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A ‘SMALL NUMBER’ of people who chose to pay their Local Property Tax through reductions in social welfare payments are yet to make any payment because of administrative issues.
According to the Revenue Commissioners, the problems occurred when a number of property owners either selected the wrong social welfare payment type, selected a social welfare payment where reductions at source did not apply or were found not to be in receipt of any social welfare payment.
The information came to light last month in response to a Dáil question put to Minister for Finance Michael Noonan by Fianna Fáil’s Michael McGrath.
McGrath was asking about a Department of Social Protection facility put in place to allow customers, when making arrangements with revenue, to choose to pay their property tax over an extended period from their social welfare payments.
Noonan said that in cases where the wrong payment was selected, it was subsequently corrected and deduction at source in these cases should have already commenced.
He added however that in the other two cases mentioned above, the Revenue Commissioners contacted the property owner for it to be corrected, advising them to select an alternative payment method for the property tax. According to Minister Noonan however, in a “small subset” of cases, this has not yet occurred:
The commissioners also advise that, where operational and administrative issues have arisen, they have been addressed on a case by case basis, and there may be a residue of cases where deduction at source from social welfare payments has not yet commenced as these are currently being worked by Revenue.
15,500 property owners
Noonan confirmed that approximately 15,500 residential property owners opted to pay their property tax obligations by way of a deduction at source from a social welfare payment.
This represented a total liability of €2.26 million in 2013 with the minster confirming that latest figures showed that approximately €720,000 had been collected by revenue to date.
The Minster also said that up to the end of August, just over €21 million had been spent on setting up the operations of the Local Property Tax. The Department of Public Expenditure and Reform last December made a provision of €25.9 million in 2013 for its’ implementation.
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Can I have my money back now
It’s like’…..burning your furniture – to keep warm!
Why are PwC saying this instead of IBRC and NAMA?
As property prices start to rise nama , ibrc start to dump property
Can someone explain why?
Dumping loans philip, not property. They’re Dumping the loans as they’re non-performing and want to get them off the balance sheet.
If they had the patience, they’d put arrangements in place to allow the properties to return to positive equity and then seek a sale, this recouping more of the tax payers money.
Unfortunately, they’ll sell the loans for a discount and allow the new purchasers to do this and net a tidy profit.
The article outlines that IBRC (IBROKE would probably be a better name) will offload € 15 billion in loans.
Yet the linked article tells us that IBROKE have already offloaded 90% of its loanbook, € 19.8 billion out of € 21.7 billion leaving just € 1.9 billion on hand.
This can only mean, if the previous article is correct, that it is NAMA that is offloading the majority of the loans.
Why the subterfuge?
Why make people think that this is some kind of joint enterprise when it is NAMA that is leading the charge?
Have the shiny suit brigade from the canal something to hide?
Given their obsession with secrecy it would not surprise me if they have, perhaps selling the loans to some preferred customer with an inside track at a serious discount.
The way things go it will all be wrapped up before we know anything, plus ça change.
Who in their right mind would buy this junk?
It might only be worth 30% of face value but if you buy it for 20% it’s a good deal. For the buyer anyway.
@ Irish Revolution
The Banks?
Hedge funds bought it. They will now sell off all the ghost estates etc at a lower price so people that have houses for sale at the min will eventually have to sell for half or take them off the market.
Fab house here in drogheda asking price €325. Hilarious. You could now nearly get a house for that on raglan road or ailsbury road!! So that house is realistically worth less than €150 really.
People and notions ha
What about Bank of Scotland selling on my mortgage & others in their Irish portfolio to a company called Tanager Ltd.
I’m in a tizzy all day because I don’t know what it means for us.
have your say