Universal social Charge

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05 Oct 2017

Written by Claire McNamara | Posted in Europe

Taxation Of Irish Rental Income

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.”

No comments | Tags: Claire McNamara, Income Tax, Ireland, Offset of Rental Losses, Pay Related Social Insurance, personal tax, property tax, Rent-a-Room Exemption, rental economy, Taxation of Rental Profits, Universal social Charge

23 May 2013

Written by Claire McNamara | Posted in Europe, Middle East • Property Tax • Real Estate • Sales/Use Tax • Tax Policy • VAT

2013 Finance Act – Part 7 – 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

_____________________________________________________________________________________

7. FARM RESTRUCTURING RELIEF

This new relief announced in the 2013 Budget enables individual farmers to obtain relief from CGT (Capital Gains Tax) where there is a sale or exchange of agricultural land where other agricultural land is being purchased or acquired under an exchange.

This is subject to Ministerial Order to take effect.

To qualify for the relief the following conditions must be fulfilled: Read more

2 comments | Tags: 2013 Finance Act, Capital Gains Tax, CGT, Claire McNamara, Donations To Approved Bodies, FATCA, Irish Tax System, PAYE, TaxConnections, Universal social Charge, value-added tax, vat, worldwide tax blog

26 Apr 2013

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

Moving To Ireland?

If you’re planning to move to Ireland, it is essential that you’re aware of the tax implications at this point so that you don’t incur hefty and unnecessary tax liabilities and penalties at a later stage.

The first point to draw your attention to is that there is no wealth tax in Ireland.The main taxes are Income Tax, PRSI (Pay Related Social Insurance), USC (Universal Social Charge), C.G.T. (Capital Gains Tax), C.A.T. (Capital Acquisitions Tax), V.A.T. (Value Added Tax) and Stamp Duty.

In your first year, it is most likely that your charge to tax will be limited to Irish source income (i.e. Irish salaries, profits from a business operated in Ireland, rental income from properties situated in Ireland, etc.) and gains (i.e. from the sale of assets located in Ireland).If you have income and gains arising from outside Ireland you will not accrue any liability to Irish tax providing you don’t remit these funds into Ireland. Read more

6 comments | Tags: C.A.T., C.G.T., Capital Acquisitions Tax, Capital Gains Tax, Income Tax, Moving To Ireland, Pay Related Social Insurance, PRSI, Stamp Duty, Universal social Charge, USC, value-added tax, vat

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