USEFUL LANDLORD'S INDUSTRY INFORMATION

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IPOA Presentation to Joint Committee on Environment Heritage and Local Government

The IPOA made a presentation to the Joint Committee on Environment Heritage and Local Government on the 30th June 2009.  To view the presentation click here

Please ensure that if you purchased one of these New World Cookers  the safety issue outlined below is addressed. 

New World Vision 50TWLM

New World Vision 50WLM LPG WHI

New World Vision 50WLM LPG SV

New World Vision 50TWLM WH

 

If not used correctly, these products can produce dangerous levels of CARBON MONOXIDE WHICH CAN CAUSE SERIOUS INJURY OR DEATH

 

Please ring Calor Teoranta  immediately on

 

FREEPHONE 1800 569 569

 

9 a.m. - 5 p.m. Monday to Friday

 

to arrange a FREE modification to remove any risk. There will be NO COST to you whatsoever for the work - THIS IS A SERIOUS SAFETY MATTER

 

In the meantime, if you are continuing to use the cooker, DO NOT, UNDER ANY CIRCUMSTANCES, OPERATE THE GRILL WITH THE GRILL DOOR CLOSED

 

SUPPLEMENTARY BUDGET 2009

Levy 2-6% doubled on previous budget.

Interest Relief on borrowings reduced by 25% only on private rental accommodation - not on commercial borrowings.

Capital Gains Tax & Capital Acquisions Tax have been increased from 22% to 25%.

Lowering of thresholds for Capital Acquisitions Tax by 20%.

Reduction in rent supplement of around 8% to 10%.

Health Levy will double to 4% and 5% over €75,036.

PRSI Ceiling will increased from €52,000 to €75,036.

BUDGET LEVY ON INCOME FROM            RENTAL PROPERTIES 2-6%

Rental income for levy purposes is after deduction of expenses in accordance with Section 97 of the Tax Consolidation Act 1997.  It should be noted in this regard that a deduction of  interest relief is only available where the registration requirement of the Private Residential Tenancies Board has been complied with. 

No deduction is available for "Double Rent Relief" on any relief under the various incentives schemes like "Section 23 or Section 50"

This information was issued by the Revenue Press Office 4th February 2009.

BUDGET 2009

The 2009 Budget is particularly unfair to property owners (landlords).  We have been targeted in four different ways:-

 

1.     €200 per dwelling charge,

2.     Rental Income 1-3% levy,

3.     An increase of capital gains tax on disposal of property,

5.     VAT increases of .5%.

Members need to lobby their T.D's and Ministers to amend this and change the way income from letting is taxed under Case V.    Letting property is a business and needs to be treated as a business by Revenue. 

For a direct link to the Budget Summary Click Here

IPOA Education & Training

The IPOA allocate substantial resources to providing up-to-date information to its members on matters of importance. We endeavour to inform and educate property owners on industry issues including government legislation, relevant housing schemes, licensing, lobbying issues and good practice.

We are at the forefront of lobbying and negotiating on such matters and are in the fortunate position to bring the updates to you as they happen.

 Commission on Taxation Report 2009

The Commission on Taxation issued its report recently including proposals for a restructured system of property taxation:-

• An annual property tax on residential housing units
• Stamp duty for purchasers of principal private residences is zero-rated
• Stamp duty on residential housing units purchased for investment purposes is applied at a rate that takes account of the transaction tax rates and thresholds that apply accross the EU

That property tax base is widened throught the provision of a

• An annual property tax on zoned development land and 
• A higher rate of CGT on profits from the sale of development land. 

It should be noted that they are recommending that the tax should be paid by the property owner.

Click here to read a copy of the report - Part 6 page 153 is Taxation of Property

 Regulation of Gas Installers

Regulations were enacted under the authority of the Energy (Miscellaneous Provisions) Act 2006, which make it an offence for any individual to undertake domestic natural gas work, unless they are registered with the recently appointed Register of Gas Installers of Ireland Ltd (RGII).  The RGII is responsible for conducting regular inspections of all Registered Gas Installers' work, to ensure that he/she is complying with the current national standard.

Housing (Standards for Rented Houses) Regulations 2008 provides that all electricity and gas installations, be maintained in good repair and safe working order.  It is strongly recommended that all home owners/landlords, who have domestic natural gas appliances, get them regularly serviced by a Registered Gas Installer.  The current National Standard is IS 813 for domestic Gas Installations.

IPOA SURVEY

In 2002 Millward Brown IMS were commissioned by the IPOA to carry out a survey on private rental sector.  A copy of this report can be down loaded here