The document summarizes key tax changes from the Irish 2012 budget. Some highlights include:
- Personal tax credits and bands remained unchanged. A €100 household charge was introduced. Mortgage interest relief was reduced.
- DIRT and exit tax rates on savings increased. PRSI relief on pension contributions was eliminated. A 5% surcharge on income sheltered was introduced.
- The domicile levy no longer requires citizenship. R&D tax credits were expanded. CGT rate increased to 30% and annual exemption remained at €1,270.
- Retirement relief limits were reduced for over age 66. A CGT exemption was introduced for property held 7+ years. The CAT
The document provides tax tables and allowances for the 2012/13 tax year in the UK. It includes income tax rates and allowances, inheritance tax rates, capital gains tax exemptions and rates, national insurance contribution rates and thresholds, corporation tax rates, and tax-privileged investment maximums such as for ISAs. The tables show the tax rates, thresholds, and allowances for the 2011/12 and 2012/13 tax years side by side for easy comparison.
The document provides an overview of tax rates, credits, bands, and reliefs in Ireland for the 2011 budget year. Some key changes include reductions to personal tax credits and bands, introduction of the Universal Social Charge to replace the Income Levy and Health Levy, removal of the PRSI ceiling for employees, and abolition of various tax reliefs for things like patent royalties, approved share option schemes, and property incentives.
This document provides a budget summary for 2012 that details changes to income tax credits and rates, rent tax relief reductions, universal social charge thresholds and rates, corporation tax relief for renewable energy and R&D, capital acquisitions tax rates and thresholds, and other revenue measures. Key points include:
- Rent tax relief will be withdrawn over 7 years, reducing the amount of rent that can be relieved at standard income tax rates.
- Universal social charge thresholds and rates remain largely unchanged, with some increases to income thresholds.
- Corporation tax relief for investment in renewable energy generation is extended to end-2014.
- Capital acquisitions tax rate increases to 30% and the tax-free threshold is reduced to
The perfect marketing solutions to:
· Improve brand awareness with prospective clients
· Add value and build further loyalty with existing clients
· Generate increased referral leads and sales opportunities
· Use to add regular changing content to your website
· Attract and retain higher volumes of website traffic
· E-mail to clients, prospects and professional introducers
· Improve your website SEO success from organic searches
· Use the content to set-up an e-news alert service
· Extend your marketing to smartphone and tablet technology
This document outlines standard tax rate cut-off points and tax credits in Ireland. It provides the tax rates and income thresholds for single/widowed persons, one parent families, and married couples with one or two incomes. For married couples, the first earner is taxed at 20% up to a certain threshold, and the second earner can earn up to an additional threshold at 20% before higher rates apply. Several common tax credits are also described such as personal tax credit, PAYE tax credit, and married tax credit. Examples are provided to demonstrate how to calculate tax liability for single individuals and married couples.
Taxes after the fiscal cliff: Planning opportunities in 2013Putnam Investments
The document discusses several topics related to taxes including:
1) The new American Taxpayer Relief Act of 2012 which made many of the Bush-era tax cuts permanent and avoided the fiscal cliff while increasing taxes for some high-income taxpayers.
2) Two new health care related taxes beginning in 2013 - an increase to the Medicare payroll tax and a new 3.8% investment income tax.
3) The longer-term outlook on federal budget deficits which continue to exceed $1 trillion annually due to high spending and low taxes relative to historical averages, and how the new tax deal is projected to increase deficits over the next decade.
Bob Keebler Sample Presentation - Income & Estate Tax Strategies For THe New ...Advisors4Advisors
This document provides an overview of estate and tax planning opportunities in 2012. It begins with a course outline on income tax planning opportunities, including loss harvesting, income shifting to junior generations, and Roth IRA conversions. It then discusses the 2012 income tax brackets and rates and compares them to 2013 rates. Specific provisions for 2012 like section 179 deductions, bonus depreciation, and payroll tax cuts are also reviewed. The failure of the "Super Committee" and its impact on future income tax rates is examined.
The document discusses opportunities and risks related to upcoming changes in UK pension laws. It outlines several ways high earners could maximize their pension contributions and tax relief before rules change in 2011. It also notes opportunities for employers through initiatives like auto-enrollment and salary exchange to increase employees' pension contributions in a tax-efficient manner. Overall the document aims to help advisers identify strategies clients could use to benefit from pending pension reforms.
The document provides tax tables and allowances for the 2012/13 tax year in the UK. It includes income tax rates and allowances, inheritance tax rates, capital gains tax exemptions and rates, national insurance contribution rates and thresholds, corporation tax rates, and tax-privileged investment maximums such as for ISAs. The tables show the tax rates, thresholds, and allowances for the 2011/12 and 2012/13 tax years side by side for easy comparison.
The document provides an overview of tax rates, credits, bands, and reliefs in Ireland for the 2011 budget year. Some key changes include reductions to personal tax credits and bands, introduction of the Universal Social Charge to replace the Income Levy and Health Levy, removal of the PRSI ceiling for employees, and abolition of various tax reliefs for things like patent royalties, approved share option schemes, and property incentives.
This document provides a budget summary for 2012 that details changes to income tax credits and rates, rent tax relief reductions, universal social charge thresholds and rates, corporation tax relief for renewable energy and R&D, capital acquisitions tax rates and thresholds, and other revenue measures. Key points include:
- Rent tax relief will be withdrawn over 7 years, reducing the amount of rent that can be relieved at standard income tax rates.
- Universal social charge thresholds and rates remain largely unchanged, with some increases to income thresholds.
- Corporation tax relief for investment in renewable energy generation is extended to end-2014.
