Saturday June 6, 2020

Banks face tax bills on repossessed houses

Banks that repossess properties from struggling borrowers must pay tax on any rental income earned from the property

25th October, 2015
Banks that repossess properties must pay tax on any rental income earned from the property

Tens of thousands of landlords must settle their tax affairs with the Revenue ahead of the looming pay-and-file tax deadline – and banks are also facing a tax bill.

Banks that repossess properties from struggling borrowers must pay tax on any rental income earned from the property, and are also liable for local property tax, the taxman has confirmed.

Under tax rules, a bank that repossesses a property is known as “a mortgagee in possession”....

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