Property Investment as Pension Vehicle

Green Paper Consultation Responses Property investment as pension vehicle; investment Submission 3 To whom it may concern. I would like it to be considered that a family with one investment property may use this as a form of pension. It is a long term investment controlled by one. For individuals who intend for their investment property to be used for retirement the government should give tax breaks and stamp duty claw back options to such individuals. Many people have no pension per se but may have an investment property already. If they commit to keeping such an investment until near retirement then this should be accommodated for and items such as capital gains tax should be reconsidered. Submission 17 I

am writing to you with regard to serious anomalies in our taxation system in its treatment of property owners. As a person of 59 years of age, it seems the development of a personal pension is impossible in light of current legislation, my income is derived from the letting of my own properties; the result being I'm not allowed any tax benefits from investing in a pension. As an over 55 self-employed property owner, I do not have the benefit of disposing property without incurring Capital Gains Tax, this it must be noted is in stark contrast to other categories, such as farmers or businesses, neither can I avail of the roll over relief that is accorded to Property Companies. I feel the current situation is extremely unfair in that property owners are been denied the same opportunities in planning for their retirement as every other worker (PAYE, self employed and farmers) are given in this country. Natural justice should prevail, even though political expediency doesn't demand it. Submission 29 I wish to make a submission regarding your recently issued Green Paper on Pensions. I am full-time involved in the property business and derive my income wholly from rental income. This of course is classed as ‘unearned’ income for many purposes most notably for the purpose of not allowing me to claim any tax relief on contributions made to my pension fund. This is my full-time business and I feel particularly discriminated against as all other businesses to the best of my knowledge are allowed this concession. The ‘unearned’ aspect of this is also particularly galling and unfair since I can spend from 40 to 60 hours working most weeks maintaining and improving the properties and looking after the tenant’s welfare. This can also mean call outs at all hours of the day or night. The business of Rental Income has changed dramatically in the past 10 years. I now have much more legislation to deal with, tenant registrations require much more administration and in general the business has become much more regulated and controlled than in the past. Therefore I cannot understand why this business is being unfairly treated in many aspects of tax law and in this instance where contributions to pension funds carry no allowance of tax relief. I respectfully request that you will give consideration to these comments and suggestions in your deliberations and future legislation...

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