12 March 2013

A few key points on the LPT

Update on local property tax (LPT).

  • Self-employed taxpayers should note that they may not be able to get a tax clearance cert if the LPT is unpaid. There is also a potential income tax surcharge and possible withholding of tax refunds.
  • LPT will be paid through a new online system. If you are registered on ROS, you will be able to access the new system via a link on the "MY SERVICES" page in ROS.
  • If you are not registered on ROS, you will receive a property ID and PIN from the Revenue, and this information along with your PPSN or tax reference number, can be used to access the new LPT system.
  • The Revenue estimate is not based on a valuation of each owner's individual property nor should it be regarded as an accurate calculation of the amount of LPT that they should pay. However, if you think that the mount shown on the Notice of estimate from Revenue accurately reflects your self-assessment, you should complete the return on this basis.
  • Key issues around ownership and valuation: Ownership should be clear, and the property valuation on 1 May 2013 will apply for the years 2013 - 2016.
  • The LPT return must be filed in May (before the tax is paid in July). Failure to file the LPT return in May will result in Revenue enforcing their estimate.
  • Revenue will administer the LPT from a centralised branch in Ennis.
  • The LPT applies equally to property held by companies.
  • Don't forget the NPPR charge continues to apply for 2013 .

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