Today marks the deadline for filing a return with Revenue for the Vacant Homes Tax(VHT).
The VHT is due on residential properties that are liable to Local Property Tax and are vacant.
Vacancy is defined as the property occupied for less than 30 days in the year ending 1 November 2023.
There are a range of exemptions from the VHT and vacant property owners are advised to check and follow the guidelines.
It was announced in Budget 2024 that the rate of VHT will increase to 5 times the basic rate of Local Property Tax for the chargeable period 1 November 2023 to 31 October 2024.
For now, it is set at 3 times the basic rate of Local Property Tax for the property.
There is no definitive database of vacant homes, but Revenue is currently establishing a register and has already written to the owners of approximately 25,000 properties to advise of the steps they need to take to submit a VHT return.
Those who received this letter are required to submit a return, even if their property does not meet the relevant conditions for the tax to apply.
VHT is a self-assessed tax and Revenue says it is very important that property owners determine whether they have a liability to VHT, regardless of whether they receive a letter from Revenue.
