Sinn Fein Alternative Budget 2022 – Whatever happens tomorrow taxes are likely to be higher under Sinn Fein

Sinn Fein Budget Proposals

Tax Revenue 

  • Remove tax credits on a tapered basis on individual incomes above €100,000
  • Introduce a 3% solidarity tax on individual incomes above €140,000
  • Abolish the Special Assignee Relief Programme
  • Introduce a 40% CGT rate on individual incomes above €500,000
  • Increase CAT rate to 36% & reduce Group A Threshold to €300,000
  • Increase Stamp Duty to 2% and 5% on residential properties above €700,000 and €1 million respectively
  • Introduce a 2nd Home Charge at a rate of €400
  • Introduce a Wealth Tax at a rate of 1% on net wealth held above €1 million
  • Remove the Help to Buy Scheme
  • Increase Employers PRSI by 2.2% on portion of salaries above €100,000
  • Reduce the Pension Standard Fund Threshold to €1.5 million and the Earnings Limit to €60,000
  • Extend the Banking Levy
  • Increase Stamp Duty on commercial property to 12.5% except for farming
  • Increase Excise Duty on a packet of cigarettes by 30c

Additional Taxation Measures

  • Introduce a 17% Stamp Duty Surcharge on the block purchase of all residential property purchased by institutional investment funds (Mortgage to Rent Scheme exempt).
  • Increase the rate of DWT to 33% for REITS and IREFs.
  • Applying a CGT rate of 33% on all asset disposals by REITs and IREFs.
  • Introduce a Vacant Property Tax.
  • Increase the Vacant Site Levy to 15%.
  • Disqualify data centres from capital allowances claims.
  • Restrict losses for banks which availed of Government loans at the time of the financial crash.

Tax Expenditure

  • A month’s rent relief
  • Restore Trade Union Relief
  • Phase out the Local Property Tax beginning with a 20% reduction
  • R&D payable tax credits paid to small & micro companies within 12 months

If you have any queries, please do not hesitate to contact Purcell McQuillan Tax Partners Ltd on 01 668 2700 or email your usual PMQ contact.