Taxation


Capital gains tax (CGT) deadline 15th December 2017

Anyone who has made a capital disposal between 1st January 2017 and 30th November 2017 must pay CGT by 15th December 2017. The filing date for this disposal is 31st October 2018. Anyone who has made a capital disposal between 1st December 2017 and 31st December 2017 must pay CGT by 31st January 2018. The filing date for this disposal is 31st October 2018. Capital disposals include sales of shares, […]


Taxation of company vehicles

The provision of a company vehicle to an employee is of dubious benefit, due to the taxation implications. For the company, deductibility is dependant on business use, so if a vehicle is largely used by an employee for personal purposes, the tax deduction is reduced accordingly. Furthermore, even the business deductibility is restricted for “higher value” vehicles, ie those costing more than €24,000. For the employee, he/she will be assessed […]


Reimbursement of Civil Service Mileage Rates

It has been close to two decades since any changes in the reimbursement of civil service mileage rates were introduced. Owing to economic and environmental considerations, 1st April 2017 introduced the enforcement of significant changes to the dated system which will heavily impact the private sector. All businesses that reimburse their employees for business motoring expenses will begin to see the implications of the recent changes as following: An increase […]


Undisclosed off-shore assets and income: Revenue Clampdown

As you may be aware, Revenue are currently operating a “clampdown” on all undeclared off-shore assets. This means that after 30th April 2017, any individual found to have any undeclared foreign assets (i.e. any foreign income including pension income, gains, bank accounts and assets) may be subject to penalties, publication as a tax defaulter and heavy prosecution. If you have any undeclared foreign assets (i.e. any foreign income including pension […]


Debt write-off is not deductible for CGT

If a person who has borrowed to acquire or enhance an asset is subsequently released from some or all of that debt, a deduction cannot be claimed for the amount of the debt forgiven, where the asset is subsequently disposed of. If the debt is forgiven after the asset has been disposed of then the debt release will be deemed to be a chargeable asset in that year and CGT […]


VAT on sales and hire of horses up from 4.8% to 9% 1st May 2014

In order to comply with a judgement in the European Court of Justice case against Ireland, the VAT rate applying to the sale or hire of live horses and the supply of greyhounds is being increased from 4.8% to 9% on 1st May 2014. However the 4.8% rate will continue to apply to supplies of cattle, sheep, goats, pigs, deer and those horses intended for use in the preparation of foodstuffs […]


Marital breakdown

Tax Consequences of marital breakdown The breakdown of a marriage is a stressful time but it is important to consider the resulting tax implications. Income Tax Once you have separated each of you reverts, for tax purposes, to single assessment. Each party can claim a one parent family tax credit and the single parent rate band as long as you have not remarried or are not cohabiting. If you are […]


Pay & File for Self Assessed Income Tax and Capital Acquisitions Tax

The deadline for filing the 2011 income tax return and capital acquisitions tax (CAT) return for year ended 31 August 2012 is fast approaching. Individuals who file the 2011 income tax return (Form 11) and make the appropriate payment through ROS for: Preliminary Tax for 2012, Income Tax balance due for 2011, the due date is extended to Thursday, 15th November 2012. For beneficiaries who received gifts or inheritances with valuation […]


Tax Payment Difficulties

With the income tax deadline fast approaching (31 October for paper filing and 15 November for on line returns) it is worth considering the implications of being unable to pay Revenue. If you find yourself in the position of being unable to pay the Revenue, simply sitting tight and hoping things will get better is not an acceptable approach. The first step to resolving tax payment difficulties is to file […]


Special Assignee Relief Programme

Finance Act 2012 inserted a new section – Section 825C – into the Taxes Consolidation Act (TCA) 1997 which provides relief from income tax for individuals assigned to work in Ireland during any of the tax years 2012, 2013 or 2014. The relief is known as Special Assignee Relief Programme (SARP). Subject to certain conditions an employee can make a claim to have 30% of his/her income between €75,000 and […]