The new so-called ‘rich tax’ could take away the “lifeline to small business” by excluding traditional investors from taking part in the much-touted successor to the Business Expansion Scheme, according to tax, pension and legal adviser firm, ITC Consulting.
Divorce has always had the potential to be seriously damaging to financial health but now wealthy individuals will be unable to replenish their pension pots because of “the Revenue’s rigid interpretation of new pension limits provisions”, according to The Sunday Times.
Death and taxes are often cited as the two inevitables in life but there is a third: political rhetoric. And in the run-up to what is surely the most interesting general election in decades, the policies and promises are changing faster than last week’s passing of the Finance Bill.
In the latest bizarre political twist, possibly the most important single piece of legislation to be enacted during the term of the last Dáil, was sacrificed quickly on the altar of political expediency.
The Minister for Finance Brian Lenihan has today published the Finance Bill 2011. The Ministers speech and the Bill itself can be found here
A key provision of the Budget – the restriction of property based Capital Allowances has been deferred until ‘the next tax year’ pending the publication of an economic impact assessment of the changes. All that lobbying paid off!
The Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 came into effect on 1 January 2011. The Minister for Justice and Law Reform, Dermot Ahearn, T.D has noted that the changes required to introduce civil partnership into the tax and social welfare codes also come into effect from 1 January. The relevant tax legislation is expected in the forthcoming Finance Bill.
The Revenue Commissioners carried out more than 11,000 audits last year and almost 500,000 assurance checks. The chances of coming under the scrutiny of the taxman are unlikely to lessen in 2011 but significant changes should benefit businesses and the self-employed who have to undergo the rigours of an audit.
The Minister for Finance Brian Lenihan has today published the Finance Bill 2011. The Ministers speech and the Bill itself can be found here
A key provision of the Budget – the restriction of property based Capital Allowances has been deferred until ‘the next tax year’ pending the publication of an economic impact assessment of the changes. All that lobbying paid off!
The unheralded changes to Section 23 tax reliefs in Budget 2011 have provoked an angry response from landlords, many of whom now face hefty tax bills next year, The Sunday Business Post reports.
The extra cost to employers of providing share schemes for their employees may cause many of companies to scale back on them, The Sunday Business Post reports.
Too optimistic. Astonishing. Bizarre. Putative. Writing in The Sunday Times, columnist Damien Kiberd might well have just used a phrase like ‘plain bonkers’ to describe Government projections for its tax intake over the next few years.
We have been giving a number of post budget seminars recently.
You can find the presentation slides here.
We have been heartened by the number of business who have expressed the belief that we are going to trade ourselves out of the financial mess we are currently in.
Do not hesitate to contact me at acasey@noonecasey.ie if you have any queries on the presentation or on any taxation or commercial issues.
All of the Sundays scavenged among the entrails of last Tuesday’s Budget with mixed results in terms of unearthing anything left over from the extensive coverage by their media colleagues during the week. Most of the newspapers concentrate on interviews, providing detailed case studies on the harsh reality for people behind the ubiquitous number crunching.