- Capital acquisitions tax rate increases to 30% and the tax-free threshold is reduced to
The perfect marketing solutions to:
· Improve brand awareness with prospective clients
· Add value and build further loyalty with existing clients
· Generate increased referral leads and sales opportunities
· Use to add regular changing content to your website
· Attract and retain higher volumes of website traffic
· E-mail to clients, prospects and professional introducers
· Improve your website SEO success from organic searches
· Use the content to set-up an e-news alert service
· Extend your marketing to smartphone and tablet technology
This document outlines standard tax rate cut-off points and tax credits in Ireland. It provides the tax rates and income thresholds for single/widowed persons, one parent families, and married couples with one or two incomes. For married couples, the first earner is taxed at 20% up to a certain threshold, and the second earner can earn up to an additional threshold at 20% before higher rates apply. Several common tax credits are also described such as personal tax credit, PAYE tax credit, and married tax credit. Examples are provided to demonstrate how to calculate tax liability for single individuals and married couples.
Taxes after the fiscal cliff: Planning opportunities in 2013Putnam Investments
The document discusses several topics related to taxes including:
1) The new American Taxpayer Relief Act of 2012 which made many of the Bush-era tax cuts permanent and avoided the fiscal cliff while increasing taxes for some high-income taxpayers.
2) Two new health care related taxes beginning in 2013 - an increase to the Medicare payroll tax and a new 3.8% investment income tax.
3) The longer-term outlook on federal budget deficits which continue to exceed $1 trillion annually due to high spending and low taxes relative to historical averages, and how the new tax deal is projected to increase deficits over the next decade.
Bob Keebler Sample Presentation - Income & Estate Tax Strategies For THe New ...Advisors4Advisors
This document provides an overview of estate and tax planning opportunities in 2012. It begins with a course outline on income tax planning opportunities, including loss harvesting, income shifting to junior generations, and Roth IRA conversions. It then discusses the 2012 income tax brackets and rates and compares them to 2013 rates. Specific provisions for 2012 like section 179 deductions, bonus depreciation, and payroll tax cuts are also reviewed. The failure of the "Super Committee" and its impact on future income tax rates is examined.
The document discusses opportunities and risks related to upcoming changes in UK pension laws. It outlines several ways high earners could maximize their pension contributions and tax relief before rules change in 2011. It also notes opportunities for employers through initiatives like auto-enrollment and salary exchange to increase employees' pension contributions in a tax-efficient manner. Overall the document aims to help advisers identify strategies clients could use to benefit from pending pension reforms.
This document discusses various tax rules related to business income and expenses, including rental properties, passive income/losses, retirement plans, and itemized deductions. It provides learning objectives and then covers topics like rental income treatment, the dual use of vacation homes for personal and rental purposes, passive loss limitations, self-employed health insurance deductions, and contribution and distribution rules for IRAs and retirement plans. Examples are provided to illustrate concepts like calculating the deductible portion of rental real estate losses.
This document summarizes various tax provisions from 2009 including:
1) The highest marginal tax rates from 2001-2012 showing rates for ordinary income, capital gains, qualified dividends, and estate tax.
2) The first time homebuyer tax credit of up to $8,000 subject to income phaseouts and purchase date restrictions.
3) Various energy tax credits including residential energy efficiency credits and alternative vehicle credits.
4) Education provisions like the expanded American Opportunity Tax Credit of up to $2,500 per student.
5) Bonus depreciation and expanded section 179 expensing remaining available through 2009.
This presentation summarises the rules governing Inheritance Tax in the UK. It covers a description of the exemptions and reliefs, together with examples to illustrate practical implication.
From April 2011, there will be significant changes to PAYE operation including compensation rates for statutory maternity pay, new tax codes, and the introduction of a D1 tax code. In 2012, PAYE will transition to real-time information reporting where employers must provide a full payroll breakdown each payment period. National insurance thresholds will also increase substantially.
"2012/2013 Income, Estate and Gift Tax Changes a Result of the 'Fiscal Cliff'...Dinsmore & Shohl LLP
"2012/2013 Income, Estate and Gift Tax Changes a Result of the 'Fiscal Cliff'," Financial Planning Association of Southwestern Ohio, Election Preview Virtual Conference
This document provides guidance for doctors on recent changes affecting the NHS pension scheme. Key points include:
- The 1995 and 2008 pension sections were impacted by annual and lifetime allowance restrictions on tax relief.
- Contribution rates for members have been increasing and will continue to rise.
- The Hutton report recommended linking the normal pension age to the state pension age and replacing final salary schemes with career average schemes.
- A new NHS pension scheme is planned for 2015 with accrual based on 1/54th of career earnings and a normal pension age linked to the state pension.
The document discusses various types of income and their tax treatment according to US tax law. It provides examples to illustrate how to calculate gross income for an individual based on different income categories including wages, bonuses, investment income, partnership losses, and rental income. It also summarizes tax treatment of other items such as alimony, annuities, life insurance payouts, and prizes or awards.
The document discusses recent developments in Irish taxation law including the curtailment of reliefs, increases in tax rates, and new taxes. It provides an overview of key areas of taxation such as income tax, corporation tax, capital gains tax, capital acquisitions tax, VAT, and property tax. Specific updates are given on income tax reliefs and rates, trading entities, pension contributions, revenue audits, and managing cash flow and property investments. The document concludes with an action plan to take advantage of upcoming tax changes.
The document discusses various retirement planning strategies such as investing in stocks, bonds, mutual funds, IRAs and 401(k)s. It provides details on contribution limits for traditional and Roth IRAs and how much individuals can contribute each year depending on income and age. The effects of starting retirement savings early versus late are shown through hypothetical investment scenarios over 30 years with different annual returns.
