UNIVERSAL SOCIAL CHARGE & CAPITAL ALLOWANCES
Not all capital allowances are deductible in arriving at the amount of income chargeable to the universal social charge (USC).
Not all capital allowances are deductible in arriving at the amount of income chargeable to the universal social charge (USC).
As has been the case in recent Finance Bills, there were a number of new measures included in this year’s Bill. Some of the key new measures are set out below.
HMRC acted yesterday to defuse problems caused by next Tuesday’s call centre strike by effectively extending the Self Assessment deadline for two days to 2 February
Proposals to increase the €200 non-principal private residence (NPPR) charge could raise up to €100m in additional revenue a year for local authorities, with both coalition partners favouring significant increases.
Families with three or more children can expect to have their child benefit payments curtailed in this week’s Budget, which will also see a rise in student registration fees, according to The Sunday Business Post.
The Government is likely to hit savers with a higher Dirt tax in this week’s Budget, costing investors about €1 for every €1,000 they have on deposit, The Sunday Business Post reports.
The Government hopes to raise €14m in 2012 by extending the 1% betting tax to cover offshore, online and phone betting, augmenting the €26m the state currently derives from betting shops.
As Cliff Taylor, Editor of The Sunday Business Post, notes: who needs to raise income tax when you can introduce levy after levy with the same effect? Of course, this is an old refrain readers of the Noone Casey round-up will be very familiar with. Taylor argues the Government has no choice, given the hairshirt demanded by the bailout.
Needless to reiterate, it isn’t great out there and the president of the Irish Tax Institute, Bernard Doherty, tells The Sunday Business Post it isn’t likely to get a whole lot better. Doherty notes we can expect the introduction of household charges and increases in VAT and capital taxes as well as possible changes affecting PRSI and pensions in the upcoming Budget but “the devil will be in the detail”.
If you haven’t filed your income tax return, delaying further will only compound the damage, The Sunday Business Post reminds us.
Landowners who reaped bonanza payments from compulsory purchase orders (CPO) in the Celtic Tiger years can expect a call from the Revenue, The Sunday Business Post reports.
They may not be politically popular in the current climate of austerity where everyone is feeling the pinch, but maintaining and improving tax incentives for business must remain a core component of industrial strategy, Kevin McLoughlin, head of tax services with Ernst & Young, opines in The Sunday Business Post.
Taxation changes will not be agreed by government until next week, with the spending cuts being decided first, according to The Sunday Business Post.