I am informed by the Revenue Commissioners that Local Property Tax (LPT) Returns, personalised letters and an LPT Guide issued earlier this year to owners of 1.69 million residential properties either by post or by way of their ROS (Revenue Online Service) inbox. The Commissioners have confirmed that at close of business on Tuesday 28 May 2013 1,517,902 LPT Returns have been filed. However, as the Deputy will be aware, in light of the unprecedented demand on the LPT Helpline, the Revenue Commissioners extended the deadline to 8pm on Wednesday 29 May. At the end of the extended deadline 1,539,822 LPT Returns have been filed.
According to Budget estimates prepared by my Department, Local Property Tax is expected to generate an overall yield of €250 million in 2013 and €500 million in 2014. I am also advised that by the end of May 2013, approximately €100m will have been transferred by Revenue to the Exchequer. This is a very significant sum of money given that payment of the tax is not due until 1 July 2013. Further payments will be collected between July and December 2013 as the various phased, and other, payment options available to property owners are met.
As the Deputy will appreciate, with returns still being filed yesterday evening, the Commissioners' focus is on processing the Returns, dealing with correspondence, telephone calls and payment processing. It is therefore not possible at this time to provide the details requested by the Deputy until the Revenue Commissioners have had time to carry out the necessary analysis of the Returns filed and payments.
For completeness sake, the Deputy should note that in light of the arrangements provided for local authorities and social housing associations in the Finance (Local Property Tax) (Amendment) Act 2013, discussions are taking place on the most practical approach to securing LPT returns from those bodies. Where local authorities and social housing associations are liable for LPT, payment is not due until on or before 1 January 2014.