Tax-Efficient Investing: Comparing The Results (Part 2 of Tax-Efficient Inves...Robert Keebler
This webinar, "Tax-Efficient Investing: Comparing The Results" was the second of a four-part series with Advisors4Advisors.com on tax-efficient Investing.
You can view the on-demand webinar replay and receive CFP and IMCA CE credit at http://bit.ly/taxefficient2
The document discusses the implications of the upcoming "Fiscal Cliff" for financial advisors and their clients. It notes that if Congress fails to act, taxes will rise substantially in 2013 which will negatively impact the economy. Spending cuts will also take effect that will further slow economic growth. Interest rates are expected to remain low to help stimulate the economy. The document provides details on how the higher taxes and spending cuts could impact individuals and families. It also discusses the federal budget situation and debt levels that create incentives to keep interest rates low.
Year End Tax Planning Tips Individuals 2009guest366c4e
This document provides an overview of various tax benefits available to individuals related to retirement plans, health plans, itemized deductions, IRAs, home improvements, vehicle purchases, education expenses, and adoption. It discusses contribution limits, eligibility, phase-outs based on income, and how to claim various credits and deductions. Key benefits include tax-free contributions to retirement and cafeteria plans, the home improvement tax credit, deductions for education expenses, and tax credits for adoptions and student loans.
This document provides key tax reference information for 2016, including:
- Standard deduction and personal exemption amounts.
- Capital gains tax rates and IRA/pension plan contribution limits.
- Estate and gift tax exemption amounts.
- Medicare tax rates for high-income individuals.
- Affordable Care Act penalty amounts for not having health insurance.
- Tax brackets and rates for individual filing statuses.
- Social Security tax rates and income thresholds for taxing benefits.
The document summarizes Belgium's 2012 budget measures, including reductions to the notional interest deduction rate for corporate equity. The notional interest deduction previously allowed companies to deduct deemed interest on qualifying equity at a rate linked to 10-year government bonds, up to a cap of 3.8%. The 2012 budget measures will reduce this cap to 3% starting in 2013. It also proposes limiting carryforwards of excess notional interest deductions to 7 years and restricting the deduction of existing carryforwards to 60% of taxable income each year. The reductions are estimated to increase tax revenue by €1.62 billion, over 45% of new tax measures.
"The American Taxpayer Relief Act of 2012 - A Result of the 'Fiscal Cliff,'...Dinsmore & Shohl LLP
The document summarizes key provisions of the American Taxpayer Relief Act of 2012 related to income tax. It discusses changes to individual income tax rates, capital gains rates, the alternative minimum tax exemption amounts, and other individual tax provisions. For businesses, it outlines changes to Section 179 expensing limits, bonus depreciation, and other deductions. The summary also notes some provisions that were not extended, such as the phase-out of certain itemized deductions.
1. Ireland taxes individuals based on their residence and domicile status. Resident and domiciled individuals are taxed on worldwide income and capital gains. Resident but non-domiciled individuals are taxed on Irish-source income and foreign income remitted to Ireland.
2. Ireland has gift, estate, and wealth transfer taxes called Capital Acquisitions Tax (CAT) imposed on beneficiaries. Rates are 33% but certain transfers like between spouses are exempt.
3. Other relevant taxes include income tax, capital gains tax, universal social charge, value-added tax, stamp duties, and a domicile levy for high-earning non-domiciled individuals.
The document discusses the 2010 Tax Relief Act and its implications for estate planning. It provides a brief history of estate tax laws and exemptions. Under the 2010 Act, the estate tax rate is 35% and the exemption is $5 million for 2010-2012. For those who died in 2010, their estate can elect to avoid estate tax and use carryover basis instead. The Act also introduces portability of the estate tax exemption between spouses for 2011-2012. Given the uncertainty beyond 2012, estate plans may need revising to address changing tax laws.
A cost segregation study will identify items that can be properly classified as tangible personal property or land improvements, rather than real property that is depreciated over 39 years.
From April 2011, significant changes will be made to the UK's PAYE tax withholding system. A new D1 tax code will apply a 50% tax rate to very high secondary incomes. Real-time reporting of payroll information to HMRC will begin rolling out in 2012. National insurance contribution thresholds will increase substantially and rates will rise slightly. Various pension contribution limits and rules will also be changing in upcoming years. Employers should review systems and software to prepare for these PAYE and reporting changes.
The document provides an overview of tax rates, credits, bands, and reliefs in Ireland for the 2011 budget year. Some key changes include reductions to personal tax credits and bands, introduction of the Universal Social Charge to replace the income levy and health levy, removal of the PRSI ceiling for employees, and abolition of various tax reliefs for items such as patent royalties, approved share option schemes, and property incentives.
This document provides an overview of key Irish tax rates, credits, and allowances for 2014. Some highlights include:
- The income tax bands for 2014.
- Increases to the Deposit Interest Retention Tax and exit tax rates on life insurance policies to 41%.
- Changes to the Universal Social Charge thresholds and rates, including a new 10% rate for self-employed income over €100,000.
- Details on the new Home Renovation Incentive providing an income tax credit of 13.5% of qualifying renovation expenditures between €5,000 and €30,000.
- An introduction of an exemption from income tax for up to €40,000 per year for 2
1. Alan Boby from Ellacotts LLP gave a presentation on tax saving opportunities for investors in 2012.
2. He discussed changes to tax rates and allowances for individuals and businesses. He also outlined various tax reliefs available like EIS, Seed EIS, and pension contributions.
3. Boby suggested ways to reduce tax liability such as keeping income below certain thresholds, taking profits from businesses, and converting income to capital gains. He emphasized seeking professional tax advice.
