Landlords have ‘nothing to fear’ from closer income scrutiny

Landlords have nothing to fear from closer scrutiny of their income as “the vast majority” pay all the taxes required of them, it has been suggested.

As Revenue gets ready to introduce new rules which will oblige letting agents who find tenants and collect money on behalf of landlords, to supply it with the tax details of their clients, the Irish Property Owners’ Association said it had no issue with the proposals.

Under the rules to be given the green light by the Minister for Finance Paschal Donohoe, letting agents will be required to supply the tax numbers of landlords who are using their services and they will also have to release property tax details of landlords on their books.

This means Revenue will be more easily able to cross reference details of landlords to ensure they are paying all the tax which is due. There is also likely to be an obligation on the part of letting agents to inform Revenue if landlords they do business with refuse to supply tax details.

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“Our landlords are law abiding and they pay their taxes so this is not something that we believe will call any difficulties,” a spokeswoman said. “The vast majority of all landlords comply with all relevant legislation and they pay their share just like every other sector of society,” she said.