Tax News

Universal Social Charge & PRSI

Universal Social Charge explained The Universal Social Charge (USC), which came into effect on 01 January 2011, is a tax payable on gross income, including notional pay, after any relief for certain capital allowances, but before pension contributions. All individuals who earn in excess of €13,000 per annum are liable to this charge. From 01 January 2012 the USC will be applied on a cumulative...
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Stamp Duty

Stamp Duty Budget 2024 Extension of stamp duty relief for the transfer of agricultural land to family members until 31 December 2028 at a rate of 1% as opposed to 7.5% . Budget 2021 Extension of stamp duty relief for the transfer of agricultural land to family members until 31 December 2023 at a rate of 1% as opposed to 7.5% . Farm consolidation relief extended to 31 December 2022 with no...
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Capital Acquisitions Tax

The thresholds for CAT are set out below. The CAT rate remains at 33% effective from 06 December 2012. GroupBeneficiaryGroup A - €335,000Child, in certain circumstances a parentGroup B - €32,500Brother, sister, niece , nephew etcGroup C - €16,250All other cases The Group A (primarily from parents to their children) threshold will increase from €320,000 to €335,000 with effect...
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Capital Gains Tax

Budget 2024 Retirement Relief The following changes will come into effect for disposals made on or after 01 January 2025: The upper age limit which applies to the maximum level of retirement relief will be extended from 66 to 70, in respect of both a disposal to a child and a disposal to a person other than a child. A new threshold will limit the availability of the relief on disposals to a...
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VAT

Budget 2024 With effect from 1 January 2024, the turnover thresholds beyond which suppliers are obliged to register for VAT will rise: For a supplier of goods, the new threshold will be €80,000, up from €75,000. For a supplier of services (or mixed supplies), the new threshold will be €40,000, up from €37,500.   Budget 2021 The ‘July Stimulus’ package reduced the standard rate of...
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Corporation Tax

The Corporation tax rate remained unchanged @ 12.5% in Budget 2024. Under the transposition of the EU Minimum Tax Directive, a summary of the Pillar Two rules that will come into effect from 31 December 2023 is as follows: In-scope businesses will pay a minimum effective tax rate of 15% on their profits in respect of each country in which they operate. This will apply to both multinational and...
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Income Tax

Budget 2024 There have been no changes to the rates of income tax. Tax credits (main) Tax credit2024 (€)2023 (€)Single person1,8751,775Married person3,7503,550PAYE credit1,8751,775Earned Income Credit1,8751,775Single person child carer1,7501,650Incapacitated child credit max3,5003,300Age tax credit – Single or widowed245245Age tax credit – Married490490Dependent relative245245Home...
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Budget

Budget 2024 Please see our latest Budget briefing document Budget 2021 - 13th October 2020 Following several ‘light’ Budgets over the past number of years, this Budget has taken on extra significance considering the current Covid-19 pandemic. Numerous financial incentives have been rolled out since March to help fend off the bleak financial outlook facing many people and businesses. Previous...
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