Life Policies to Fund Gift or Inheritance Tax
A gift or inheritance can result in a significant tax liability and to make matters worse if the assets transferred are illiquid, there may be no funds to pay the tax. The tax liability on a gift or inheritance is payable by the beneficiary which in the case of a gift from a parent to […]
Revenue Penalties for not Reporting Employee Expenses
Since 1 January 2024 employers have been required to report to Revenue with details of certain tax-free expenses and benefits paid to employees. Specifically, any payments made directly to employees in respect of: • Travel and subsistence • Small benefit exemption • Remote working daily allowances are required to be reported to Revenue on or […]
Retirement Relief
Transfers of Family Businesses to the Next Generation Background Retirement Relief could eliminate your capital gains tax liability when transferring your family business/ farm or shares in your family company (family business) to your children. Full relief is currently available on transfers subject to certain conditions if you are aged between 55 – 65. The […]
Tax Free Payments to Employees New Reporting Requirements
Despite employer resistance and lobbying by the professional bodies Revenue seem to be proceeding with the introduction of employer reporting of the payment of expenses and small benefits to employees with effect from 1 January 2024. The measure was introduced in Finance Act 2022 and was subject to a commencement order to give time for […]
Contractors in the Gig Economy – Supreme Court Ruling
The Supreme Court delivered its decision in the Domino’s Pizza delivery case and by a unanimous decision found that the delivery drivers were employees and PAYE should have been deducted on the payments made to the delivery drivers. Although the Supreme Court decision has not changed tax law and was based on the particular circumstances […]
Sinn Fein Budget 2024 Proposals
Before the Minister for Finance presents his Budget tomorrow, it is always interesting to look at the alternative budget as published by Sinn Fein. The one certainty is that taxes will increase for those who are considered wealthy and those with higher incomes. Their proposals include a 3% tax on income over €140,000 and a […]
Temporary Retrospective Changes to BIK on Vehicles
Yesterday the government announced temporary retrospective changes to how Benefit-in-Kind (“BIK”) is charged on company cars and vans. The change comes further to the backlash the government received as people faced BIK increases in their tax liability associated with the change in the BIK rules to one based on the CO2 emissions of the cars. The change […]
Residential Zoned Land Tax –
3% Annual Tax on the Market Value of a Site
The government’s Housing for All Plan contained a proposal to introduce a new tax in order to incentivise the development of land that is serviced and zoned for residential use or mixed use to facilitate the increase of new housing supply. This tax was subsequently enacted and is known as the Residential Zoned Land Tax […]
Commission on Taxation and Welfare Summary of Recommendations
We attach a summary of the principal recommendations of the Commission on Taxation and Welfare. The Commission did not recommend the introduction of a single wealth tax but instead opted to recommend significant increases in the tax yield from wealth and property. Although some of the recommendations were dismissed by An Tánaiste, as being from […]
Budget Briefing 2022
Budget aimed at addressing rising inflation Against a backdrop of €240 billion of borrowings and with forecasted additional tax receipts for 2021 of €5.635 billion, the Coalition Government today, 12 October 2021, announced a Budget with the following limited tax changes: Business Taxes/ Incentives Corporation Tax The Irish corporation tax rate of 12.5% has been […]
Sinn Fein Alternative Budget 2022 – Whatever happens tomorrow taxes are likely to be higher under Sinn Fein
Sinn Fein Budget Proposals Tax Revenue Remove tax credits on a tapered basis on individual incomes above €100,000 Introduce a 3% solidarity tax on individual incomes above €140,000 Abolish the Special Assignee Relief Programme Introduce a 40% CGT rate on individual incomes above €500,000 Increase CAT rate to 36% & reduce Group A Threshold to […]
ESRI Report on Options for Raising Tax Revenues in Ireland
The Economic and Social Research Institute (ESRI) recently published a paper which outlines various options to increase future tax revenues and the economic and social impact of each policy.
Revenue Guidance-Covid 19 and Tax Residency
Revenue Guidance-Covid 19 and Tax Residency, cross border relief, SARP and PAYE Exclusion Orders. Click here to download…..
PMQ Covid-19
Covid-19 In line with Government guidelines, the PMQ team are encouraged to work remotely. We will be doing our part to stop the spread of Covid-19 while keeping operations going and providing the same level of service to all our clients. Thanks to our IT infrastructure, we can all work remotely and provide the same level of client service. Although […]
