Archives for Taxation

Capital Gains and Losses

Capital Gains and Losses

January 2023 The market value of property has largely recovered from the crash that hit the sector in 2008. Hopefully, members that found themselves in negative equity around that time, are facing into a better position at the turn of the year. Notwithstanding, many members were forced to sell property over the course of the last decade in order to pay down debt and hopefully survive. In those circumstances it is possible that losses arose on the disposals. We would recommend that members keep a close eye on the losses arising as they are available for offset against gains in
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Categories: Property Management, Taxation, and Uncategorized.
VAT ON PROPERTY

VAT ON PROPERTY

The current VAT on property regime was introduced in July 2008 and can be reasonably complex to navigate. That said the brief summary below sets out the main principles of the regime to allow a general understanding of how it operates. In general VAT is only chargeable on “new” property. A new property is one that has been developed in the previous five years. Where a new property is purchased the purchaser will be entitled to reclaim the VAT paid in circumstances where the property is being put to a vatable use. A vatable use is to be used in
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Categories: Taxation.
Expenses Landlords Can Claim

Expenses Landlords Can Claim

There are a lot of expenses that you can claim in order to reduce your tax liability. Tax can be confusing, and many Landlords are unsure of their obligations and entitlements, meaning you often don’t claim back what you are entitled to and miss out on potential savings. Allowable expenses include: Residential Tenancies Board (RTB) registration. Insurance premiums against fire and public liability. Maintenance of your property such as cleaning, painting and decorating. You can deduct these costs as well as wear and tear expenses such as the price of furnishings and fittings. Repairs, such as rot treatment, mending windows,
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Categories: Taxation and Uncategorized.
Life Interest v Right To Reside

Life Interest v Right To Reside

July 2019 Author: Cathal Lawlor,Lawlor Partners Solicitors and Chartered Tax Advisors. In succession planning work we are sometimes asked if a house can be left to someone for their life and then left to someone else? So for example assume Mary wants to make her will and wants to leave her house to her daughter Anne but wants to make sure that her brother Mark, Ann’s uncle, can live there until he dies. In those circumstances we generally have two potential options. The first option is to insert a clause in Mary’s will to leave the house to Mark for
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Categories: Taxation.
Small Gift Exemption – Transfer Some Assets When Alive To Secure Tax Savings

Small Gift Exemption – Transfer Some Assets When Alive To Secure Tax Savings

Author: Cathal Lawlor,Lawlor Partners Solicitors and Chartered Tax Advisors. It is always worthwhile for Landlords to have a look to understand whether there are any reliefs which we might claim before the year ends. The small gift exemption is one that is often overlooked. At first glance it is not particularly large but if used with a bit of intention and planning, it does allow for a surprising amount of wealth transfer from one generation to the other. What is it? The small gift exemption provides that an individual can be in receipt of a gift of up to €3,000
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Categories: Taxation.
Tax Incentives For Landlords

Tax Incentives For Landlords

IPOA were pleased to welcome Dublin City Council to present further information on this Tax Incentive to our Members on the 16th May 2019. The Living City Initiative (LCI) is a tax incentive scheme that allows owners and investors (Landlords) to claim tax relief for money spent on refurbishment and/ or conversion of residential property either as income tax relief (for owner occupied residential) or capital allowance (for rented residential). Its aim is to encourage people to live in the historic inner-city areas of Dublin City, it also focuses on the regeneration of retail and commercial districts by allowing owners
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Categories: Taxation.