Homeowners can now confirm how much LPT is due for 2015 on their property. Fourteen local authorities have reduced the LPT rate for 2015 by up to 15%. Revenue will be shortly contacting homeowners to give them options on how and when they want to pay their LPT for 2015.

The amount of LPT for 2015 is based on two factors; the value declared for the property on 1 May 2013 and the LPT rate applying. According to Revenue, all but 17 local authorities varied the LPT rate for 2015. From 13 October, homeowners can confirm how much LPT is due for 2015 by accessing their LPT record online. Information on calculating the LPT liability for 2015 is available on the Revenue website.

We also understand that Revenue will contact homeowners regarding their LPT payment methods for 2015. Those who opted to pay by deduction at source or by direct debit will have their payment method rolled over to 2015.

If homeowners wish to spread their payments over 2015, for example by deduction at source from a salary or pension, Revenue must be told by 25 November 2014.

Payments in full with a single payment by debit/credit card or cheque are due no later than 7 January 2015. Payment by Single Debit Authority must be notified to Revenue by 7 January 2015, and the nominated account will be debited on 21 March 2015.

Details on the payment options for the 2015 LPT charge and the deadline dates for notifying Revenue are set out on the Revenue website.

Revenue has also published updated guidelines for the Sale or Transfer of Ownership of a Relevant Residential Property.

The updated guidelines include the following:

• Updates to reflect increases in residential property prices since the guidelines were first published.
• To apply for clearance there must be an actual sale taking place although it is not necessary to wait until a sales price has been agreed. Clearance can be applied for on the basis of the anticipated sales price.
• Where a residential property is purchased from a local authority, it is clarified that the purchaser may assume that the local authority declared a reasonable chargeable value for the property and has paid any LPT that was due.

The updated guidelines are published on the Revenue website.