So, someone who closes on the sale of their property, say on 2nd Nov 2013, is liable for a full year's tax relating to a period they don't actually own the property?!? Surely that can't be fair or equitable? Is there not some handover to the new owner where they actually have ownership of the property for the period in question?
Paying LPT via Revenue Online is very straightforward
- Thread starter Brendan Burgess
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So, someone who closes on the sale of their property, say on 2nd Nov 2013, is liable for a full year's tax relating to a period they don't actually own the property?!? Surely that can't be fair or equitable? Is there not some handover to the new owner where they actually have ownership of the property for the period in question?
Brendan Burgess
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Hi roland
Some date has to be picked.
The Law Society standard contract allows for the price to be adjusted for the LPT.
Brendan
Some date has to be picked.
The Law Society standard contract allows for the price to be adjusted for the LPT.
Brendan
Thanks Brendan. I agree some date has to be picked, but I wouldn't have thought it entirely logical that the date to choose for a full-year 2014 tax liability is 2 months before 2014 actually commences. Ownership as at 1/1/2014 might make more sense and payment would then follow that. Based on the government comment, it strikes me that Revenue may not have considered much opinion on how they should run this before they ran with it.
I really don't get all of this: why is it necessary to pay in advance? I'm sure I'm not unique in knowing exactly what cash I have to hand right now, but no way of knowing how I'll be fixed in five months time.
So, would anyone care to speculate on what would happen if I ignored the end-November deadline, and paid by debit card next January or February? Would this be possible, even? They'd hardly impose penalties for late payment would they, given my next-door neighbour mightn't have paid by DD yet quite legitimately? or would they?
So, would anyone care to speculate on what would happen if I ignored the end-November deadline, and paid by debit card next January or February? Would this be possible, even? They'd hardly impose penalties for late payment would they, given my next-door neighbour mightn't have paid by DD yet quite legitimately? or would they?
I am happy for you that you are well and able to look after yourself.
I occasionally do some work with, lets say, less healthy elderley folk than yourself and to see the worry and anguish created by the government instructing Revenue to gather property tax via the letter they sent is a disgrace.
If you want to talk about fair and equitable, well, it appears that Revenue has been tasked by the government to get in as much "tax" as early as possible without any thoughts of the consequences for hard pressed tax payers. Or the impact it may have on discretionary Christmas spending.
Something to also watch out for is the proposal for the self employed to have to pay their preliminary tax 6 months earlier in 2014. How they expect them to have unearned cash in hand for tax purposes is beyond me during an economic downturn that finds many ordinary self employed tradespeople etc eeking out a living from week to week
Something to also watch out for is the proposal for the self employed to have to pay their preliminary tax 6 months earlier in 2014. How they expect them to have unearned cash in hand for tax purposes is beyond me during an economic downturn that finds many ordinary self employed tradespeople etc eeking out a living from week to week