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!