This document discusses various tax rules related to business income and expenses, including rental properties, passive income/losses, retirement plans, and itemized deductions. It provides learning objectives and then covers topics like rental income treatment, the dual use of vacation homes for personal and rental purposes, passive loss limitations, self-employed health insurance deductions, and contribution and distribution rules for IRAs and retirement plans. Examples are provided to illustrate concepts like calculating the deductible portion of rental real estate losses.
This document summarizes various tax provisions from 2009 including:
1) The highest marginal tax rates from 2001-2012 showing rates for ordinary income, capital gains, qualified dividends, and estate tax.
2) The first time homebuyer tax credit of up to $8,000 subject to income phaseouts and purchase date restrictions.
3) Various energy tax credits including residential energy efficiency credits and alternative vehicle credits.
4) Education provisions like the expanded American Opportunity Tax Credit of up to $2,500 per student.
5) Bonus depreciation and expanded section 179 expensing remaining available through 2009.
This presentation summarises the rules governing Inheritance Tax in the UK. It covers a description of the exemptions and reliefs, together with examples to illustrate practical implication.
From April 2011, there will be significant changes to PAYE operation including compensation rates for statutory maternity pay, new tax codes, and the introduction of a D1 tax code. In 2012, PAYE will transition to real-time information reporting where employers must provide a full payroll breakdown each payment period. National insurance thresholds will also increase substantially.
"2012/2013 Income, Estate and Gift Tax Changes a Result of the 'Fiscal Cliff'...Dinsmore & Shohl LLP
"2012/2013 Income, Estate and Gift Tax Changes a Result of the 'Fiscal Cliff'," Financial Planning Association of Southwestern Ohio, Election Preview Virtual Conference
This document provides guidance for doctors on recent changes affecting the NHS pension scheme. Key points include:
- The 1995 and 2008 pension sections were impacted by annual and lifetime allowance restrictions on tax relief.
- Contribution rates for members have been increasing and will continue to rise.
- The Hutton report recommended linking the normal pension age to the state pension age and replacing final salary schemes with career average schemes.
- A new NHS pension scheme is planned for 2015 with accrual based on 1/54th of career earnings and a normal pension age linked to the state pension.
The document discusses various types of income and their tax treatment according to US tax law. It provides examples to illustrate how to calculate gross income for an individual based on different income categories including wages, bonuses, investment income, partnership losses, and rental income. It also summarizes tax treatment of other items such as alimony, annuities, life insurance payouts, and prizes or awards.
The document discusses recent developments in Irish taxation law including the curtailment of reliefs, increases in tax rates, and new taxes. It provides an overview of key areas of taxation such as income tax, corporation tax, capital gains tax, capital acquisitions tax, VAT, and property tax. Specific updates are given on income tax reliefs and rates, trading entities, pension contributions, revenue audits, and managing cash flow and property investments. The document concludes with an action plan to take advantage of upcoming tax changes.
The document discusses various retirement planning strategies such as investing in stocks, bonds, mutual funds, IRAs and 401(k)s. It provides details on contribution limits for traditional and Roth IRAs and how much individuals can contribute each year depending on income and age. The effects of starting retirement savings early versus late are shown through hypothetical investment scenarios over 30 years with different annual returns.
Tax-Efficient Investing: Comparing The Results (Part 2 of Tax-Efficient Inves...Robert Keebler
This webinar, "Tax-Efficient Investing: Comparing The Results" was the second of a four-part series with Advisors4Advisors.com on tax-efficient Investing.
You can view the on-demand webinar replay and receive CFP and IMCA CE credit at http://bit.ly/taxefficient2
The document discusses the implications of the upcoming "Fiscal Cliff" for financial advisors and their clients. It notes that if Congress fails to act, taxes will rise substantially in 2013 which will negatively impact the economy. Spending cuts will also take effect that will further slow economic growth. Interest rates are expected to remain low to help stimulate the economy. The document provides details on how the higher taxes and spending cuts could impact individuals and families. It also discusses the federal budget situation and debt levels that create incentives to keep interest rates low.
Year End Tax Planning Tips Individuals 2009guest366c4e
This document provides an overview of various tax benefits available to individuals related to retirement plans, health plans, itemized deductions, IRAs, home improvements, vehicle purchases, education expenses, and adoption. It discusses contribution limits, eligibility, phase-outs based on income, and how to claim various credits and deductions. Key benefits include tax-free contributions to retirement and cafeteria plans, the home improvement tax credit, deductions for education expenses, and tax credits for adoptions and student loans.
This document provides key tax reference information for 2016, including:
- Standard deduction and personal exemption amounts.
- Capital gains tax rates and IRA/pension plan contribution limits.
- Estate and gift tax exemption amounts.
- Medicare tax rates for high-income individuals.
- Affordable Care Act penalty amounts for not having health insurance.
- Tax brackets and rates for individual filing statuses.
- Social Security tax rates and income thresholds for taxing benefits.
The document summarizes Belgium's 2012 budget measures, including reductions to the notional interest deduction rate for corporate equity. The notional interest deduction previously allowed companies to deduct deemed interest on qualifying equity at a rate linked to 10-year government bonds, up to a cap of 3.8%. The 2012 budget measures will reduce this cap to 3% starting in 2013. It also proposes limiting carryforwards of excess notional interest deductions to 7 years and restricting the deduction of existing carryforwards to 60% of taxable income each year. The reductions are estimated to increase tax revenue by €1.62 billion, over 45% of new tax measures.
