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Tag Archive for Universal social Charge

05 Oct 2017

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.”

Read More

Written by Claire McNamara | Posted in Europe

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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
24 Jun 2016

Share Buy Backs—A General Overview

The provisions of Section 179 – 186 Taxes Consolidation Act (TCA) 1997 examine the following scenarios:

  • The departure of a disgruntled shareholder.
  • The retirement of a controlling shareholder who wishes to stand aside and make way for new management/the next generation.
  • Situations where one shareholder wants to continue carrying on the trade while the other shareholder would prefer to exit the business and the company has the necessary funds to buy back its own shares.
  • Access to company surplus funds as part of succession planning
  • An outside shareholder who initially provided equity finance but who now wants the return of that finance.
  • A marriage break-up, etc.

Read More

Written by Claire McNamara | Posted in Capital Gains

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No comments | Tags: Capital Gains Tax, taxes consolidation act, trade benefit test, Universal social Charge
14 Oct 2015

Ireland Budget – 2016

The Minister for Finance Michael Noonan T.D. presented his 2016 Budget yesterday which outlined a wide range of changes to the tax system with particular emphasis on personal taxation, initiatives to begin equalising the tax treatment of the self-employed and employees as well as steps to support businesses in Ireland.

The key features of today’s Budget are outlined below.

PERSONAL TAX

Universal Social Charge

Comprehensive changes were introduced to the Universal Social Charge for 2016 which are aimed at reducing the tax burden on low and middle income earners.  Read More

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

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No comments | Tags: 2016 Budget Ireland, Michael Noonan, Minister for Finance, Universal social Charge
23 May 2013

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

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

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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
15 May 2013

2013 Finance Act – Part 1 – Irish Tax System

Finance Act 2013 contains the legislative provisions for a number of changes to the Irish tax system under all the main tax heads including Income Tax, Corporation Tax, Capital Gains Tax, Excise, Value Added Tax, Stamp Duty and Capital Acquisitions Tax.

Due to the amount of changes it is not possible to detail each individual provision so I decided to focus on a cross section of amendments to give a general overview.  The legislative provisions I have selected will have an affect on most if not all Irish individuals whether resident and domiciled or resident and non-domiciled; employed or unemployed; retired or still working; self employed or PAYE workers; corporate structures or individuals, etc.  This is a ten-part Worldwide Tax Blog Series:

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

_____________________________________________________________________________________

1. UNIVERSAL SOCIAL CHARGE

Finance Act 2013 introduced legislation to eliminate the 4% rate of Universal Social Charge applicable to individuals aged seventy years and over where their aggregate or combined income exceeds €60,000.00. Read More

Written by Claire McNamara | Posted in Europe, Middle East

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10 comments | Tags: FATCA, Finance Act 2013, Irish Tax System, Remittance Basis For Income Tax, Stamp Duty, Universal social Charge
26 Apr 2013

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

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

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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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