1 / 13

Budget 2013 What does it mean for you?

Budget 2013 What does it mean for you?. Property Tax. Residential Property Tax of 0.18% of the value of your home. ‘Mansion Tax’ of 0.25% on houses valued at more than €1m Takes affect 1 st July 2013 To be collected by Revenue Commissioners. Property Tax Contd.

lalasa
Télécharger la présentation

Budget 2013 What does it mean for you?

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Budget 2013What does it mean for you?

  2. Property Tax • Residential Property Tax of 0.18% of the value of your home. • ‘Mansion Tax’ of 0.25% on houses valued at more than €1m • Takes affect 1st July 2013 • To be collected by Revenue Commissioners

  3. Property Tax Contd. • Market value assessed by owners or estate agents • Initial value set for 3 and half years. Therefore value will remain until the end of 2016. • Unpaid property tax will be collected by Revenue Commissioners

  4. Property Tax Contd. • Exemption will apply to first time buyers in 2013 and purchasers of new or previously unoccupied homes up to the end of 2016 • NPPR will cease from 1st January 2014 • Household charge will cease from 1st January 2013

  5. Pensions • Tax relief thresholds on pension contributions has been cut from €115,000 to €60,000 from 1st January 2014 • Tax relief still available at marginal rate • Withdrawal of up to 30% AVC’s will be subject to tax at the marginal rate for a 3 year period • Example: - John is 45 and runs his own consulting business. He is on salary of €100,000 and has been making the maximum pension contributions every year. Next year John will see his tax bill increase by €4,100 as a result of this change.

  6. PAYE Workers • PAYE workers will now be charged PRSI on other income • This includes rental profits, investment income and dividends from shares • Top Slicing relief is abolished for individuals receiving ex-gratia payments over €200,000

  7. PRSI • Weekly PRSI free allowance cut from €127 to Nil • Minimum PRSI contributions increased to €500 from €253 for self employed individuals

  8. Farmers • 25% rate and the special 100% rate of stock relief is to be extended for a further three years to 2015 • Definition of registered farm partnerships has been widened to include other production partnerships such as beef • This allows more farmers to avail of the enhanced 50% rate of stock relief • CGT relief on transfer of farmland

  9. Families • Child Benefit cut by €10 per month • Maternity Benefit taxable from July 2013 • College fees increased by €250 for each of the next 3 years • Motor Tax will increase – 1.6 ltr engine will increase from €478 to €514

  10. Capital Taxes • CGT and CAT increased to 33% • CAT threshold has been decreased by 10% • The above takes effect from midnight 5th December 2012

  11. Other Small Business News • DIRT increased to 33% • Reformation of 3 Year Corporation Tax Relief for Start Up Companies to allow unused credits to be carried forward • Cash receipts basis threshold for VAT increased from €1m to €1.25m

  12. Other Small Business News Contd. • Hauliers will now be able to avail of a percentage rebate on diesel from July 2013 • R&D Tax Credit amended by increasing the initial spend eligible to €200,000

More Related