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 from 2018 to 2020
Pre-letting expenses on residential rental properties of up to €5,000 per property may be claimed as a deduction

Business Tax

Share-based remuneration incentive to be introduced, subjecting profits to capital gains tax in place of income tax
Capital allowances on intangible assets restricted to 80% of income generated from these assets
Accelerated capital allowances for energy-efficient equipment extended to end of 2020
0% benefit-in-kind in 2018 for electric vehicles
0.1% increase in employer PRSI contribution from 10.75% to 10.85%

VAT

VAT refund scheme for charities to be introduced in 2019 in respect of 2018 costs based on non-public funding;

Capital Gains Tax / Capital Acquisitions Tax

Capital gains tax exemption for qualifying property to be held for 7 years, now may be sold between years 4 and 7 and remain exempt

Stamp duty

Stamp duty on commercial property increased from 2% to 6%

Full details are attached in this budget summary
here

Subsistence Rates Key changes:

The new increased subsistence rates announced by Revenue effective 1 April 2017 are:

A separate Schedule based on current Civil Service Subsistence Rates applies for absences outside the State

If you require advice on this or any other business or financial issues, please don’t hesitate to contact Carmel Kelly or Declan Mannion.