The Residential Zoned Land Tax (RZLT) was introduced by the Finance Act 2021 and recently amended in the 2024 Budget.
The purpose of the tax is to increase housing supply and to encourage redevelopment of vacant lands in urban locations which are already zoned for residential use.
The RZLT introduces an annual tax at a rate of 3% on the market value of any relevant site subject to the tax. The liability date has now been deferred by 1 year until 1 February 2025 as per the 2024 Budget.
For more information on how your property may be impacted by this new legislation, please contact our property team.
