Parliamentary Question addressed to the Minister for Finance

To ask the Minister for Finance if the Thornhill Report on the review of Property Tax has been completed and considered by him; if not, when it is expected; and if he will make a statement on the matter?

With a view to addressing these concerns, I have asked Dr. Don Thornhill, who chaired the 2012 Inter-Departmental Group which designed the Local Property Tax (LPT), to conduct a review to consider, and make recommendations, on the operation of the LPT, and any impacts on LPT liabilities due to property price developments.

In particular the Review will have regard to:

• Recent residential property price developments,

• The overall yield from LPT and its contribution to total tax revenue on an ongoing basis, and

• The desirability of achieving relative stability, both over the short and longer terms, in LPT payments of liable persons.

   

  I understand the report is presently in the final stages of drafting.

   

  It is intended that the Review be presented to me no later than summer 2015, with a view to consideration of any recommendations therein in the context of the Budget.