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Welcome to the FMB Chartered Accountants Blog. We answer all of your financial and accountancy questions, as well as keep you up-to-date with the latest news from FMB.

Local Property Tax Surcharge

David McArdle - Friday, March 07, 2014

Chargeable Persons for Income Tax, Corporation Tax or Capital Gains Tax who have not fulfilled their obligations with regard to Local Property Taxes (LPT) may fall foul of the LPT Surcharge of 10% of their Income Tax, Corporation Tax, or Capital Gains Tax liability, where their LPT Return is outstanding or an agreed payment arrangement is not being met at the date of filing the Income Tax, Corporation Tax, or Capital Gains Tax return. 


Given that the surcharge is 10% of the tax liability, it often can be significantly greater that the LPT liability outstanding and can create a significant cash flow issue. To that end it is imperative to comply with the LPT legislation.


Revenue had set a deadline of November last for a householder to nominate a method of paying the LPT, and had warned of penalties for those who failed to meet the deadline.


There is now a small window where interest and penalties will not apply, but on March 31st next, that window closes.


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