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2013 Finance Act – Part 3 – Irish Tax System



This is a ten-part Worldwide Tax Blog Series on a cross section of amendments in the Irish Tax System and a general overview:

Universal Social Charge – Part 1

The Remittance Basis for Income Tax – Part 2

The Remittance Basis for Capital Gains Tax – Part 3

Taxation of Certain Social Welfare Benefits – Part 4

Mortgage Interest Relief – Part 5

Donations To Approved Bodies – Part 6

Farm Restructuring Relief – Part 7

FATCA – The US Foreign Account Tax Compliance Act – Part 8

Close Company Surcharge – Part 9

Stamp Duty – Part 10

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3. THE REMITTANCE BASIS FOR CAPITAL GAINS TAX

As with the Income Tax legislation, this new subsection provides that where an Irish resident, non-domiciled individual makes a transfer outside the state, of any chargeable gains, which would otherwise have been liable to Capital Gains Tax on the remittance basis, to his/her spouse or civil partner, any amounts remitted into Ireland on or after 13th February 2013 deriving from that transfer will be treated as having been remitted by the individual who made the transfer to his/her spouse or civil partner.

It is important to remember that the provisions apply to a remittance by the spouse or civil partner on or after 13th February 2013 which means that any chargeable gains historically transferred are within the scope of the new provisions of Finance Act 2013 where the remittance into Ireland occurs on or after 13th February 2013.

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Since founding Accounts Advice Centre in Dublin in 1996, Claire McNamara has established a reputation for successfully advising businesses, corporate and personal tax clients. Her knowledge spans various sectors and her experience includes corporate transactions, inheritance tax planning, International Tax Treaties, personal tax as well as advising on issues affecting non domiciled individuals and offshore clients. She constantly delivers a value added service and efficient tax management solutions to high net worth private clients, property owners, executives, entrepreneurs, entertainers and members of various professions.

As a Chartered Tax Adviser, Claire has considerable experience in professional practice and will personally help you to deal with all your tax affairs competently, professionally and successfully. She has also lectured extensively in taxation on courses for the main professional accountancy qualifications including A.C.C.A., A.C.A. and C.P.A. and is actively involved in preparing students for the Irish Tax Institute’s CTA qualification.

Claire has effectively handled a number of Revenue Audits and Appeals on behalf of her diverse client base and has successfully negotiated solutions resulting in substantial differences to the eventual tax liability, surcharge and penalties.

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9 thoughts on “2013 Finance Act – Part 3 – Irish Tax System

  1. […] general overview: Universal Social Charge – Part 1 The Remittance Basis for Income Tax – Part 2 The Remittance Basis for Capital Gains Tax – Part 3 Taxation of Certain Social Welfare Benefits – Part 4 Mortgage Interest Relief – Part 5 […]

  2. […] general overview: Universal Social Charge – Part 1 The Remittance Basis for Income Tax – Part 2 The Remittance Basis for Capital Gains Tax – Part 3 Taxation of Certain Social Welfare Benefits – Part 4 Mortgage Interest Relief – Part 5 […]

  3. […] general overview: Universal Social Charge – Part 1 The Remittance Basis for Income Tax – Part 2 The Remittance Basis for Capital Gains Tax – Part 3 Taxation of Certain Social Welfare Benefits – Part 4 Mortgage Interest Relief – Part 5 […]

  4. […] Acquisitions Tax. Universal Social Charge – Part 1 The Remittance Basis for Income Tax – Part 2 The Remittance Basis for Capital Gains Tax – Part 3 Taxation of Certain Social Welfare Benefits – Part 4 Mortgage Interest Relief – Part 5 […]

  5. […] general overview: Universal Social Charge – Part 1 The Remittance Basis for Income Tax – Part 2 The Remittance Basis for Capital Gains Tax – Part 3 Taxation of Certain Social Welfare Benefits – Part 4 Mortgage Interest Relief – Part 5 […]

  6. […] The Remittance Basis for Capital Gains Tax – Part 3 […]

  7. […] The Remittance Basis for Capital Gains Tax – Part 3 […]

  8. […] The Remittance Basis for Capital Gains Tax – Part 3 […]

  9. […] The Remittance Basis for Capital Gains Tax – Part 3 […]

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