no need to worry about it til Oct 2010!
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Why is there no need to worry until October 2010 - everyone else seems to think it should be paid by end of September 2009?

Thank God for AAM, I didn't register this one when it was last being bandied about.

What will they think of next? :rolleyes: In the UK they're apparently introducing a new stealth tax of up to £600 for householders with scenic views, patios, conservatories and garages!
 
Another little levy I knew nothing about was this 1% thing on life policies which is coming into affect from this month,not much I know but it all adds up. Plus who's to say it wont be 2% and so on next year. We are being taxed to oblivion.
 
MMhhh, interesting! I forgot all about that. How does that work? Did you find any detail on the revenue website, Mark71?
 
Gondola said:
MMhhh, interesting! I forgot all about that. How does that work? Did you find any detail on the revenue website, Mark71?
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No, I had a letter from Canada Life about my policy renewal which had the good news with it. Basically it says there was The Finance Act 2009 passed into law June this year. This legislation provides for a 1% levy on premiums paid into life assurance policies in respect of premiums received from 1st August 2009. Time to dig a little deeper again!
 
Just wondering if anyone has a link to something official on this €200 charge. How are you supposed to pay and to whom? Just send a cheque to the local authority? Another fine mess!
 
BRICKTOP, the pdf on the property tax makes no reference to the deductibility or otherwise of this charge from rental income.
 
The original version I received via email stated that the DoF had confirmed to E&Y that the €200 charge is not deductible when calculating taxable rental income.
 
I recently put my investment property on the RAS list. They told me they'd contact me if they need it. Question is, do I have to pay the 200 fee or not? The house is on the list but not occupied at the present.
 
This was edvertised in all the national newspapers last week.
I thought it was only a proposal but of course it's for real and I can't see any escape clauses
 
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