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Budget 2018

The Minister for Finance, Mr. Pascal Donoghue, delivered the Budget for 2018 on October 10th 2017, and the following is of note:

Capital Acquisitions Tax (Gift/Inheritance Tax)

The rate of Capital Acquisitions Tax remains unchanged at 33% with no change to the thresholds.

Capital Gains Tax

There were no changes to the rate of Capital Gains Tax announced in this year’s Budget. However, a change has been announced to the Capital Gains Tax relief in the 2011 Budget where any property purchased in Ireland which was retained for seven years or longer was entitled to 100% relief from CGT.  In this year’s Budget this relief was improved to allow full Capital Gains Tax relief where the property is disposed of between four and seven years from the date of acquisition.  The relief will continue to apply on a pro rata basis where the property is retained for more than seven years.

Development lands/vacant site levy

The Urban Regeneration and Housing Act 2015 entitles planning authorities to apply an annual vacant site levy of 3% to the market value of vacant sites which the planning authority designated as vacant or idle in the previous year. In this year’s Budget, the Minster advised that this vacant site levy will increase from 3% to 7% in second and subsequent years.

Stamp Duty

There has been no change in the Stamp Duty rate for residential property which remains at 1% (2% where the property value exceeds €1,000,000) however, the rate of Stamp Duty on commercial property transactions has increased from 2% to 6%.

The exemption from Young Trained Farmers from Stamp Duty on agricultural lands transactions continues.

Consanguinity Relief has been retained in respect of the transfer of farmlands only between family members subject to certain conditions.

Charities VAT Compensation Scheme

A VAT Compensation Scheme for charities will be introduced in 2019 in respect of VAT expenses incurred by charities in 2018.  Charities will be entitled to a refund of a portion of their VAT costs based on the level of non-public funding they receive.  This should be of particular benefit to smaller charities.

12th October 2017

This information is intended as a guide only and does not purport to be a legal interpretation. While every care is taken to ensure a quality service, Cashin & Associates does not give any guarantees, undertakings or warranties concerning the accuracy, completeness or up-to-date nature of information provided. Users are responsible for confirming information from the full text from published sources. 

 

Cashin & Associates Solicitors,
3 Francis Street, Ennis, Co. Clare, Ireland
Dublin Office: 64 Francis Street, Dublin 8
T: 00 353 65 6840060  F: 00 353 65 6840034
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