"The American Taxpayer Relief Act of 2012 - A Result of the 'Fiscal Cliff,'...Dinsmore & Shohl LLP
The document summarizes key provisions of the American Taxpayer Relief Act of 2012 related to income tax. It discusses changes to individual income tax rates, capital gains rates, the alternative minimum tax exemption amounts, and other individual tax provisions. For businesses, it outlines changes to Section 179 expensing limits, bonus depreciation, and other deductions. The summary also notes some provisions that were not extended, such as the phase-out of certain itemized deductions.
1. Ireland taxes individuals based on their residence and domicile status. Resident and domiciled individuals are taxed on worldwide income and capital gains. Resident but non-domiciled individuals are taxed on Irish-source income and foreign income remitted to Ireland.
2. Ireland has gift, estate, and wealth transfer taxes called Capital Acquisitions Tax (CAT) imposed on beneficiaries. Rates are 33% but certain transfers like between spouses are exempt.
3. Other relevant taxes include income tax, capital gains tax, universal social charge, value-added tax, stamp duties, and a domicile levy for high-earning non-domiciled individuals.
The document discusses the 2010 Tax Relief Act and its implications for estate planning. It provides a brief history of estate tax laws and exemptions. Under the 2010 Act, the estate tax rate is 35% and the exemption is $5 million for 2010-2012. For those who died in 2010, their estate can elect to avoid estate tax and use carryover basis instead. The Act also introduces portability of the estate tax exemption between spouses for 2011-2012. Given the uncertainty beyond 2012, estate plans may need revising to address changing tax laws.
A cost segregation study will identify items that can be properly classified as tangible personal property or land improvements, rather than real property that is depreciated over 39 years.
From April 2011, significant changes will be made to the UK's PAYE tax withholding system. A new D1 tax code will apply a 50% tax rate to very high secondary incomes. Real-time reporting of payroll information to HMRC will begin rolling out in 2012. National insurance contribution thresholds will increase substantially and rates will rise slightly. Various pension contribution limits and rules will also be changing in upcoming years. Employers should review systems and software to prepare for these PAYE and reporting changes.
The document provides an overview of tax rates, credits, bands, and reliefs in Ireland for the 2011 budget year. Some key changes include reductions to personal tax credits and bands, introduction of the Universal Social Charge to replace the income levy and health levy, removal of the PRSI ceiling for employees, and abolition of various tax reliefs for items such as patent royalties, approved share option schemes, and property incentives.
This document provides an overview of key Irish tax rates, credits, and allowances for 2014. Some highlights include:
- The income tax bands for 2014.
- Increases to the Deposit Interest Retention Tax and exit tax rates on life insurance policies to 41%.
- Changes to the Universal Social Charge thresholds and rates, including a new 10% rate for self-employed income over €100,000.
- Details on the new Home Renovation Incentive providing an income tax credit of 13.5% of qualifying renovation expenditures between €5,000 and €30,000.
- An introduction of an exemption from income tax for up to €40,000 per year for 2
1. Alan Boby from Ellacotts LLP gave a presentation on tax saving opportunities for investors in 2012.
2. He discussed changes to tax rates and allowances for individuals and businesses. He also outlined various tax reliefs available like EIS, Seed EIS, and pension contributions.
3. Boby suggested ways to reduce tax liability such as keeping income below certain thresholds, taking profits from businesses, and converting income to capital gains. He emphasized seeking professional tax advice.
SKS Ward Mackenzie_Tax_Rates_Allowance_Pocket_GuideJoannaGreen14
Capital allowances are an entirely legitimate, recognised part of the UK tax regime. Unlike many HMRC reliefs, capital allowances allow tax relief to be given or denied by statutory principle (Capital Allowances Act 2001), rather than by virtue of accounting standard.
Some of the rules on capital allowances are very complex – even for trained professionals. Claiming this relief requires a variety of expertise including; legal, taxation, accounting and valuation, which are all skills that our dedicated experts have.
This document summarizes Singapore's personal tax rates for non-resident individuals for the current year of assessment and the new rates for 2012. It shows the income brackets and corresponding tax rates. For the current year, rates range from 0% for income up to $20,000 to 20% for income over $320,000. The new 2012 rates slightly lower some of the percentages and introduce new brackets. The document also provides an overview of tax rates for different types of non-resident income and lists various personal income tax reliefs for deductions including reliefs for spouse, children, parents, education, retirement funds, and more.
2013 Changes in Tax Law and Year End Tax Planning Opportunities
Individuals
o 2013 tax rates
o Tax on investment income
o Other changes in tax law affecting individuals
o Year end planning opportunities
Businesses
o Employment tax
o Depreciation
o Pass-through entities
Estate and Gift Tax
o Exemption amounts
o Tax rates
o Gifting strategies
o Valuation discounts
o Grantor trusts
The document summarizes Singapore's personal income tax rates for non-resident individuals for the current year of assessment and the new rates for 2012. It shows the tax rates in percentage terms for different income ranges. It also provides information on income tax reliefs for items such as earned income, spouse relief, child relief, CPF contributions and NSman relief. The tax rates and reliefs are summarized for the years of assessment 2010, 2011 and 2012.
The document summarizes Singapore's personal tax rates and reliefs for non-resident individuals and residents for the years of assessment 2010 to 2012. It shows the income tax rates for non-residents which decreased in 2012 with the introduction of new tax bands. It also lists the various personal income tax reliefs available to residents such as reliefs for spouse, children, dependent parents, course fees, CPF contributions, foreign domestic workers and NSmen. The maximum amounts claimable for these reliefs generally remained the same or increased slightly from 2010 to 2012.
