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NEWS

The Taxation of Irish Rental Income

All PRTB affairs must be in order to secure an interest deduction for residential rental properties. 

As stated in the Citizens Information, The Private Residential Tenancies Board (PRTB) is an organisation set up by the Government of Ireland. Its main role is to provide a dispute resolution service for landlords and tenants. The PRTB is also responsible for tenancy registration and from September 2004 all landlords must register new tenancies with the board.

Rental Income arising in Ireland is always liable to Irish Tax In most cases, the taxable amount

Gross Rental Income

less

Allowable Expenses

less

Capital Allowances

equals

Taxable Rental Income.

The following are examples of the type of expenses that may be claimed for:

  • Water rates, Ground rent, Service charges, Waste Collection charges etc
  • Management & rent collection costs,
  • Legal fees relating to drawing up of leases of collection of unpaid rent
  • Accountancy fees relating to drawing up of leases or collection of unpaid rent
  • Accountancy fees relating to the computation of rental income
  • Mortgage interest paid ‘on monies borrowed for the purchase, improvement or repair of the property (Only 75% of interest allowable where the property concerned is residential)
  • Repairs, decorating and General Maintenance
  • Cleaning & related costs
  • Local Authority Property Registration Fees
  • Cost of any unreimbursed services or goods provided to tenants by the landlord i.e. electricity,

FMB Chartered Accountants are experts in Taxation and can assist you in the minimisation of taxation arising on your rental income. For information and advice, email us at enquiry@fmb.ie or call 01 645 2002. You can also sign up for our quarterly newsletter full of tips and updates on topical issues which are of interest to our clients and followers.

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