Budget 2012 Highlights

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Presentation given at the McInerney Saunders Annual Networking Event 2011.

Read the blog post here:

http://www.mcinerneysaunders.ie/blog/budget-2012-event/

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Budget 2012 Highlights

  1. 1. Budget 2012 Highlights And Tax Reliefs and Opportunities
  2. 2. <ul><li>Budget – Tax Highlights </li></ul><ul><li>Tax Incentives and Opportunities </li></ul>Introduction
  3. 3. Taxation <ul><li>Personal Taxes </li></ul><ul><li>Corporation Tax </li></ul><ul><li>Indirect Taxes </li></ul><ul><li>Stamp Duty </li></ul><ul><li>Capital Taxes </li></ul><ul><li>Other changes </li></ul>
  4. 4. Budget Highlights <ul><li>Personal Taxes </li></ul><ul><ul><ul><li>No change in rate bands or tax credits. </li></ul></ul></ul><ul><ul><ul><li>Universal Social Charge (USC) exemption increased from €4,004 to €10,036 from 1 January 2012. </li></ul></ul></ul><ul><ul><ul><li>Extension of PRSI to cover rental, investment and other income of PAYE workers from 2013. </li></ul></ul></ul><ul><ul><ul><li>Property Based Reliefs </li></ul></ul></ul><ul><ul><ul><ul><ul><li>Accelerated Capital Allowances – 1 January 2015 </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Investors with annual gross income of over €100,000 will be subject to a 5% surcharge </li></ul></ul></ul></ul></ul>
  5. 5. Budget Highlights <ul><li>Corporate Tax </li></ul><ul><ul><ul><li>12.5% Corporation tax to remain </li></ul></ul></ul><ul><ul><ul><li>Start-Up Exemption extended to 2014 </li></ul></ul></ul>
  6. 6. Budget Highlights <ul><li>Indirect Taxes </li></ul><ul><ul><li>Standard VAT rate - 21% to 23% </li></ul></ul><ul><ul><li>Carbon taxes increased </li></ul></ul><ul><ul><li>Household charge of €100 p.a. </li></ul></ul><ul><li>Stamp Duty </li></ul><ul><ul><ul><li>Commercial Property Rate - 6% to 2% </li></ul></ul></ul><ul><ul><ul><li>No change to residential rates </li></ul></ul></ul>
  7. 7. Budget Highlights <ul><li>Capital Taxes </li></ul><ul><ul><ul><li>CGT and CAT rates - 25% to 30% </li></ul></ul></ul><ul><ul><ul><li>CAT threshold reduced from €332,084 to €250,000 on gifts/inheritances from parent to child. </li></ul></ul></ul><ul><ul><ul><li>CGT exemption on any gains made from property acquired before 31 December 2013 and held for 7 years. </li></ul></ul></ul><ul><ul><ul><li>Changes to Retirement Relief </li></ul></ul></ul>
  8. 8. Budget Highlights <ul><li>Other Points </li></ul><ul><ul><ul><li>Statutory Redundancy - employer rebate </li></ul></ul></ul><ul><ul><ul><ul><ul><li>Reduced from 60% to 15%. </li></ul></ul></ul></ul></ul><ul><ul><ul><li>No changes to pension relief or losses forward </li></ul></ul></ul><ul><ul><ul><li>Increase in DIRT from 27% to 30% </li></ul></ul></ul><ul><ul><ul><li>Special Assignee Relief Programme </li></ul></ul></ul><ul><ul><ul><li>Foreign Earnings Deduction </li></ul></ul></ul><ul><ul><ul><li>R & D credits </li></ul></ul></ul>
  9. 9. Find Out More <ul><li>Visit us Online: </li></ul><ul><li>http://www.mcinerneysaunders.ie </li></ul><ul><li>Read More About Our Annual Networking Event & Budget 2012: </li></ul><ul><li>http://www.mcinerneysaunders.ie/blog/budget-2012-event/ </li></ul>

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