Home » Ireland » Ireland – Property Taxes

Ireland – Property Taxes

Property Tax

  • Property tax in Ireland is called Local Property Tax (LPT) and is based on the market value of the property. The LPT rate is determined by the local government and ranges from 0.18% to 0.25%.
  • The LPT must be paid annually by the property owner, and can be paid in one lump sum or in monthly instalments.
  • Failure to pay LPT can result in penalties and interest charges.
  1. Capital Gains Tax (CGT)
  • CGT is charged on the sale of a property that is not your main residence. The rate of CGT is 33% on any gain made from the sale of the property.
  • Any gain made on the sale of a property is calculated as the sale price minus the purchase price, and any costs associated with buying or selling the property.
  • CGT is paid by the seller of the property.
  1. Inheritance Tax
  • Inheritance tax in Ireland is charged on the transfer of property through inheritance. The rate of inheritance tax is 33%.
  • However, there are exemptions and reliefs that can be applied to reduce or eliminate the amount of inheritance tax due.
  1. Gift Tax
  • Gift tax in Ireland is charged on the transfer of property as a gift. The rate of gift tax is 33%.
  • There are exemptions and reliefs that can be applied to reduce or eliminate the amount of gift tax due.
  1. Tax on Property Income
  • Tax on rental income from a property in Ireland is charged at the standard rate of income tax, currently 20%.
  • Tax reliefs are available for landlords, including a tax credit for repairs and maintenance on the property, and a tax credit for interest paid on a mortgage used to purchase the property.

Tax Advantages of Buying a House in Ireland

  • There are several tax advantages to buying a house in Ireland, including:
  • First-time buyers are eligible for the Help to Buy scheme, which provides a tax rebate of up to €20,000 for the purchase of a new home.
  • Tax reliefs are available for landlords, including a tax credit for repairs and maintenance on the property, and a tax credit for interest paid on a mortgage used to purchase the property.
  • The Home Renovation Incentive (HRI) scheme, which provides a tax credit for homeowners who undertake renovation or improvement works on their homes.
  • The Living City Initiative which is a tax relief for owners of certain properties in certain designated urban regeneration areas, this relief applies to properties bought between June 2013 and December 2020.

It’s important to note that tax laws and regulations are subject to change and it is always recommended to consult with a tax professional or accountant to understand the specific requirements and benefits of buying a house in Ireland.


Latest Videos

In this short video, we dive into the significant health care updates and changes happening globally in 2024. From Germany's insurance cost adjustments to Cyprus's renewed COVID-19 precautions, we cover the essential news you need to know.  Germany's Health Insurance Update:  Starting in 2024, residents in Germany will see a slight increase in their health insurance costs, with a 0.1% rise to a maximum of 1.7%. This adjustment aims to expand coverage for medical care not currently included in statutory health insurance, such as select dental treatments, IVF, and early cancer screenings.  COVID-19 Measures Reintroduced in Cyprus:  With over 3000 new COVID-19 cases, Cyprus is stepping up its game by reintroducing health measures. Requirements now include proof of a negative COVID-19 test for entry into various facilities, emphasizing the importance of vaccination, especially for the elderly, to combat the evolving virus strains.  Free Health Trials in Trieste, Italy:  Trieste launches an initiative for free health screenings, including echocardiograms and blood tests, focusing on preventive care against non-communicable diseases. This move underscores the city's commitment to improving public health through early detection and prevention.  Spain's New Health Advice App:  Madrid introduces a groundbreaking app offering reliable health advice to counteract the widespread misinformation online. This app, part of the 'Madrid Te Cuida' initiative, will guide users to accurate information, from diet tips to medical queries, ensuring the advice is vetted by health professionals.  Expat Satisfaction with Healthcare in Mexico:  A study reveals that expat retirees in Mexico are largely content with the healthcare quality and costs, with many citing significant savings compared to the United States without compromising on care quality. This insight sheds light on the growing trend of healthcare tourism and relocation for medical reasons.  Stay tuned as we unpack these updates, providing you with the insights and implications of these healthcare changes. Whether it's the impact on your wallet or the quality of care you can expect, we've got you covered in this comprehensive overview of health care in 2024. Don't forget to like, share, and subscribe for more health news around the globe!

In this short video, we dive into the significant health care updates and changes happening globally in 2024. From Germany's insurance cost adjustments to Cyprus's renewed COVID-19 precautions, we cover the essential news you need to know.

Germany's Health Insurance Update:

Starting in 2024, residents in Germany will see a slight increase in their health insurance costs, with a 0.1% rise to a maximum of 1.7%. This adjustment aims to expand coverage for medical care not currently included in statutory health insurance, such as select dental treatments, IVF, and early cancer screenings.

COVID-19 Measures Reintroduced in Cyprus:

With over 3000 new COVID-19 cases, Cyprus is stepping up its game by reintroducing health measures. Requirements now include proof of a negative COVID-19 test for entry into various facilities, emphasizing the importance of vaccination, especially for the elderly, to combat the evolving virus strains.

Free Health Trials in Trieste, Italy:

Trieste launches an initiative for free health screenings, including echocardiograms and blood tests, focusing on preventive care against non-communicable diseases. This move underscores the city's commitment to improving public health through early detection and prevention.

Spain's New Health Advice App:

Madrid introduces a groundbreaking app offering reliable health advice to counteract the widespread misinformation online. This app, part of the 'Madrid Te Cuida' initiative, will guide users to accurate information, from diet tips to medical queries, ensuring the advice is vetted by health professionals.

Expat Satisfaction with Healthcare in Mexico:

A study reveals that expat retirees in Mexico are largely content with the healthcare quality and costs, with many citing significant savings compared to the United States without compromising on care quality. This insight sheds light on the growing trend of healthcare tourism and relocation for medical reasons.

Stay tuned as we unpack these updates, providing you with the insights and implications of these healthcare changes. Whether it's the impact on your wallet or the quality of care you can expect, we've got you covered in this comprehensive overview of health care in 2024. Don't forget to like, share, and subscribe for more health news around the globe!

YouTube Video UCB21b-C4O2aXm7H18_GsXMQ_nC_Fs6gU22U

Expat Focus International Healthcare Update January 2024

Expat Focus 31 January 2024 10:36 am

This error message is only visible to WordPress admins

Important: No API Key Entered.

Many features are not available without adding an API Key. Please go to the YouTube Feed settings page to add an API key after following these instructions.