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Legislative Changes For Landlords

The Residential Tenancies (No.2) Act 2021 was signed into law on Friday 9th July by President Higgins and commenced on that date, apart from Section 6 which commenced on the 16th July 2021. Commenced on the 9th July 2021 extends the rent arrears protections in Part 3 (Residential Tenancies) of the Planning and Development, and Residential Tenancies, Act 2020 (PDRTA) until 12 January 2022; limits the amount of rent in advance and/or a deposit that landlords can ask people to pay to secure a tenancy; and provides that students do not have to give more than 28 days’ notice to
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Property Owners Criticize Government For Playing To Populism

The State has, for more than 15 years, exasperated the housing crisis by introducing populist anti property owner legislation. This has had a devastating impact reducing supply.   22,000 tenancies have been lost since Rent Pressure Zones were introduced in 2016.     Government policy cannot and should not be developed as a reaction to the hysterical posturing of left-wing politicians and tenant advocacy groups on social media and television.  Legislation needs to be considered, measured, accountable and effective.  Additional supply is what is required and retaining existing supply is essential. Extending the rules to 2024 substantially disadvantage landlords trapped with unsustainable rents,
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Categories: News and Uncategorized.

Rent Increases in RPZ to be linked to Harmonised Index of Consumer Prices (HICP) – extending RPZ’s to 2024

Minister O’Brien further limiting rent variation taking no account of level the rent is set. -All RPZs will be extended to end of 2024 -4% cap on rent increases in RPZs will be replaced by restriction of inflation under Harmonised Index of Consumer Prices- Key provisions are set to be inserted into the Residential Tenancies (No. 2) Bill 2021, published on 17 June, to reform the rent increase restrictions in RPZs. These reforms will take effect upon the passage of the Bill, expected by July 9th.   The current cap of 4% on annual rent increases will be replaced and
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Residential Tenancies (No 2) Bill 2021

18th June, 2021 The Residential Tenancies (No 2) Bill 2021 has been published, it includes:-   Upfront payment upon the commencement of a tenancy will be restricted to a total value that does not exceed two months’ rent i.e. a deposit and one month rent in advance. Applies to all tenancies including students residing in student specific accommodation. A student can make a larger upfront payment if they so wish, by way of an opt-out option, but they cannot be forced to do so. The Bill also provides that the notice period to be given by students in respect of
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Categories: News.

IPOA Criticise Government’s Tax Proposals For REITs

IPOA has criticised the Government’s proposed measures for dealing with REITs and other funds that acquire residential properties for rental. Investment funds or Real Estate Investment Trusts (‘REITs’) benefit from tax treatment that allows rental income to be earned free of income tax and capital gains to be tax free. Private landlords currently pay income tax up to 51% on rental profits and 33% on capital gains. Tom O’Brien, Chairman of the Finance Committee of the Irish Property Owners’ Association said that the Government’s announcement last night, failed to address the imbalance that exists in the tax regime for REITs
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Categories: News.

Tax System Between REITs And Private Landlords Could Not Be Starker

IPOA has compared the tax regime enjoyed by REITs to the former Section 23 Tax Relief schemes. Investment funds or Real Estate Investment Trusts (‘REITs’) benefit from tax treatment that allows rental income to be earned free of income tax and capital gains to be tax free. Private landlords currently pay income tax up to 51% on rental profits and 33% on capital gains. Tom O’Brien, Chairman of the Finance Committee of the Irish Property Owners’ Association said the tax breaks that REITs benefit from goes far beyond Section 23. “The tax regime for investment funds is ironic given that
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Categories: News.