Budget 2018

Personal Tax Minor Cuts to USC rates Increase to the income tax standard rate bands for singles from €33,800 to €34,500 and for marrieds from €42,800 to €43,550 Increase in earned income credit of €200 for self- employed individuals Increase in home carer tax credit of €100 Mortgage interest relief ceases in 2021. Tapered relief […]

High Court Warehousing Judgement

Background of the Callaghan Case The couple reside in a 3 bedroom semi-detached property with their 3 young children.  The couple had a mortgage with KBC for €285,647 for their family home which was valued at just €105,000. PIP’s Proposal The PIP proposed a reduced interest rate of 2.5% from 4.5% for the period of […]

New Revenue Subsistence Rates

Subsistence Rates Key changes: The new increased subsistence rates announced by Revenue effective 1 April 2017 are: Overnight Allowances Day Allowances Normal Rate Reduced Rate Detention Rate 10 hours or more 5 hours but less than 10 hours €133.73 €120.36 €66.87 €33.61 €14.01 A separate Schedule based on current Civil Service Subsistence Rates applies for […]

Increase in Revenue motor rates

Good news from Revenue doesn’t come often! So the new increased motor and subsistence rates announced by Revenue effective 1 April 2017 are welcome. The increase in the rates came without much advance warning. The motor travel rates apply where company employees use their private vehicles for business purposes. Motor Rates Key changes: Distance bands […]

Offshore Tax on Assets & Income

The 2017 finance act includes strenuous provisions for getting your tax affairs in order in terms of offshore assets. Any offshore taxes should be tidied up well before the clampdown begins after 1 May 2017. Revenue have access to international data to begin the clamp down on tax evasion both on and offshore. Revenue have […]

Offshore tax on UK pensions

Pensioners receiving overseas income could face Revenue fines Thousands of pensioners in receipt of overseas retirement income could find themselves facing fines and even prosecution if their tax affairs are not in order by May. Almost 135,000 Irish residents were in receipt of British state pensions as of last August, up from 133,300 two years […]

Offshore Account Disclosures

Offshore Account Disclosures Anti-Avoidance Section 54 Finance Act 2016 makes a number of changes to the tax code which will reduce the level of penalty mitigations for tax defaulters with off-shore irregularities giving rise to an Irish tax liability. The amendments withdraw, from 1 May 2017, the penalty mitigation arrangements, currently available to tax defaulters […]

Dwelling house exemption change for Capital Acquisitions Tax (CAT)

Dwelling house exemption change for Capital Acquisitions Tax (CAT) The changes to the dwelling house exemption from CAT which came into effect on or after 25 December 2016, mean the exemption will now only apply to inheritances and not gifts unless the house is gifted to a dependent relative.  Also the inherited property must have […]

Budget 2016/17 Overview

Reductions in universal social charge (USC) represent the main benefit for most people, with the key 5.5 per cent rate cut to 5% per cent. So what are the key points? Tax rates & income bands remain unchanged Tax credit for self-employed increased by €400 to €950 0.5% cut in each of the 3 lowest […]

Farm Succession Tax Planning

DVM & Co presented two tax planning clinic sessions at the Teasgasc Transferring the Farm Clinic at Athenry Raheen Woods Hotel on 14 Oct 2015. The Teagasc programme was attended by 350 people who received a programme of Seminars and Clinics on land transfer, taxes, legal issues and collaborative farming. As part of the clinic […]