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...
Read more

Stamp Duty

Stamp Duty Budget 2020 The stamp duty on non-residential property will increase by 1.5% to 7.5% with effect from 09 October 2019. From 09 October 2019 Stamp Duty of 1% will be applicable where a scheme of arrangement involving a so called 'cancellation scheme', in accordance with part 9 of the Companies Act 2014, is used for the sale of a company. Budget 2019 No changes to Stamp Duty were...
Read more

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...
Read more

Capital Gains Tax

Budget 2020 No changes were announced with regard to CGT rates. The main CGT rate remains at 33%. The Government announced that a review on Entrepreneur Relief will take place but no changes have been announced in the Budget. Budget 2019 No changes were announced with regard to CGT rates. Budget 2018 No changes were announced with regard to CGT rates. The 7-year period for owners to enjoy full...
Read more

VAT

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 is currently 20%. The 9% rate applicable to certain service industries (tourism / hospitality etc) will cease and the rate will revert back to 13.5% as of 01 January 2019. Certain items will remain at 9%, these items include newspapers and sporting facilities etc....
Read more

Corporation Tax

The Corporation tax rate remained unchanged @ 12.5% in Budget 2020. Budget 2020 also 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...
Read more

Income Tax

Budget 2020 There have been no changes to the rates of income tax. There have been no changes to the standard rate cut off points. There have been no changes to the USC either in rate or in terms of entry level income. The Earned Income Credit has been increased by €150 to €1,500. This credit is available to taxpayers earning self-employed trading or professional income and to business...
Read more

Budget

Budget 2020 - 8th October 2019 As expected, this Budget was light on tax measures and once again focused on other ‘incentivised’ schemes. The overriding backdrop to this Budget was ‘Brexit’. Add to the mix a looming General Election in the new year and you have a Budget that has attempted to appeal to as many groups as possible. Brexit, and the uncertainty surrounding it has restricted...
Read more