PRTB registration and revenue requirements

[Bronte]

If one has complied with the PRTB requirements for registration, even where this is late, which is allowed and one has followed all the guidelines as per the PRTB then can Revenue decide that no it's not good enough.

More specifically on the revenue websites there are particular documents called file 4.8.10 and tax briefings what do these have to do with the PRTB rules.

What is a the significance of a tax briefing, and file 4.8.10 is it the revenue making up the rules as they go along? How can one keep up with all these changes?

 

[Towger]

One can't. From my understanding the 'rules' are based on the 'laws' and often the laws are not clear or contain mistakes. For example, is it my understanding that Employer contributions to a PRSA pension are taxable (BIK) by the letter of the law, but in reality they allow relief against it. The net result is PRSA and a standard pension are treated the same, which was always the intension.

 

[Bronte]

I've been looking at my files today, I had a new tenancy on 1 Feb, end of Feb I sent off the PRTB form (in time) and in April tenant left to go back to Poland becuse they had lost their job. On 25th June, PRTB sent me the the confirmation of registration. If there had been anything wrong with the form for example the tenant's PPSN number was incorrect there is no way I would have known this in time and then my registration would be impossible to complete. In this case I would have done nothing incorrectly but I would be penalised the mortgage interest for the entire year. This can't be right or fair.

 

[Towger]

To be honest I would be more than very surprised if Revenues and the PRTB computers system were linked and you would not get relief on the interest. They may spot it on a manual audit, but you would be able to argue your case.
This just goes to show how bad the PRTB is, the IGCSB (Local Government Computer Services Board) ran up the property tax internet system in a couple of months, they have had years to do put in place much the same system.

 

[dow jones]

i have a shop unit with 2 apts overhead and an outstanding loan of e840,000 on the building on which i paid e39k interest in 2008 (22k in 2007). stupidily i never reg with the prtb tho i declared the full rent of 5k per apt per year 2007 & 2008 and e15k per year for the shop unit. now i dont know what to do, should i now back register (same tennants)? and if audited wil the revenue disallow the whole interest or just the amount of rent for the apts? or the interest related to the apts? any advice greatly appreciated. .