Finance (No. 2) Bill 2013 | TaxConnections

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TaxConnections Blog Post For the beginning of the Post, please see Part I.

The construction and building sectors saw the introduction of welcome changes:

I LIVING CITY INITIATIVE – The urban regeneration initiative has been extended to include residential properties constructed up to and including 1914 and covers the cities of Cork, Dublin, Galway and Kilkenny.

The aim is to stimulate regeneration of retail and commercial districts as well as to encourage families to return to historic buildings in Irish city centres.

II HOME RENOVATION INCENTIVE – This is a new incentive for home owners who:

1. carry out repair, renovation or improvement work on their principal private residence

2. from 25th October 2013 to 31st December 2015.

3. Qualifying expenditure carried between 1st January 2016 and 31st March 2016 can be treated as having been incurred in 2015 if planning permission was granted before 31st December 2015. Read More

Written by Claire McNamara | Posted in Europe, Middle East • Tax Policy

TaxConnections Blog Post On 24th October 2013 the Finance (No. 2) Bill 2013 was published which confirmed the measures introduced by the Budget.

As the main priorities in Ireland at the moment are job creation and enterprise growth the following tax packages were introduced:

I. ENTERPRISE RELIEF – This is a new Capital Gains Tax relief which is aimed at entrepreneurs investing in assets used in new productive trading activities. The purpose is to encourage individuals to reinvest the sales proceeds from the sale/disposal of a previous asset into new productive trading or a new company. The main aspects of the relief are as follows:

(a) It applies to an individual

(b) who has paid Capital Gains Tax on the sale/disposal of an asset and

(d) at a cost of at least €10,000 Read More

Written by Claire McNamara | Posted in Europe, Middle East • Tax Policy • VAT