Universal social Charge

Tag Archive for Universal social Charge

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

15 May 2013

Written by Claire McNamara | Posted in Europe, Middle East

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

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

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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Taxation Of Irish Rental Income

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