Property Tax to Be Deducted from Bank Accounts Soon

Anyone who signed up to pay the Property Tax  by a single payment from their bank account will see those deductions going out of their bank accounts very soon

The first Direct Debits for the Local Property Tax were taken on 15th July.

If you opted to pay a single lump sum from your bank account – that payment will be taken on July 21st – so you need to make sure the balance on your account is enough to avoid going overdrawn. Strangely – the 21st July is a Sunday – so you probably need to get the balance up by Friday 19th to ensure it doesn’t go into the red when the LPT is taken out.

According to figures from Revenue 27% of people  opted for direct debit/ single debit instruction (about 420,000 people) and just 5% have opted for voluntary deduction at source. (about 80,000)

Dedcutions of the LPT from salaries and occupational pensions should also begin in July – so if you chose to pay by that method you can expect to see a lower take home pay this month or next.

Property Tax Payments in 2014

The LPT  liability date  for 2014 is 1st November 2013 and the payment due date will be  January 1st  2014.   Payments made by direct debit will commence on 15 January 2014 and will be deducted on the 15th day of each month thereafter. Payment of the full amount by way of Single Debit  will be deducted from  bank accounts on 21st March 2014.