Dáil Éireann Debate, Thursday - 14 November 2013
48. Deputy Róisín Shortall asked the Minister for Finance further to Parliamentary Question No. 250 of 29 January 2013, the changes, if any, that have been made to capture data on the location of foreign property that avail of this tax break, especially non-EEA located property; and if no changes have been made the reason for same. [48725/13]
Amharc ar fhreagraI am informed by the Revenue Commissioners that the current version of the annual Income Tax return form distinguishes between Irish rental properties and foreign rental properties. The return form also seeks details, inter alia, of rental income received and allowable interest regardless of whether the property in question is Irish or foreign. The return form, however, does not currently require details of the location of any foreign rental property and there are no plans to amend the next version of the return to capture such details. Section 71(4) Taxes Consolidation Act 1997 provides for a deduction for interest on borrowings used for the purchase, improvement or repair of rental property outside the State and there is no requirement to identify the precise location of non-Irish rental properties for the purposes of such claims. In the circumstances, seeking such additional information from owners of foreign properties would add to the administrative burden on these taxpayers for no specific legislative purpose.
