Budget 2012 Highlights

Budget 2012 Highlights And Tax Reliefs and Opportunities

Budget – Tax Highlights
Tax Incentives and Opportunities
Introduction

Taxation
Personal Taxes
Corporation Tax
Indirect Taxes
Stamp Duty
Capital Taxes
Other changes

Budget Highlights
Personal Taxes
No change in rate bands or tax credits.
Universal Social Charge (USC) exemption increased from €4,004 to €10,036 from 1 January 2012.
Extension of PRSI to cover rental, investment and other income of PAYE workers from 2013.
Property Based Reliefs
Accelerated Capital Allowances – 1 January 2015
Investors with annual gross income of over €100,000 will be subject to a 5% surcharge

Budget Highlights
Corporate Tax
12.5% Corporation tax to remain
Start-Up Exemption extended to 2014

Budget Highlights
Indirect Taxes
Standard VAT rate - 21% to 23%
Carbon taxes increased
Household charge of €100 p.a.
Stamp Duty
Commercial Property Rate - 6% to 2%
No change to residential rates

Budget Highlights
Capital Taxes
CGT and CAT rates - 25% to 30%
CAT threshold reduced from €332,084 to €250,000 on gifts/inheritances from parent to child.
CGT exemption on any gains made from property acquired before 31 December 2013 and held for 7 years.
Changes to Retirement Relief

Budget Highlights
Other Points
Statutory Redundancy - employer rebate
Reduced from 60% to 15%.
No changes to pension relief or losses forward
Increase in DIRT from 27% to 30%
Special Assignee Relief Programme
Foreign Earnings Deduction
R & D credits

Find Out More
Visit us Online:
http://www.mcinerneysaunders.ie
Read More About Our Annual Networking Event & Budget 2012:
http://www.mcinerneysaunders.ie/blog/budget-2012-event/

Budget 2012 Highlights

by McInerney Saunders on Dec 09, 2011

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