Wednesday, 16 May 2018

Ceisteanna (65)

Willie O'Dea


65. Deputy Willie O'Dea asked the Minister for Finance when section 76 of the Finance Act 2015 will come into effect; and if he will make a statement on the matter. [21506/18]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

Sections 888 and 894 of the Taxes Consolidation Act (TCA) 1997 impose an obligation on lessors, lessees and agents in relation to rental property to return certain information in relation to rental income to Revenue. The persons obliged to return this information to Revenue include any Minister of the Government, the Health Service Executive, or any Local Authority or similar body which pays rent or rent subsidies.

A relevant person is required to file a return of third party information in respect of lettings operated by them. This return must be filed by 31 October in the year following the year of assessment.

Section 76 of the Finance Act 2015 amends section 888 TCA 1997, to require letting agents to include both the tax reference number of each property owner and the Local Property Tax (LPT) number of each residential property. This amendment is to come into effect by way of Ministerial Order.

I have been advised by Revenue that concerns were raised by some of the Government bodies impacted that they may not be in a position to fully satisfy the additional reporting requirements as the appropriate infrastructure to facilitate the recording and reporting of this additional information is not yet in place. Revenue is liaising with the Government bodies impacted in order to agree an implementation timeframe and following that process will advise on an appropriate time for commencement of this provision.