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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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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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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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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The Emergency Period under the Residential Tenancies Act 2020 (RTA 2020) which has been in place since 31st December 2020, expired on the 12th April 2021.  This allows the market to function relatively normally.   Notices of termination may be served and will immediately begin to count down. The paused period from 31st December 2020 to 12th April 2021 will need to be added, along with an additional 10 days to notices of terminations previously served to give a revised termination date. There is an additional 10 day protection period for tenants where notice of termination ended before the Level
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