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COMPANY PROFILE

SPEAKER PROFILE

NEIL ARMSTRONG

PRINCIPAL OF ARMSTRONG ASSOCIATES

(Twitter @armstrongACCA)

Neil Armstrong FCCA, AITI, is a fellow of the Association of Chartered Certified Accountants and an associate of the Institute of

Taxation in Ireland. He is Principal of Armstrong Associates Auditors and Accountants based in Bray.

Local Property Tax

WHEN?

Budget 2013 (Dec 12)1st July 2013 – ½ year

DEFINITION

Residential PropertyHouse and up to 1 acreOwnersLandlordsLocal AuthorityJoint Owners

RATES

Rates Property Value up to €1m = 0.18% Property Value above €1m = 0.25% Split Banding

But local authority may vary basic rate From 1st Jan 2014 Adjustment not to exceed 15% (0.21%)

VALUATION

Market ValueValuation date 1st May 2013Valid to 31st Dec 2016Improvements-IgnoredMarket Value?

Property Price Register.ie

EXEMPTIONS

Subject to Commercial RatesNew, unoccupied and unsoldGhost EstatesNew purchased from builder between 1/1/13-

31/10/16 - 2016S/H purchased by first time buyer 1/1/13 –

31/12/13 - 2016

OPERATION

Self AssessmentRevenueMarch 2013 – First ContactLPT Return and InformationLPT due 7th May 2013/Online 28th MayValid to 2016

PAYMENT

Due Date 21st July 2013Future years to be confirmedROSDDSalary DeductionDeduction from SW

HOUSEHOLD & NPPR

Household Charge – abolished 1/1/13NPPR abolished 1/1/14Eg

2nd Home Value €215k

2013 2014

LPT(225k) 202 405

NPPR 200 NIL

COMPLIANCE

Revenue Enforcement Sheriff, Court, AttachmentInterest & PenaltiesCharge on Property – Can’t Sell

SELF EMPLOYED

Tax Clarance CertIncome Tax Return Surcharge

EMPLOYER

Employee RequestRevenue DirectionPayroll SystemRemit to Revenue/P35Statement to Employee

KEY DATES

Mar 2013 – Revenue Contact, Info/LPT Est., LPT Return

1st May 2013 – Valuation Date/Ownership7th May 2013 – LPT filing date – paper28th May 2013 – LPT filing date- ROS1st July 2013 – Start phased payment21st July 2013- Online payment

QUESTIONS

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THANK YOU

You can find more about Local Property Tax (LPT) Update on our blog at armstrongassociaties.ie/blog

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