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Lower tax rate will discourage private landlords leaving the market

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By Ted Healy of DNG TED HEALY

Property owner groups are pushing for a new tax rate of 25 percent for landlords to discourage them from selling up and leaving the market.

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Currently, landlords are paying over 50 percent tax on their rental income and the Government are looking at the possibility of reducing this in the upcoming Budget.

The Irish Property Owners Association (IPOA) and the Institute of Property Auctioneers and Valuers (IPAV) have called on TDs and senators in the Oireachtas Housing Committee to back a new tax rate of 25 percent.

This will incentivise landlords to stay in the rental market and “support new investment”, according to chairperson of the IPOA Mary Conway.

“The private investor is taxed at a marginal rate of up to 55 percent whilst the private equity fund/REIT pays zero percent tax on rental profit, once they exit the market within a defined period.”

Private non-developer landlords provide 94 percent of rental accommodation in the State with 70 percent of these landlords owning five properties or less.

Inheritance tax also plays a role in encouraging landlords to leave the rental market due to their age.

“75 percent of landlords are above the age of 50 and 48 percent are above the age of 60. This is important to note as taxation issues around inheritance are another contributor to landlords leaving the market.”

Meanwhile, Housing Minister Darragh O'Brien has said he wants to see measures in the Budget to help "good landlords" and keep property owners from quitting the private rental market.

Since 2016, there has been a loss of up to 8,000 landlords, representing around 44,000 tenancies, from the sector.

Mr O'Brien said landlords have been "demonised" and must be kept in the market while the State increases its stock of public housing. He said a record 25,000 social houses will be delivered this year.

The murmurings are that measures will be taken in the upcoming Budget that will help to maintain as many of those private tenancies as possible whilst building up the public housing stock, the mechanism remains to be seen.

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Festive jumpers and a Kerry jersey brings fundraiser to €10k

By Michelle Crean Jumpers have helped to raise almost €10k so far – but now it’s a very special jersey which could drive the fundraising numbers up! A Kerry football […]

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By Michelle Crean

Jumpers have helped to raise almost €10k so far – but now it’s a very special jersey which could drive the fundraising numbers up!

A Kerry football jersey signed by the 2022 All-Ireland winning team is up for grabs via a fundraising link once a donation is made to the Presents for Palliative fundraiser.

On Friday eight local schools including Holy Cross Mercy, Killarney Community College, Presentation Monastery, Lissivigeen, St Brendan’s College, St Brigid’s, St Francis Special School, and St Oliver’s
swapped their uniforms for their most colourful festive gear with funds going to help the amazing services in the Palliative Care Unit/Kerry Hospice Foundation.

“The day took place across the schools involved last Friday (December 2) and looks like it has been a success,” teacher Elaine Moynihan from St Brendan’s College told the Killarney Advertiser.

“The donations from the schools are still being counted but students look to be on their way towards making their goal of €10k.”

The iDonate ‘Fundraising For Kerry Hospice Foundation’ has been very helpful in this regard, she added.

“Anyone who donates via the link and leaves their name will be in with a chance to win a Kerry jersey signed by the 2022 All-Ireland winning team which will be presented to them before Christmas by a couple of members of the team.

“This was organised by the students involved in the fundraiser as a way to say thanks, and give back, to the members of the community who have gotten involved in the event – the link is live until December 18 and the draw will be made the following day.”

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Killarney punter secures €50,000 in EuroMillions draw

A lucky Killarney punter got an early Christmas present when they scooped €50,000 in the EuroMillions ‘Ireland Only Raffle’. The winning ticket, sold in the Lidl supermarket on the Tralee road, was […]

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A lucky Killarney punter got an early Christmas present when they scooped €50,000 in the EuroMillions ‘Ireland Only Raffle’.

The winning ticket, sold in the Lidl supermarket on the Tralee road, was valid for Tuesday night’s special draw.

The Killarney winner was one of 10 who each secured the €50,000 windfall.

“The National Lottery can reveal that three players in Dublin, three players in Cork and one player in Kerry, Roscommon, Kildare and Wexford all scooped the special raffle prize which was the seventh of 12 draws in the National Lottery’s ’12 Draws of Christmas’ promotion,” said a National Lottery statement.

The eighth draw will take place tonight (December 9) where 10 more players are guaranteed to win the amazing prizes.

Meanwhile, a player in Belgium scooped the EuroMillions Jackpot prize worth an astonishing €142,897,164.

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