George Osborne presented his third Budget on March 21st, 2012, reaffirming the need for stability in the UK economy. Some key points included an increase to the personal tax allowance, a reduction in the additional income tax rate from 50% to 45% starting in 2013, and details on how Child Benefit will be taxed for households earning over £50,000. The Budget also proposed further cuts to corporation tax rates and measures to encourage business investment through initiatives like the Enterprise Investment Scheme and new Seed Enterprise Investment Scheme.
This budget presentation outlines the key themes and changes from the UK's 2011 budget. Plan A to reduce the deficit will continue with no alternative Plan B. The budget forecasts lower economic growth in 2011. Personal tax allowances will increase in 2011-2012 and 2012-2013 but higher rate taxpayers will see smaller benefits. The higher rate tax threshold remains unchanged and CPI will be used for indexation from 2012-2013. National insurance contribution rates will increase by 1% and the annual pension allowance will decrease to £50,000.
The document summarizes various UK tax law changes from the 2011 Budget. Key points include reductions to the corporation tax rate, increases to National Insurance rates, and changes to R&D tax credits for small businesses. It also discusses measures to discourage tax avoidance and issues related to pensions, capital allowances, employee benefits, and VAT.
Asia bizservices1 singapor personal-taxshaynehughes
This document summarizes Singapore's personal tax rates and reliefs for non-resident individuals and residents for the years of assessment 2010-2012. It provides the income tax rates for non-residents which range from 0-20% depending on taxable income. It also lists the tax rates for different types of income earned by non-residents. Additionally, it outlines various personal income tax reliefs available to residents, such as reliefs for spouse, children, elderly parents, education expenses, NSmen service, CPF contributions, and more. The amounts for these reliefs are provided for the years of assessment 2010-2012.
Asia bizservices3 singapore-personal taxshaynehughes
This document summarizes Singapore's personal tax rates and reliefs for non-resident individuals and residents for the years of assessment 2010-2012. It provides the income tax rates for non-residents which range from 0-20% depending on taxable income. It also lists the tax rates for different types of income earned by non-residents. Additionally, it outlines various personal income tax reliefs available to residents, such as reliefs for spouse, children, elderly parents, education expenses, NSmen service, CPF contributions and SRS contributions.
The budget changes will negatively impact entrepreneurial family businesses. Specifically, changes to dividend tax rates will make a family earning £80,000 in business profits and taking £30,000 in dividends each worse off by £3,750 per year. While corporation tax rates are being cut slightly over the next two years, this will provide little relief compared to the increased tax burden on dividends. The changes leave this family wondering if they can afford to have a third child given the reduction in their disposable income of £312.50 per month.
The webinar reviewed new federal estate and income tax laws and emerging planning opportunities. Under the new laws, the estate tax exclusion increased to $5 million per person for 2011-2012. Portability allows the unused exclusion of a deceased spouse to be used by the surviving spouse. Gift and generation-skipping transfer tax exclusions also increased to $5 million. Income tax rates were extended at lower levels through 2012. The Medicare tax and additional rates will apply starting in 2013 if not extended further.
Extension of Tax Cuts, Estate Changes Highlight Final Bill of 2010RobertWBaird
The Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010 extended several expiring tax provisions, including extending the 2001 and 2003 tax cuts through 2012. It also increased the estate tax exemption to $5 million per individual for 2011-2012, reduced the top estate tax rate to 35%, and made the exemption portable between spouses. Additionally, it reduced the employee portion of the payroll tax from 6.2% to 4.2% for 2011 and extended Alternative Minimum Tax relief for 2010-2011.
This document summarizes Singapore's personal tax rates and reliefs for non-resident individuals and residents for the years of assessment 2010-2012. It shows the income tax rates for non-residents which decreased slightly in 2012. It also lists the various personal tax reliefs available to residents, such as reliefs for spouse, children, elderly parents, education expenses, retirement funds, and more. The document was published by AsiaBiz Services Pte Ltd to provide information on Singapore personal taxation.
The 2011 Tax Guide provides you with a summary of the 2010 Tax Relief Act, and guidelines on:
Tax rates
Payroll taxes
Retirement
Dividends and capital gains
AMT
Estate and gift taxes
Education tax breaks
The document summarizes the agenda and key topics covered in a tax planning seminar. The seminar focused on strategies to avoid high marginal tax rates approaching 50-60% and discussed options for tax-efficient investments, trusts, pensions, transferring income among family, and choosing optimal business structures. It provided examples and comparisons of tax implications for companies, limited liability partnerships, dividends vs bonuses, and more.
This newsletter summarizes key topics for small businesses including accessing finance, negotiating financing terms, preparing accurate business plans, and presenting proposals to the appropriate decision makers. It also briefly outlines recent tax law changes and incentives regarding employer PRSI contributions and a new double taxation agreement between Ireland and Hong Kong.
The document is a newsletter from an accounting firm providing updates on tax, business, and economic issues. The main article discusses how several international organizations and forecasters have recently upgraded their projections for Irish economic growth in 2010 and 2011. They cite an improved global economic outlook as the main driver, with stronger growth in Ireland's key trading partners boosting exports. However, the forecasts remain cautious given risks from the eurozone sovereign debt crisis.
The newsletter discusses recruitment and employment trends for 2010, providing insights from a recruitment consultancy. It notes that while the economy remains challenging, some signs of recovery are emerging. Demand is increasing for certain in-demand skills like IT and sales professionals. Overall, acquiring top talent will be important for business success in the coming year.
The newsletter provides updates on tax, legal, and business issues relevant to accountants and their clients. The main articles discuss the economic recovery underway in 2010 and outlook for investment returns, noting continued risks but momentum in risk assets. It also covers opportunities and challenges of cloud computing for small businesses. Brief sections cover upcoming tax filing dates and amendments, and new rules to benefit small businesses regarding tax filing frequencies and redundancy rebates.
