Revenue clamping down on stamp duty exemption fraud
Earlier than I expected - I was anticipating this happening in the next year or two to “compensate” for the drop in tax take when the market slows.
Will take a few years to see significant takes from this i reckon.
This needed to be done sooner rather than later because of the push from a number of political parties to abolish or radically alter this tax. It’s a bit tough (politically) to prosecute people for evading a tax which no longer exists.
I can’t imagine you’d ever see significant takes from it.
looks like the revenue are starting to set up their rainy day fund! This could add up to quite a bit of money not only from stamp duty but also from the tax due on undeclared rental income.
Agreed , normal stamp duty receipts will be down a lot this year. The lower volume of properties been bought will be a bigger factor the the lower prices.
it’s the interest and penalties that will drive things up beyond the nominal value of the stamp duty avoided in the first place…Sure it won’t be riches, but it may well not be negligible either.
If we only have 80,000+ properties registered with the PRTB but knowingly we have estimates out there that put the private rental sector well over 200/300K mark in terms of units. In reality I say the scope for some of the biggest tax non-compliance by the large minority of the public is an issue/scandal just waiting to explode, a story untold if you will.
While it seems there is no political will to even touch this one (for obvious reasons, even tough their are more tenants than vested interests). I think the Revenue is now becomming such a well oiled machine that it will start to indirectly shake up the status quo in many areas this one included by clamping down on groups who have done a little “too well” in the last few years & decades.
I can live hope
Also, I believe an more open off shoot of the land registery (whom have excellent online services) in the form of a Central Housing Registry for the entire country that was open would serve us very well.
It would take less than a year to find out who owns what and how many.
Its prudent house keeping!
Revenue targets landlords in rental income crackdown → independent.ie/business/pers … 39345.html
Hmmmm, I seem to recall we had a mention of this on a thread not too long ago, where a poster had them knock on their door.
Must be a slow news day. Indo rehashes a story.
Wonder how much money was sacrificed over the “boom” years by revenue not bothering to chase people?
My OH works in a place where they can buy discounted shares once a year. BIK is supposed to be paid on the discount but it’s left to self assessment rather than done by HR. From time to time an odd person is sent a Form 11 to submit but the vast majority don’t bother declaring. This is despite the fact revenue are given a list of participants each year