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Tax on Wayleave compensation

  • 10-06-2011 3:23pm
    #1
    Frank Black
    Closed Accounts Posts: 4,296 ✭✭✭


    Hi,
    Wondering if someone would be able to advise on this issue.
    I have a site which has just been granted PP by the Local Authority, one of the PP conditions is that the LA want to put a pipe through the site and we’ve just gotten a wayleave agreement with a proposed amount of compensation.
    From looking on the revenue website it appears that such compensation is treated as ‘rental income’ on the site and is therefore subject to tax.
    However the revenue website also lists a set of rental expenses that can be deducted off income and these include 'Rates or levies payable on the property'.
    As we have to pay the council development charges which are nearly equal to the compensation we are being offered, is it possible to treat this development charge as a deductable expense?


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    black francis wrote: »
    As we have to pay the council development charges which are nearly equal to the compensation we are being offered, is it possible to treat this development charge as a deductable expense?
    If they are unconnected (and they don't seem to be), probably not.


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