The document profiles Andrew Bonehill, the principal accountant at Hanley Morgan Cooper, who discusses how his firm now offers a Personal Tax Back facility to PAYE workers to help them claim tax entitlements and deductions. Andrew notes they have received a lot of interest from the public for this new service, which fits with their existing tax work. The article also includes an interview with Andrew where he provides answers to various personal and professional questions.
The document profiles Andrew Bonehill, the principal accountant at Hanley Morgan Cooper, who discusses how his firm now offers a Personal Tax Back facility to PAYE workers to help them claim tax entitlements and deductions. Andrew notes they have received a lot of interest from the public for this new service, which fits with their existing tax work. The article also includes an interview with Andrew where he provides answers to various personal and professional questions.
1. Budget 2012
TAX FA TS & FIGURES
C
Chartered Certified Accountants & Registered Auditors
Sky Business Centre, Plato Business Park
Damastown, Dublin 15, Ireland
ph: +353 1 821 0300
email: info@hanleymorgancooper.com
2. Budget 2012
Rates & Credits 2012
Personal tax credits 2012 € 2011 €
Single persons 1,650 1,650
Married persons 3,300 3,300
Additional one-parent family 1,650 1,650
PAYE 1,650 1,650
Age credit single 245 245
Age credit married 490 490
Home carer 810 810
Dependent relative tax credit 70 70
Rent relief: (not available to claimants after 7 December 2011)
Under age 55 single persons 320 320
Under age 55 married persons 640 640
Over age 55 single persons 640 640
Over age 55 married persons 1,280 1,280
Incapacitated child 3,300 3,300
Blind persons:
Single 1,650 1,650
Married (only if both blind) 3,300 3,300
Widowed additional credit 540 540
Widowed person bereaved in year of assessment 3,300 3,300
Widowed parent:
1st year after year of bereavement 3,600 3,600
2nd year after year of bereavement 3,150 3,150
3rd year after year of bereavement 2,700 2,700
4th year after year of bereavement 2,250 2,250
5th year after year of bereavement 1,800 1,800
Exemption limit age 65 and over single / widowed 18,000 18,000
Exemption limit age 65 and over married 36,000 36,000
Standard rate bands 2012 € 2011 €
Single / widowed 32,800 32,800
Married couple – one income 41,800 41,800
Married couple – two incomes (non-transferable excess) 65,600 65,600
One-parent / widowed parent 36,800 36,800
Tax rates 2012 € 2011 €
Standard 20% 20%
Top rate 41% 41%
PRSI 2012 € 2011 €
Employee ceiling None None
Employee PRSI rate 4% 4%
Employer PRSI rate 10.75% 10.75%
Universal social charge 2012 € 2011 €
Total income exemption 10,036 4,004
Income up to €10,036 pa (income up to €4,004 pa in 2011) 2% 2%
Income between €10,037 & €16,016 pa 4% 4%
Income over €16,016 – under age 70 7% 7%
Income over €16,016 – over age 70 4% 4%
Self-employed income > €100,000 – under age 70 10% 10%
Self-employed income > €100,000 – over age 70 7% 7%
3. Budget 2012
Personal Tax
Personal rates and bands
All existing tax credits, rates and bands were maintained by the Minister in his budget speech.
Household charge
A charge of €100 is introduced in 2012. Waiver from the charge applies to those living in
unfinished housing estates and those on mortgage interest supplement.
Mortgage interest relief
This is only available on taxpayer’s main residence. Rate of relief increased to30% for first time
buyers who purchased homes between 2004 & 2008. Non first time buyers relief remains at 15%.
First time buyers in 2012 get relief at 25%. Relief will no longer be available on loans taken out
on or after 1st January 2013, and will be fully abolished from 2018.
Tax on savings
Deposit Interest Retention Tax (DIRT) increased to 30% (27% in 2011).Exit tax applying to life
insurance policies and investment funds increased to 33% (30% in 2011). Both increases are with
effect from 1st January 2012.
PRSI relief on employee pension contributions
Current 50% relief for employer PRSI on employee pension contributions eliminated with effect
from 1st January 2012. PRSI base will be broadened with effect from 2013 to include other income
including rental & investment income.
Property based relief
A 5% surcharge is introduced on certain individuals sheltering income either in Section 23 type
relief, or in Accelerated Capital Allowance schemes:
5% surcharge is applicable to individuals with gross income > €100,000, and will only
apply to the amount sheltered (owner-occupier relief for residential properties remains
unaffected)
Investors in accelerated capital allowance schemes will no longer be able to use the
allowances beyond the tax life of that scheme where the tax life expires after January
2015 (where the tax life of a scheme has ended before 1st January 2015 no carry forward
of allowances into 2015 will be allowed)
Domicile levy
In an attempt to broaden the base for application of the levy, the citizenship condition has now
been removed. The levy applies (regardless of the taxpayer’s residence status) to worldwide
income exceeding €1m, an Irish income tax liability of less than €200,000, and Irish property
valued in excess of €5m as at 31 December in the relevant tax year (not allowing for attached
debts or encumbrances).
Business Tax
Corporation tax rates
Standard rate on trading income remains at 12.5%. Investment & Rental income is 25%.
Start-up companies
The start-up scheme which allows three year’s tax-free profits up to specified limits and subject to
certain conditions, has been extended to include companies which commence to trade during
2012, 2013 or 2014. The relief from corporation tax during the first three years of trade is linked to
the amount of employer’s PRSI paid by the company subject to a maximum of €5,000 per
employee in an accounting period.
