LPT 2015 for a house purchased during the year

pasquale83

Folks, I just purchased a house and my solicitor asked me to pay back to the previous owner my part of LPT (from the date the sale got closed to the EOY). Is this the correct thing to do?

If yes, I am wondering if I need to register for LPT for the current year and communicate to the local authorities that I have refund my part to the previous owner?

Thank you for your help!

Clive

The previous owner Is liable for the LPT from Revenue's point of view, so they will have paid it in full - your solicitor should have checked this.

However the Law Society guidance is that the LPT should be refunded pro rata to the previous owner from the date of the sale.

If you set yourself up online for LPT, you should see that 2015 is marked as paid (along with previous years). There's no need to tell Revenue about refunding the LPT to the previous owner - it's a transaction between the two of you.

Gumbo

LPT will be paid by the previous owner as they owned it in October/November of last year.

When you buy, you pay the pro rata amount back to them.
Then you can call LPT or email them and they will add the property to your name for next year but you will not be able to view it online until October /November this year so you can pay liabilities for 2016.

I've just gone through this scenario.

johnp001

See guidelines document at revenue site:
Sale / transfer of ownership of residential property

pasquale83

Thank all of you guys!