Agents must hand over full property data to tax officials
Property managers and agents will be required to provide full details of how much rent is being received and who owns a property to the Revenue, regardless of the consent of the owner.
Under current tax law, the Revenue Commissioners are allowed to obtain information on property that has been let out from a number of sources including property managers and public bodies.
Measures in the Finance Bill will expand the amount of information that can be provided to Revenue - to include the local property tax number attached to any home that has been rented out, as well as the tax reference number of every person who owns the property.
When a person or public body has employed an agent to manage a property that is being rented out, the agent will be required to provide to the Revenue the tax reference number of every person who owns the property, along with the relevant property numbers.
In relation to returns from public offices such as government departments, they will be required to provide the property identification numbers of the relevant buildings.
If the relevant details are not supplied, the agent or body will be required to "state that they cannot provide the information so required".
The new requirements will give the Revenue even more visibility over the finances of landlords, including so called "accidental landlords" who have rented their homes out as it was cheaper to do that and move into rented accommodation.
It is thought many of those accidental landlords have been leasing their homes without even being aware that they have to pay tax on the rental income.
The new property requirements are part of a much wider scheme to give the Revenue Commissioners more powers.