The personal tax return filing season ends in mid-November and at the same time, leaving aside how many shopping days there are to Christmas, our thoughts must also shift to Local Property Tax.
Revenue is currently writing to most residential property owners about their 2014 Local Property Tax (LPT) obligations.
You do not have to re-value your property if you already supplied a valuation for 2013. The market value/valuation band previously declared on your LPT1 Return applies for the period 2013 to 2016.
All you need to do is decide how you want to pay for 2014, fill in the payment instruction on-line or on paper and send it to Revenue. You can choose to pay in one lump sum or by a phased payment method. The simplest way to confirm your payment method for 2014 is by accessing your LPT Record on-line https://lpt.revenue.ie/lpt-web/views/login.html?execution=e1s1
Revenue will not be writing to you if you paid your 2013 LPT by instalments (i.e. deduction at source from salary, from certain Government payments or by direct debit) or if you deferred the full charge.
Your current payment method will automatically apply for 2014 so there is no need to contact Revenue. However, if you wish to change your payment method, you can do so on-line or by paper (see dates below).
Relevant dates to watch out for in respect of LPT for 2014: –
- 1st November 2013: If you are the liable person for the property on 1st November 2013 you have to pay LPT for 2014
- 7th November 2013: Due date for submitting a revised Payment Instruction in paper
- 27th November 2013: Due date for submitting a revised Payment Instruction on-line
- 1st January 2014: This is the due date for payment of the 2014 liability. Full payment is due if making a single payment through a Payment Service Provider (e.g. An Post)
- 1st January 2014 onwards: Phased payments by Deduction at Source, and cash payments through a Payment Service Provider, in equal instalments to start in January
- 15th January 2014: Monthly Direct Debit payments commence and continue on 15th each month thereafter
- 21st March 2014: Single Debit Authority payment deducted
- If you deferred the full amount in 2013, no action is required. You must contact Revenue if your circumstances change, as it may impact on your qualification for deferral.
- If you think you may be entitled to defer your 2014 LPT liability, please refer to Deferring payment of LPT.
- If you think you may be entitled to an exemption from LPT in 2014 please refer to Exemptions
- If you ( as an owner) sell or transfer ownership of your residential property after 1st May 2013 you are still liable to LPT for 2013 and the liability is payable in full at the time of the sale. This includes any LPT that has been deferred by you.
COMPLIANCE WITH LOCAL PROPERTY TAX IS ESSENTIAL FOR ALL SELF-ASSESSED TAXPAYERS, PERSONAL OR CORPORATE, AS YOUR ANNUAL TAX LIABILITY WILL BE SUBJECT TO SURCHARGE IF NOT IN ORDER