Finance (Local Property Tax) Act 2012 section 139

Occurrence of relevant events

Section 139 sets out the circumstances in which deferred local property tax (LPT) becomes payable, including the receipt of a windfall gain, and provides for the continuation of a deferral where property is transferred by gift or inheritance.

• Any deferred LPT becomes payable by the liable person when a relevant event occurs, such as the sale or transfer of the property or the receipt of a windfall gain.
• A windfall gain received by a liable person is treated as a relevant event, triggering the obligation to pay the deferred amount.
• The liable person must notify Revenue when they receive a windfall gain.
• Where the property is transferred by gift or inheritance, the deferral may continue provided the transferor (or personal representative) notifies Revenue and the recipient is eligible for, and makes a valid claim for, a deferral.