On 15 December 2022, Finance Act 2022 was signed into law and within it, Section 96 which provides for the introduction of a new Vacant Homes Tax (VHT) with effect from 1 November 2022.
The VHT applies to buildings which are residential properties for the purposes of Local Property Tax (LPT), which means it will not apply to derelict properties or properties unsuitable for use as a dwelling which are not captured under the LPT system.
Any property that is occupied for less than 30 days in a 12-month period will come within the charge of the VHT.
The VHT will be charged at a rate of three times the property’s local property tax liability, which, for the majority of properties, is based on a rate of 0.1029%, resulting in a levy of 0.3% of the market value of the property.
Exemptions from the VHT include:
The VHT will be administered by the Revenue Commissioners. Owners will be required to file an annual return. Returns are to be filed electronically and penalties, interest and a late filing surcharge will apply in cases of non-compliance.
Please email OSK Tax Advisors or call 01 439 4200 for more information on the Vacant Homes Tax or in relation to our tax and accounting services.
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