Flowing from Tuesday’s Budget, high earners can expect further restrictions on property tax reliefs and every buy-to-let investor can expect more reductions in the amount of mortgage interest they can offset as an expense against rental income, The Sunday Business Post reports. Read the full story

Proposals to increase the €200 non-principal private residence (NPPR) charge could raise up to €100m in additional revenue a year for local authorities, with both coalition partners favouring significant increases. Read the full story

A group of tax investors in the Portlaoise Heritage hotel are suing their tax consultant and  an adviser involved in the deal, says the Sunday Times. The group are examining various legal remedies “on account of their personal recourse to ACC Bank, which funded the four-star hotel, for interest payments totalling over €1million a year”.

The Portlaoise Heritage hotel has been in receivership since June 2010. Experts say it’s unusual for tax investor syndicates to find themselves liable for interest payments in this way.

The wealth of the average household fell by €100,000 between late 2008 and the end of 2010, mainly due to the collapse in property prices, The Sunday Business Post reports. Read the full story

Who needs to raise income tax when you have a plethora of levies to choose from? Owners of second properties – or who even only have one property but who perhaps can’t keep up the mortgage repayments and are renting it out to someone else – have just over a week left to stump up €200 for the privilege. Read the full story

One in three homeowners who have taken out a mortgage since 2004 now find themselves in negative equity, according to Central Bank figures, The Sunday Business Post reports. The Central Bank estimates around one in eight of all Irish households are in negative equity but the figures rise dramatically for those who took out their mortgages more recently. Read the full story

Analysis of the bank stress tests and details of the restructuring dominated the headlines this weekend. The estimated bill for rescuing the Irish banking sector increased by €24 billion last week and now stands at €70bn with only two main banks remaining as financial “pillars” – Bank of Ireland and an AIB/ESB hybrid. Irish Life & Permanent will sell off its life assurance arm and permanenttsb will be hived off as a niche mortgage bank or wound down.   Read the full story

Reminder:  annual charges on investment properties and holiday homes is due.
Property owners are now liable for the 2011 non-principal private residence charge of €200. The main types of properties liable are private rented properties, vacant properties – apart from unsold new houses – and holiday homes. If a property is let in several units, the charge applies to each individual unit. Property owners have from March 31 to June 30 to pay – a surcharge will apply from July 1. Payments can be made to local authorities or online at www.nppr.ie.

If you own an investment property or holiday home and are unsure as to your liability, feel free to contact Anthony Casey at Noone Casey.

Separated couples can no longer assume the sale of their home can be used to settle separation or divorce judgements. A High Court decision this week found that highly-geared properties cannot be sold to settle family law cases because of the poor outlook for property and the likelihood of interest rate increases. Read the full story

It’s that time of year again – the annual charge on investment properties and holiday homes is due from this week, The Sunday Post notes. Read the full story