IPAV to lobby to have p200 charge made tax deductible
THE Institute of Professional Auctioneers and Valuers (IPAV) is to lobby the Minister for Finance to have the new controversial p200 charge on non-principal private residences made tax deductible from rental income.
Addressing an IPAV Seminar in Cork recently, IPAV Chief Executive Fintan McNamara said that, in a recent written reply to Fine Gael’s Spokesman on the Environment, Heritage & Local Government, Deputy Phil Hogan, Finance Minister Brian Lenihan had confirmed that the p200 charge is not tax deductible as it is not included in the deductions specified in Section 97(2) of the Taxes Consolidation Act, 1997.
“In our view this is most unfair as this new charge applies to every unit of accommodation and so a private investor can end up paying multiples of the charge where he/she owns a number of units in one house,” he said.
Mr McNamara said IPAV will lobby the Minister for Finance to amend the Act to allow the charge become deductible.
“This is simply another charge like rates or any other charge and should be allowed as a genuine expense,” he said. “Furthermore, this charge could increase in the future and investors could be presented with an utterly unwieldy bill at a time of vastly reduced rents.”
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Weather for Carrick-on-Shannon, Ireland
Thursday 17 May 2012
Today
Light rain
Temperature: 5 C to 11 C
Wind Speed: 7 mph
Wind direction: South
Tomorrow
Light showers
Temperature: 6 C to 11 C
Wind Speed: 10 mph
Wind direction: North east