4. Budget 2012
Research & development tax credit
Changes to the existing regime include:
The first €100,000 of qualifying expenditure will benefit from the 25% credit
25% credit applies to the incremental expenditure in excess of €100,000 as compared
with base year 2003
Relief for sub-contracted work is increased to the greater of existing 10% / 5% limit, or,
€100,000
An option to reward employees involved with the R&D work with a portion of the
credit
Capital gains tax
Annual exemption per individual remains at €1,270. Rate increased from 25% to 30% with effect
from 7th December 2011.
Retirement relief
Intra-family transfers:
Full retirement relief is maintained for individuals aged 55 to 66
A €3m upper limit will apply where the individual transferring the asset is aged over 66
A transitional period of two years, allowing unlimited relief will apply to individuals
aged 66, or who will reach that age before 31st December 2013
Outside family transfers:
Upper limit of €750,000 is maintained for individuals aged 55 to 66
Upper limit is reduced to €500,000 for individuals age over 66
A transitional period of two years, allowing the upper limit of €750,000 will apply to
individuals aged 66, or who will reach that age before 31st December 2013
Capital gains tax exemption
Exemption introduced for property bought between 7th December 2011 and 31 December 2013 and
must be held for at least seven years before being disposed of. This is with effect from 7th
December 2011.
Capital acquisitions tax
Parent-to-child gifts & inheritances after 7th December will be subject to a lower group threshold of
€250,000 tax-free (previously €332,084). All other groups remain at existing levels.
Value added tax
With effect from 1st January 2012:
Standard rate increased from 21% to 23%
District heating is reduced from standard rate to the reduced rate of 13.5%
2nd reduced rate of 9% introduced part-way through 2011 is now extended to include
Open Farms. From 1st January 2014 the 9% rate will revert to its former 13.5% rate.
Relevant contracts tax
A withholding system operates on a revenue-neutral basis, based on 0% for subcontractors who are
fully tax-compliant, 20% for subcontractors registered with an established significantly compliant
record and 35% for unregistered subcontractors.
5. Budget 2012
Stamp duty
Duty on stocks and shares remains at 1%. Duty on land, goodwill & commercial buildings reduced
from 6% to 2% with effect from 7th December 2011. The new 2% rate also applies to premiums
paid on commercial building leases.
The special 50% duty reduction for transfers within families (which was removed in respect of
residential property transfers in Budget 2011) is to be fully abolished with effect from 1st January
2015.
Farming taxation
50% stock relief will apply to farmers for registered farm partnerships until 31 st December 2015
(subject to approval by the EU Commission). This relief is extended to 100% for certain young
trained farmers.
VAT refund order for flat rate farmers
The existing refund order is extended to include a refund on the purchase of wind turbines
purchased on or after 1st January 2012. The current order had already provided for a VAT refund of
unregistered farmers on the construction of fencing, drainage, farm buildings, and reclamation of
farm land.
Special Assignment Relief Programme (SARP)
The SARP is to be enhanced with the aim of attracting key talent to Ireland to create more jobs and
facilitate development & expansion of business here. This should be a welcome step for business
trying to secure increased investment for Irish projects.
Foreign earnings deduction
A new deduction is to be introduced to aid companies seeking to expand into emerging markets,
and will apply for individuals spending 60 or more days a year developing markets in the BRIC
zone (Brazil, Russia, India & China) as well as South Africa. Details will be outlined in the
Finance Bill.
Redundancy rebate
The current insolvency scheme is amended to reduce the employer rebate on statutory redundancy
payments from 60% to 15%.
Employment and Investment Incentive (EII), and
Seed Capital Scheme (SCS)
The European Commission recently granted approval for the introduction of the EII and SCS with
effect from 25th November 2011. Qualifying companies can avail of the former Business
Expansion Scheme (BES) provided the fundraising of capital is completed no later than 31st
December 2011.
6. Budget 2012
Possible future measures
Incentives for supplementary pension provision have been flagged by the Minister as being
targeted for reform. These may include:
Further reductions in the standard fund threshold
Reductions in tax relief on pension contributions
Possible retention of the pensions levy
Relief for investment in renewable energy projects
Tax relief provided to companies for investment in certain renewable energy projects is extended
to 31st December 2014. This measure is aimed at increasing the volume of electricity produced in
Ireland from sources such as solar, wind, ocean, wave, tidal, and biomass.
Vehicle registration tax
A consultation process will commence during 2012 in order to review options open for increasing
revenue streams from VRT and Motor tax.
Commentary
The impact of the 23% VAT rate on business and retail spending remains to be seen, although what
is certain is the increased demand it will have on individuals and business already struggling with
cash flow.
The measures introduced to encourage property movement are welcome, but without sufficient
cash in circulation, the effects of these may well become limited.
Two significant initiatives are the enhancement of the R&D tax credit regime and the new foreign
earnings deduction for employees of export-driven companies. It is hoped that these will combine
to entice overseas companies to invest in Ireland thereby injecting badly needed cash into the
economy, and also increase Irish exports to existing and new markets, which in turn should lead to
positive cash inflow to the country.
Various property reliefs, which have been flagged in previous Budgets as being targeted for
gradual phasing out, have been granted a stay of execution until the findings of an Economic
Impact Assessment have been published in the Finance Bill. It is only a matter of time however,
before the shelters that many investors have found to be so generous in recent years are removed,
and the investors look elsewhere for homes for their funds. It is important that future Budgets
consider the effect of not having such investment funds available to help support the economy.
Hanley Morgan Cooper
This leaflet is only a summary of the Budget Speech and is not intended to be a comprehensive guide or be taken as professional
advice – please consult Hanley Morgan Cooper in relation to specific issues and queries