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Is there new legislation coming next week from Murphy?

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    #62
    Fol20
    Registered Users Posts: 3,624 ✭✭✭Fol20


    marieholmfan wrote: »
    Very sensible ideas, should be a clear split made between three categories

    inheritors - should be treated as C class property owners and have no right to choose their tenants or to set rent levels. Of course many people would see such a class as inherently untrustworthy and therefore strict penalties should apply to any slippage in standards. (the state would not guarantee rent)


    mortgage free - B class owners can choose tenants and must comply with standards but penalties should be minimal and they should be allowed to set their own rent (in this case the state would guarantee the rent)#

    still mortgaged class A and the above would not apply.

    I don’t get why you want to segregate owners into different categories. It is making it overly complicated. Once someone inherits a property, they pay tax at 33pc and they are now the new owner so property rights should be applied for everyone that owns a property


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    #63
    garhjw
    Closed Accounts Posts: 1,424 ✭✭✭garhjw


    marieholmfan wrote: »
    Very sensible ideas, should be a clear split made between three categories

    inheritors - should be treated as C class property owners and have no right to choose their tenants or to set rent levels. Of course many people would see such a class as inherently untrustworthy and therefore strict penalties should apply to any slippage in standards. (the state would not guarantee rent)


    mortgage free - B class owners can choose tenants and must comply with standards but penalties should be minimal and they should be allowed to set their own rent (in this case the state would guarantee the rent)#

    still mortgaged class A and the above would not apply.

    What if someone inherits a property and has to get a mortgage to pay the inheritance tax on the property? What if they can't get a mortgage so need to sell to pay the tax bill? They can't sell it if it's no vacant or if they do manage to sell it is at a significantly lower value but still have the same tax bill to pay.
    Why does it matter how someone acquires ownership of a property?


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    #64
    garhjw
    Closed Accounts Posts: 1,424 ✭✭✭garhjw


    marieholmfan wrote: »
    Very sensible ideas, should be a clear split made between three categories

    inheritors - should be treated as C class property owners and have no right to choose their tenants or to set rent levels. Of course many people would see such a class as inherently untrustworthy and therefore strict penalties should apply to any slippage in standards. (the state would not guarantee rent)


    mortgage free - B class owners can choose tenants and must comply with standards but penalties should be minimal and they should be allowed to set their own rent (in this case the state would guarantee the rent)#

    still mortgaged class A and the above would not apply.

    What if someone inherits a property and has to get a mortgage to pay the inheritance tax on the property? What if they can't get a mortgage so need to sell to pay the tax bill? They can't sell it if it's no vacant or if they do manage to sell it is at a significantly lower value but still have the same tax bill to pay.
    Why does it matter how someone acquires ownership of a property?


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    #65
    marieholmfan
    Registered Users Posts: 2,744 ✭✭✭marieholmfan


    Fol20 wrote: »
    I don’t get why you want to segregate owners into different categories. It is making it overly complicated. Once someone inherits a property, they pay tax at 33pc and they are now the new owner so property rights should be applied for everyone that owns a property
    Please see below:
    garhjw wrote: »
    What if someone inherits a property and has to get a mortgage to pay the inheritance tax on the property? What if they can't get a mortgage so need to sell to pay the tax bill? They can't sell it if it's no vacant or if they do manage to sell it is at a significantly lower value but still have the same tax bill to pay.
    Why does it matter how someone acquires ownership of a property?
    Please see below:


    The core difficulty with over regulating the small landlord sector is that one might inadvertently target hard working taxpayers who have chosen to use a couple of flats as the equivalent of a private pension.

    The state would have to step in and take the property in the situation above and ensure that a fair price was paid that did not leave an unreasonable tax liability.

    Anyway the impact of the measures described would have an impact on the amount at first valuation.


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    #66
    Fol20
    Registered Users Posts: 3,624 ✭✭✭Fol20


    marieholmfan wrote: »
    Please see below:

    Please see below:


    The core difficulty with over regulating the small landlord sector is that one might inadvertently target hard working taxpayers who have chosen to use a couple of flats as the equivalent of a private pension.

    The state would have to step in and take the property in the situation above and ensure that a fair price was paid that did not leave an unreasonable tax liability.

    Anyway the impact of the measures described would have an impact on the amount at first valuation.

    Speaking from a ll point of view, I think it should be taxed like all other forms of income tax. I just don’t like the fact that the government are eliminating our basic rights along with the fact we are unable to expense several items potentially costing us thousands in missed expenses. Lastly it’s non paying tenants but that’s a different story.


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    #67
    GGTrek
    Registered Users Posts: 834 ✭✭✭GGTrek


    Fol20 wrote: »
    Speaking from a ll point of view, I think it should be taxed like all other forms of income tax. I just don’t like the fact that the government are eliminating our basic rights along with the fact we are unable to expense several items potentially costing us thousands in missed expenses. Lastly it’s non paying tenants but that’s a different story.
    Could not agree more. Govvie gets its tax and stays the f... out of how I manage my business even though the tax code for small landlords in Ireland must be the worst in the whole of the EU. I know the tax code of quite a few EU countries for non corporate landlords and even latin countries which are notoriously bad are better than Ireland in terms of expenses especially the infamous USC that must be one of the most regressive taxes in the EU for non corporates. With my tax take the govvie does what it wishes to do according to their political goals. In Ireland they are just trying to allocate social responsibilities to landlords and fix the market in order to hide the sheer incompetence of the politicians which is just plain wrong from a liberal point of view, but the underlying ideas come from a socialist/catholic sense of morality where making a profit is seen as exploitation/sin. In my opinion this is due to Irish history where catholic and socialist elements had the upper hand in politics and that is why the Irish people stayed poor for a long time even after the Brits left. almost 100 years ago.


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