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Budget 2012

Budget 2012. Gorey Chamber Of Industry & Commerce Michael Doyle F.C.A. . Budget 2012. Income Tax USC Property Based Schemes Surcharge 5% of Income Sheltered by Property Relief if Income Over €100,000 No Surcharge if Income Under €100,000

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Budget 2012

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  1. Budget 2012 Gorey Chamber Of Industry & Commerce Michael Doyle F.C.A.

  2. Budget 2012 • Income Tax • USC • Property Based Schemes • Surcharge 5% of Income Sheltered by Property Relief if Income Over €100,000 • No Surcharge if Income Under €100,000 • Income= Taxable Income + all Income Sheltered from Taxation by “ Specified Reliefs” • Unable to carry forward unused Capital Allowances beyond the tax life of scheme.

  3. Budget 2012 • Stamp Duty • Non Residential Property 2% • Household Charge • Charge €100 • Introduced in 2012 • Owners- Not Occupiers are Liable • Interim Measure for Full Property Tax

  4. Budget 2012 • Capital Acquisition Tax • Increase 25% To 30% • From 6/12/11 • Class A Threshold reduced from €332,084 to €250,000 • Capital Gains Tax • Increase 25% to 30% • From 6/12/11 • Incentive Bought 6/12/11-31/12/13 • Hold For more than 7 Years • Gains Arising in that Period will not attract CGT

  5. Budget 2012 • Tax On Savings • DIRT Increase from 27% to 30% • Enforcement /Compliance • Warning To All

  6. Budget 2012 • VAT • 21% Increase to 23% From 1/1/12 • Carbon Tax • Note Increase of €5 per Tonne from 1/5/12 • VRT • To be Reviewed • Motor Tax • Increase in All Rates from 1/1/12

  7. Budget 2012 • Corporation Tax • Start Up Company 3 Year Relief • R&D Credits Improved • Pensions • If ARF greater than €2Million then Distribution increased to 6% • Transfer on Death to Child increased from 20% to 30%

  8. Budget 2012 • Retirement Relief • Transfer Of Assets within Family • 55 to 66 Years of Age No Upper Limit • Over 66 Years An Upper Limit of €3Million Introduced • Transfer Of Assets Outside Family • 55 to 66 Years of Age €750,000 • Over 66 Years €500,000

  9. Budget 2012 • Old Age Pension • PRSI Contributions • Redundancy • Employers Rebate Reduced From 60% to 15% With Effect From 1/1/12

  10. Budget 2012

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