Yesterday, Revenue eBrief No. 59/18 was published. This comprehensive nine-page document outlines the tax treatment for income arising from the provision of short-term accommodation:
A short-term letting is defined as a letting of all or part of a house, apartment or other similar establishments:
– As a tourist, holidaymaker or other visitor
– For a period which does not exceed or is unlikely to exceed 8 consecutive weeks
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 of commercial property transactions carried out in Ireland in 2018. Read More
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
The updated Revenue guidance notes allow an employee to claim a deduction for professional membership fees only in circumstances where: Read More
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 residential property, the purchaser will be entitled to a rebate of 4% being 2/3rds of the duty paid.
It is important to keep in mind that the refund of stamp duty is only applicable in relation to the proportion of the land used for residential development. Read More
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