My sense is that it will be extended. The government have painted themselves into a corner. There is a wave of pre-ban evictions waiting to happen and more eviction notices issued during the ban period. To the extent these tenants are HAP tenants, they will not find somewhere else to rent (Threshold etc. now talking about the 'collapse' of the HAP system). Other landlords who were on the fence or not thinking about evicting will now be decide to evict. In order to prevent this they will extend the ban.While "hoping " that the government sees that some policies need to change to keep private LL. I think they should clarify quickly what is their stance on the eviction ban and its extension. Over the past decade, only a couple of rented apartments were sold in the tiny block near me with about 20 apartments. 3 were sold last year and I know of 3 that are planned for sale this year (it's January!)
There is so much of a problem in accessing private rentals in Stockholm that money changes hands to "buy" access, even though it was made illegal, it continues to happen anyway.Agree 100% PebbleBeach2020. RPZs have been a disaster in Ireland and if you look at estate agents reports on where landlords are selling up it is overwhelmingly in cities that are subject to RPZs.
Rent controls have proved disastrous everywhere they have been introduced. A friend recently moved to Sweden with his young family. He bought a house but has been advised to put his nine year old son's name on a waiting list to rent a private flat in Stockholm so he will have one by the time he starts university. Yes folks there is a ten year waiting list for private rented dwellings in Stockholm. There is also a massive black market in private rentals to rent controls are ignored in in this case. Classic insider/ outsider system.
You cannot, because you would need to gather evidence over years, and match that against the market rent for that property type in that area retrospectively.That is correct, that is exactly what I was saying. I don't think the Revenue have a strong technical argument, but it is their best bet if the Min for Finance insisted they try to tax the RPZ benefit. From a policy perspective, it won't happen, so it is academic.
There was advice on this in Irish Times recently - https://www.irishtimes.com/your-mon...akes-sense-to-let-daughter-stay-in-apartment/. She would most certainly be liable for gift tax if the nominal value of the rental exceeded the annual threshold.To give some context to my original question concerning taxation :
I have a BTL property which had a long term tenant in situ. As a result of deciding to sell this property we issued the relevant notice of termination and the tenant subsequently left. We performed a cosmetic refurb and put the property on the market for sale, but the bids received are substantially short of the sales agent’s estimated valuation.
I do not wish to re-let this property (for reasons outlined previously) but was considering licensing occupation to my niece who is a student looking for suitable accommodation (stayed with us for the past two years, but now wishes to have her own independence).
The benefit is that the property would be occupied and will ensure the building insurance policy remains valid (property cannot be vacant for a 30 day period in any 12 month period). The license amount would be nominal, i.e. €10 per month, but I was concerned that this benefit may give rise to an unintended tax obligation for her/me.
This scenario then made me question how tenants who are benefiting from significant reductions in rent due to RPZs are treated.
They can't really, because it would be politically explosive 1-2 years out from an election given the circumstances. I would expect it to remain in place until then and possibly indefinitely. They might tweak it to allow people who don't have other properties to evict to move back in themselves, but other than that can't see it change.While "hoping " that the government sees that some policies need to change to keep private LL. I think they should clarify quickly what is their stance on the eviction ban and its extension. Over the past decade, only a couple of rented apartments were sold in the tiny block near me with about 20 apartments. 3 were sold last year and I know of 3 that are planned for sale this year (it's January!)
Thank you Iff12, appreciate your reply.There was advice on this in Irish Times recently - https://www.irishtimes.com/your-mon...akes-sense-to-let-daughter-stay-in-apartment/. She would most certainly be liable for gift tax if the nominal value of the rental exceeded the annual threshold.
Easy way around this is to rent it to the niece at the same rent your last tenant paid. Unfortunately since you didn't sell, technically the original tenant would be entitled to return at the original rent, so I'd go ahead and just charge her same as last tenant or something close to it.
Alternatively you could also spend more on the refurb - buyers quickly spot a "cosmetic" refurb & set their expectations accordingly. You could take advantage of SEAI grants to perform a bigger upgrade which buyers will appreciate. Buyers care far more about the structure and efficiency than they do about the cosmetic details. But estate agents can and do overestimate the likely sales value so unless you are going to lose money, I'd consider the bids they are offering. It is money in your hand.
I think you are right. We'll see continuous rolling 3 month/6 month extensions justified by the rental crisis and 'temporary' until it is solved.Government considering extending the eviction ban - https://www.independent.ie/irish-ne...-housing-supply-crisis-persists-42314877.html
I did predict this would happen. The only way to get this removed will be through legal action I think.
Which will be... eh, never if I had to hazard a guess!'temporary' until that is solved.
There is a big and unfortunate gap and siloed thinking from government:If we had a competent Minister who actually spent 5 mins familiarising himself with the tax treatment for Landlords then we wouldn't be where we are now.
Many TDs, including the current housing minister have registered interests as landlords or did so in recent years. It isn't a familiarity issue, it's a getting re-elected issue. The voting public does not always favour pragmatism or practicality in the face of issues like this.If we had a competent Minister who actually spent 5 mins familiarising himself with the tax treatment for Landlords then we wouldn't be where we are now.
The new Finance Minister is a Chartered Accountant. There's not a doubt in the world that he's fully aware of all the issues. The chances of him doing anything concrete to fix them are generally counted around zero.If we had a competent Minister who actually spent 5 mins familiarising himself with the tax treatment for Landlords then we wouldn't be where we are now.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?