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Tax News

  • 4% Stamp duty rebate on development land used for residential development February 1, 2018 -     A stamp duty refund scheme in respect of land purchased to develop residential property was signed into the 2017 Finance Act on 25th December 2017.   The Act provides that where stamp duty, at the new higher rate of 6%. is paid on the acquisition of land which is subsequently used to build [...]
  • Irish Employment Tax February 1, 2018 -     It’s very difficult to keep up to date with all the amendments to the Irish tax system so here is a summary of some of the changes to be mindful of in 2018:     1. Annual Membership Fees paid to a professional body (Revenue eBrief 04/18 published on 9th January 2018)  https://www.revenue.ie/en/tax-professionals/ebrief/2018/no-0042018.aspx [...]
  • Stamp Duty for Non-Residential Properties February 1, 2018 -     As you are aware, Finance Act 2017 increased the rate of stamp duty on the transfer of non-residential property from 2% to 6% with effect from midnight on Budget Day.   The change applied to instruments executed on or after 11th October 2017.   This dramatic increase will, most likely, reduce the number [...]
  • IMPORTANT TAX DATES 2018 December 15, 2017 - Deadline Date Relevant Tax Obligations     10th January 2018 •  Payment of Local Property Tax for 2018 •  Extended payment date to 21st March 2018 if payment made by SDA via ROS 31st January 2018 •  Payment of Capital Gains Tax for assets disposed of between 1st December     and 31st December 2017 [...]
  • BUDGET 2018 October 10, 2017 -   The Minister for Finance, Public Expenditure and Reform Paschal Donohoe T.D delivered his first Budget today, on 10th October 2017, which concentrated more on expenditure than on tax changes.   The Minister announced a number of positive measures to assist small and medium sized enterprises prepare for “Brexit” as well as confirming Ireland’s commitment [...]
  • Taxation of Rental Income in Ireland September 29, 2017 - What is Rental Income? According to the Revenue’s website, Rental income includes: “the renting out of a house, flat, apartment, office or farmland. payments you receive for allowing advertising signs or communication transmitters to be put up on your property payments you receive for allowing a right of way through your property payments you receive [...]
  • Personal Taxes – Spain September 11, 2017 -     OVERVIEW The Spanish system has two types of Personal Income Tax:   PIT for Spanish resident individuals and NRIT for individuals who are not resident in Spain   Spanish resident individuals are generally liable to PIT on their worldwide income wherever it arises.   Non-resident individuals are chargeable to NRIT on their Spanish [...]
  • BUSINESS TAXES – SPAIN 2017 September 8, 2017 - There are a number of alternatives open to individuals wishing to invest in Spain.  These include setting up a limited company or forming a branch / permanent establishment.   Due to the number of Irish clients with trading companies in Spain, we have prepared a general summary of the taxes arising.   This is not [...]
  • Revenue eBriefs since 1st January 2017 September 4, 2017 -   Are you aware of how much has changed since 1st January 2017 in terms of Tax compliance, Tax Credits, Employee Subsistence Expenses, Personal Tax, Corporation Tax, Capital Acquisitions Tax, Capital Gains Tax, Value Added Tax, PAYE, Stamp Duty, Transfer Pricing, Local Property Tax, Revenue Audit Procedures, etc.?   Here are a list of the [...]
  • Trump Administration releases US tax reform plan April 28, 2017 - 2017 Tax Reform for Economic Growth and American Jobs The Biggest Individual And Business Tax Cut In American History    Top Line: . The U.S. tax code is overcomplicated and fails to create enough jobs, or provide relief to middle class families. -          Since 2001, the U.S. tax code has faced nearly 6,000 changes, more [...]
  • Amendment to the DWELLING HOUSE EXEMPTION February 2, 2017 -     Everyone is aware that significant changes were introduced in the 2016 Budget but have you thought what they might mean for you?   Prior to 25th December 2016, Section 86 CATCA 2003 provided a means of passing on a property to the next generation, either by gift or inheritance, in a tax free [...]
  • RENTAL EXPENSES IRELAND – High Court decision in Revenue Commissioners v Thomas Collins January 13, 2017 -   The High Court decision in Revenue Commissioners v Thomas Collins has just been published. It states that contrary to Revenue’s position, the NPPR (Non Principal Private Residence) charge was in fact an “allowable” expense against rental profits under Section 97(2) TCA 1997.   What was the NPPR Charge? The NPPR (Non Principal Private Residence) [...]
  • CORPORATE TAX – Payment and Filing January 10, 2017 - Corporation Tax Returns The Irish corporation tax system operates on a self-assessment basis.  Therefore, it is solely the responsibility of the company to calculate and pay its corporation tax liability within deadline.   Any company liable to corporation tax must submit a CT1 Form which is a Tax Return containing details of profits, chargeable gains [...]
  • CORPORATE TAX – RESIDENCE & REGISTRATION January 10, 2017 - Registration If you intend to set up a new company in Ireland in 2017, please be aware that you must register with the Irish Revenue Authorities within thirty days of incorporation. This can be done by completing the relevant sections of a TR2 Form: http://www.revenue.ie/en/tax/vat/forms/formtr2.pdf http://www.revenue.ie/en/tax/vat/forms/formtr2-nonresident.pdf   The information required to register includes: 1. Your [...]
  • BUDGET 2017 October 12, 2016 - Today the Minister for Finance Michael Noonan T.D. delivered Budget 2017.   Until the Brexit negotiations begin it is impossible to know the impact for Ireland however today’s Budget gave Minister Noonan the opportunity to affirm the stability of Ireland’s tax policies while at the same time introducing measures to promote economic growth.   The [...]
  • TRUSTS – Tax Heads to keep in mind. June 7, 2016 -   When setting up a Trust, it is essential to take into consideration the following tax heads.   INCOME TAX The tax residence of the trustees is what determines the extent of their liability to Irish income tax. If all the trustees are Irish resident then they are liable to Irish income tax on the [...]
  • Revenue eBriefs since 1st January 2016 May 18, 2016 -   Are you aware of how many changes to our tax system have been implemented between 1st January 2016 and today?   eBrief No. 52/2016: Requirement for Security Bonds Section 960 S TCA 1997 eBrief No. 51/2016: Rental Income eBrief No. 50/2016: Recent enhancements to VAT Return of Trading Details (RTD) in ROS eBrief No. 49/2016: Tax Treatment of [...]
  • Share Buy Backs May 18, 2016 -   What happens in a Share Buy Back Situation? Providing the shareholder meets the necessary statutory conditions, the company can buy back its shares from that shareholder thereby allowing him/her to get the benefit of the Capital Gains Tax treatment as opposed to the more costly Schedule F Treatment.  In other words if the CGT [...]
  • Tax Credit for Research & Development (“R&D”) Expenditure March 8, 2016 - A company and not a sole trader is entitled to a tax credit equivalent to 25% of qualifying R&D expenditure incurred in a particular accounting period which can be offset against the corporation tax liability.   For accounting periods beginning on or after 1st January 2015, the base year restriction has been removed which means the credit [...]
  • AGRICULTURAL RELIEF March 1, 2016 -   As Tax Advisers, we’re frequently asked to advise business owners stepping down from running their businesses; individuals passing the farm or business to one or more family members or providing for the next generation with assets other than business assets.  To provide the most accurate, relevant and comprehensive advice possible, it is essential that [...]