Those who are nearing retirement age or have already retired should be interested in a new retirement fund product which was recently launched by Canada Life. Unusually for Approved Retirement Funds, this product comes with an income guarantee for life, backed by an international insurer with a … [Read more...]
2012 Non Principal Private Residence (NPPR) charge
April 19, 2012 By
The 2012 NPPR charge must be paid on or before 30 June 2012 in order to avoid late payment fees. The 2012 charge is based on the ownership and status of the property as at 31 March 2012. For more information on this go to www.nppr.ie. … [Read more...]
One parent family tax credit
April 5, 2012 By
The one parent family tax credit can be claimed if you are a single parent, i.e. widowed, single, separated or divorced, and you have a child who is dependent on you. The child must reside with you for the whole or part of the year to claim the credit. A child includes: A child of your … [Read more...]
New RCT system
April 5, 2012 By
For the first 3 months of 2012 there was a freeze on the RCT withholding tax rates at either 0%, 20% or 35%. That arrangement is now finished and with effect from 1 April 2012 the withholding tax rates applied to subcontractors can change at any time depending on their compliance … [Read more...]
Tax relief for tuition fees
March 15, 2012 By
With effect from the 2007 tax year individuals can claim relief on fees paid for 3rd level courses at a rate of 20% subject to a cap as set out below. Academic Year Cap 2007/2008 5,000 2008/2009 … [Read more...]
Finance Bill 2012
February 9, 2012 By
The Finance Bill was published yesterday. It implements the provisions announced in Budget 2012 but a number of additional measures were introduced. Stamp duty As announced in the Budget: The rate of stamp duty on non-residential property is 2% from 7th December 2011; Consanguinity … [Read more...]
R & D Changes
January 16, 2012 By
The Budget which was presented on 6th December 2011 contained an outline of proposed amendments to the existing research and development expenditure credit which is available to companies. Until now, the credit amounted to 25% of the qualifying expenditure on “incremental” research and … [Read more...]
Updating of Revenue Records on Department of Social Protection (DSP) Pensions
January 16, 2012 By
As highlighted in the media Revenue have been cross checking their records on pension payments against the Department of Social Protection (DSP) records. Where the cross check indicates that tax has been under or overpaid Revenue have sent letters advising that the 2012 tax credits will be … [Read more...]
Household charge
January 16, 2012 By
The new household charge of €100 is payable on or before 31 March 2012. The website www.householdcharge.ie has been set up to allow individuals to pay the charge online and it also contains information regarding the household charge. Anyone wishing to avail of the direct debit option should … [Read more...]
Retirement Annuity Relief
October 21, 2011 By
Revenue have issued a tax briefing outlining how retirement annuity relief will be calculated for the 2010 and 2011 tax years. A copy of this briefing can be found by clicking on the following link: http://www.revenue.ie/en/practitioner/tax-briefing/2011/no-052011.html If you have any queries … [Read more...]
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