State lost €70m due to foreign property tax breaks

The exchequer lost almost €70 million last year as a result of lucrative tax breaks on foreign property investments.

3rd February, 2013

The exchequer lost almost €70 million last year as a result of lucrative tax breaks on foreign property investments, which allow landlords to write off mortgage costs against their rental income.

Finance minister Michael Noonan said the tax cost from foreign property write-off was €69 million in 2010, which was the last year available from the Revenue Commissioners. The relief applied to 13,522 landlords.

However, no information was available from Revenue about where the properties were located.

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