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Reliefe on LPT

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  • 01-02-2016 1:59pm
    #1
    blueredface
    Registered Users Posts: 61 ✭✭


    Hi there,

    I have two question if someone could advise if they know or have similar experience.

    Part 1:
    Irecently bought property in Dublin 15 area during last quarter of 2015 with LPT valuation band between 100,001 to 150,000.

    I paid part of LPT to last owner as he has paid in full for 2015.
    I've received letter from LPT, Revenue to pay LPT for 2016 and its record also shown as outstanding payment on my Revenue Online account.

    Before I go ahead to pay LPT, I just want to know if I'm eligible for any Deferral or can waive off full or part of LPT charges as I have heard there is Income Threshold based on gross income for past year(s). I've read on Revenue website but couldn't understand what is it and how it works.

    I'm just wondering if there is any formula that is based on Income threshold that calculate gross income, number of dependents that could give me relief in any way for paying less LPT?

    Part 2:
    One more question, I have been renting all of my life since I started job, would there be affect of Mortgage repayment on tax credits, PRSI, USC, income tax etc.? I mean could I get any additional tax credits or tax relief on PRSI, USC or Income Tax in any sort?

    Due to my Net Income and dependent family size, I was given Medical Card for whole of family which is expiring in a year time, would that affect my Medical card entitlement as I have now been paying mortgage instead of rent which is slightly lower than monthly rent?

    Thanks and would appreciate your suggestions.


Comments

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    #2
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    http://www.revenue.ie/en/tax/lpt/income-threshold.html

    These are the income thresholds. Nothing on dependents, just on gross income and couple/single person with/without mortgage.

    You no longer receive tax relief for interest paid on new property purchases so there is no tax relief. There are no tax credits either. I don;t know about your medical card, that might be worth asking in the state benefits forum.


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