Tax Relief for Sportspersons on Retirement
When a sportsperson retires they may be entitled to a tax refund. The refund is calculated by granting a 40% tax deduction against qualifying income for any 10 of the previous 15 years. For example, a sportsperson who earned €100,000 per annum in each of the previous 15 years could be entitled to a tax […]
Revenue delay increase in VAT rate on food supplements
On 27 December 2018, Revenue issued an eBrief advising of a change in Revenue practice on the VAT rate applicable on sales of certain food supplements. The eBrief advised the VAT rate was to be increased to 23% from 0% with effect from 1 March 2019, effectively withdrawing a concession that had been long standing. […]
Bank of Ireland Seminar on Tax and Property
Brian Purcell was delighted to speak at the Bank of Ireland Seminar on Tax and Property at the RDS 16 May 2018
PMQ Notice
PMQ emails are down at the moment but should be back shortly. If you wish to contact us please use the landline 01 668 2700 or mobile.
The Domicile Levy
It is not unusual to read reports in the media of individuals using tax losses to their advantage and availing of the loopholes to reduce their tax liability. The domicile levy which was introduced in 2010 is the complete opposite. It is an example of the State seeking tax from individuals outside the spirit of […]
Thinking of Moving to Ireland
An English speaking country neighbouring the UK, Ireland offers many advantages for individuals who wish to relocate from the UK and maintain access to the European Union. In Ireland, an individual’s residency and domicile determine their liability to income tax. Individuals who are Irish resident and domiciled will be liable to tax on their worldwide […]
New Revenue Staff Guidelines on RCT Penalties
The Irish Taxation Institute has circulated a copy of Internal Guidelines issued to its staff by Revenue on how to deal with the relevant contracts tax (RCT) penalty regime and the basis for penalty mitigation. A principal who makes payments to subcontractors within the RCT system is obliged to notify Revenue of the intention to […]
Revenue Annual Report for 2015
The Revenue recently issued their annual report for 2015. Some interesting facts which are contained in the report are as follows: • Net tax receipts for 2015 were €45.78 billion compared with €39.4 billion for 2014. Taxes on income, which include USC, DIRT, dividend withholding tax, accounted for 40% of overall net receipts with the other […]
Interest Paid By Companies and To Non-Residents
Tax law provides that, subject to certain exceptions, companies are required to withhold tax at 20% from interest payments and persons other than companies are required to withhold tax at 20% from interest paid to non-residents. The requirement to withhold tax does not apply to interest paid to banks carrying on a banking business in […]
Deadline for Accessing AVCs Fast Approaching
A reminder that the deadline for pre-retirement access to AVCs is 26 March 2016. You can access up to 30% of the value of your AVCs. Amounts accessed are subject to income tax but not PRSI or USC. This can be useful if you require access to cash or if your fund is approaching the […]
Budget Briefing 2016
Introduction The Minister for Finance introduced the final Budget of the 31st Dail. He advised that it is considered that as a result of this Budget that the recovery will be felt in every home in the country. The only taxation increase introduced is an extra 50 cents on every packet of standard cigarettes. The […]
Employee Subsistence Allowances
Employers may reimburse employees for business expenses incurred without deducting PAYE from the payments made in two situations: (a) Where the payments are made based on vouched receipts provided by the employee; or (b) Where flat rate allowances are paid which do not exceed the rates paid to Civil Servants or which are paid in accordance with […]
Tax Treatment of Exchange Traded Funds*
Revenue have issued a Guidance Note on the tax treatment of Exchange Traded Funds (ETFs) outlining their view of the tax treatment of income and gains from investments in such products with effect from 1 January 2014. Revenue’s view on the tax treatment is summarised in the following table: Place ETF is Domiciled** Income Gains […]
Budget 2015 Predictions
Budget 2015 will be delivered by Minister Michael Noonan on Tuesday October 14 next. While the final Budget package is still in the process of negotiation, the Taoiseach has indicated that income tax reductions are on the cards for low and middle income earners. He could do this by reducing the marginal rate of tax […]
BEPS 15 Point Plan
Last week the OECD published an action list for the first 7 points of its 15 point plan on BEPS (base erosion and profit shifting). The purpose behind the BEPS project is for OECD Member States to agree a plan to ensure the business profits of companies are aligned to where the business activity takes […]
