Finance (Local Property Tax) Act 2012 section 2

Interpretation

Section 2 defines the key terms used throughout the Finance (Local Property Tax) Act 2012, providing a glossary of expressions that are essential for understanding how the local property tax system operates.

• The section defines "chargeable value" as the open market price of a property's unencumbered fee simple on the valuation date, assuming best efforts to achieve the best price for the vendor.
• The "liability date" is 1 May 2013 for the year 2013, and 1 November of the preceding year for all subsequent years; the "return date" is 7 May 2013 for 2013, and 7 November of the preceding year thereafter (or such date as specified in a Revenue notice).
• Key terms such as "residential property", "relevant residential property", "liable person", "valuation date" and "valuation period" are defined by reference to other sections of the Act.
• Many other terms — including "lease", "rent", "personal representative", "electronic means" and "Tax Acts" — take their meanings from the Taxes Consolidation Act 1997 or other specified legislation.

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