The Minister for Finance, Public Expenditure and Reform Paschal Donohoe T.D delivered his first Budget 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 to the 12½% corporation tax rate. We are pleased to bring you our summary of the tax measures set out in Budget 2018.
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 for allowing sporting rights such as fishing or shooting rights on your property
- payments you receive from your tenant to cover the cost of work to your rental property. Your tenant must not be required to pay for this work per the lease
- certain lease premiums, as well as deemed and reverse premiums
- Conacre lettings
- service charges for services connected to the occupation of the property
- payments from insurance policies that cover against the non-payment of rent.”
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.