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...

Stamp Duty 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 changes to the conditions to the relief. Stamp Duty scheme which refunds a portion of stamp duty paid on acquisition of non-residential land where it is then...

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...

Budget 2021 No changes were announced with regard to CGT rates. There has been a change to the ownership requirement for Entrepreneur Relief. Currently there is a requirement to hold a 5% shareholding for a continuous 3 years. This has been amended to be any 3 years. The requirement to work in the business will still ensure the relief is not available to passive investors. Budget 2020 No changes...

Budget 2021 The ‘July Stimulus’ package reduced the standard rate of VAT from 23% to 21% from 01 September 2020 to 28 February 2021. In the Hospitality & Tourism sector the 13.5% rate will be reduced to 9% from 01 November 2020 to 31 December 2021. Previous The standard rate of VAT has remained at 23% . The reduced rate of VAT remains at 13.5% and 9% for certain items. The UK rate of VAT...

The Corporation tax rate remained unchanged @ 12.5% in Budget 2021. Previous Budget 2020 announced that there will be changes to the R&D tax credit for small and micro companies including an increase in the rate to 30% from 25%. There will be a special 6.25% rate of corporation tax to apply to the profits arising to certain patents and copyrighted software which are the result of qualifying...

Budget 2021 There have been no changes to the rates of income tax. There have been no changes to the standard rate cut off points. The entry level into the final USC rate band has been increased from €20,484 to €20,687 to ensure minimum wage workers are excluded. The higher Employer PRSI rate entry level has also been increased from €394 to €398 per week. The Earned Income Credit...

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 Budgets where highly ‘Brexit’ focused but this Budget...