News Archive

Budget 2015

Local Property Tax (LPT): The revaluation date for LPT is to be extended out from 2016 to 2019, which will postpone increases in the LPT charge for homeowner as a result of increased property values

Stamp Duty: The Stamp Duty exemption for qualifying Young Trained Farmers has also been extended by three years to 31 December 2018.

Capital Acquisitions Tax (CAT): The tax free threshold for gifts or inheritances from parent to child (Group A) has been increased from €225,000 to €280,000 with effect from 14 October 2015.

Capital Gains Tax (CGT): A reduced CGT rate for entrepreneurs of 20% has been introduced for gains arising on the disposal of businesses, with a lifetime limit of €1 million. This relief is to take effect from 1 January 2016.

Farming Succession Transfer Partnerships: This is a new initiative and is subject to receiving EU State Aid approval. In principal, it’s a mechanism whereby two people enter a profit sharing farming partnership, with the farm to be transferred to the younger farmer at the end of a specified period not exceeding 10 years. An annual income tax credit of €5,000 over 5 years can be claimed by the partnership. Its introduction should encourage transfer of family farms to the younger generation.

Corporation Tax Relief for Start-up Companies: This is a relief for new start-up companies in the first 3 years of trading and is being extended to new start-ups commencing to trade over the next 3 years. A start-up company which commences trade before 31 December 2018 may be exempt from Corporation Tax for the first three years of trading if its tax liability in each of those years does not exceed €40,000.

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