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Today’s Top Headlines

Ireland Consults On Taxation Of Rental Income

by Jason Gorringe,, London

14 March 2017

The Irish Government has launched a consultation on the tax treatment of landlords.

The consultation will inform the review being undertaken by the Working Group on the tax treatment of landlords (or rental accommodation providers). The Working Group is chaired by the Finance Department, and is tasked with putting forward options, where appropriate, for changes to the system.

The Government will also review the submissions as part of a process to determine whether new reliefs should be introduced to incentivize landlords to remain in, or to enter, the residential accommodation market.

Finance Minister Michael Noonan said: "Ensuring sufficient, stable, and sustained provision of housing that is affordable, in the right locations, meets people's different needs, and is of lasting quality is one of the greatest challenges facing the country, and addressing that challenge is a key focus for the Government. This consultation will inform our thinking and will ensure the design of better solutions without undue delay."

The consultation document asks whether a tax relief comparable to the reliefs for pension investments should be considered for investments in, or income from, residential rental property. It also seeks feedback on whether improved deductibility for rental expenses would make a material difference to landlords, and whether a relief from capital gains tax on the disposal of a long-term rental property in the future would encourage landlords to remain in, or enter, the market at present.

In addition, the Government would like to know if there are tax measures that would encourage vacant residential property owners to enter the rental market.

The consultation will close on April 7.

TAGS: capital gains tax (CGT) | tax | investment | Ireland | property tax | tax incentives | ministry of finance | tax rates | tax breaks | tax reform

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