Archive for the ‘News’ Category

Revenue have updated their list of Frequently Asked Questions on Civil Partnerships. To read the full publication click on the following limk

http://www.revenue.ie/en/personal/faqs/taxation-civil-partnerships.pdf

Some important points covered are

Registration of Civil Partnerships

A civil partnership must be registered for the tax benefits to apply

Civil partnerships only relate to partnerships between same-sex couples. Unmarried cohabitants of different sexes do not qualify. Civil partnership is not an alternative to marriage

Foreign Civil Partnerships

Partnerships registered in states listed as having equivalent legislation to Ireland will also be valid in Ireland. The Revenue leaflet gives a complete list of such states.

Joint assessment for Income Tax

Civil partners qualify for the joint assessment basis for Income Tax in the same way as married couples

Maintenance Payments

If the partners dissolve the partnerships maintenance payments fro one partner to another are deductible for Income Tax by the paying partner.

Asset transfers

The transfer of assets between civil partners is exempt from

• Capital Gains Tax
• Capital Acquisitions Tax

Children of Civil Partners

Children of civil partners qualify for the Class A threshold of €250,000 for CAT

You may contact us for help on tax matters on info@conlonosullivan.ie.

Phone us on 00353 (0) 1 7759421

Revenue will now accept payments by VISA and Mastercard card. Debit and credit card payments are now validated online.

For more information go to http://www.revenue.ie/en/practitioner/ebrief/2012/no-342012.html

It is reported that Revenue will be responsible for collecting the proposed property tax. This is not surprising as tehy are the bodywith most expertise in collections

Details of the new tax are expected after the Dail reconvenes.

From 1st July 2012 employees will be responsible for their PRSI contributions when they exercise share options. This means that the employer will no longer be responsible for deducting the PRSI on exercise.

Also unlike share awards, options still require the recipient to complete a tax return on exercise.

Good news for foreign owners of French residential property. The government proposed new tax on non-residents of 20% of the base value used for the taxe fonciaire has been abandoned.

 This plan met strong opposition on the grounds that it discriminated against non-residents. The opposition was supported by some French senators.

http://www.ft.com/intl/cms/s/2/9d791744-9dae-11e0-b30c-00144feabdc0.html#axzz1QTMeXucx

To fund its part of it’s Jobs initiative the Government is levying a charge on pension funds of .6% of the fund market value at 1st January 2011. The levy will apply to

• Occupational Pension Schemes
• Personal Pension Schemes
• PRSAs

It does not apply to Approved Retirement Funds or Approved Minimum Retirement Funds

There are pension industry concerns in relation to this levy