Sunday 21 January 2018

Write negative equity off against income tax

GIVEN the inability of government to come up with creative policies, why not have a contest for the best budget suggestion?

My suggestion is to introduce a scheme whereby those people in negative equity can write off the difference between the present valuation (legal specific date or period) against income over a 5- to 10-year period, depending on the level of negative equity.

For example, a house purchased at €350,000 and valued today at €275,000: the €75,000 difference could be claimed against earnings for five years at €15,000 per year.

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