Exemption of Certain Income From the Lease of Farmland

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Section 664 of the Taxes Consolidation Act 1997 provides for a relief to be applied where farmland is let under a qualifying lease, by a qualifying lessor to a qualifying lessee.

 

 

Farmland:

The farmland must be in the State, and land used wholly or mainly for the purposes of husbandry.

 

Qualifying Lease:

A qualifying lease must be in writing, or evidenced in writing.  If the lease is not ...

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Home Carer Tax Credit – Budget 2018

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The Home Carer Tax Credit was increased in Budget 2018 to €1200, up from €1100 in 2017 and €1000 in 2016.

The Home Carer Tax Credit may be available to married couples /  civil partners, where one spouse cares for one or more dependent persons.

A dependent person is:

  • a child for whom Child Benefit is payable;
  • a person aged 65 years or older; or
  • a person ...
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Pre letting expenses & residential landlords – Budget 2018

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To encourage residential property owners to offer vacant properties for rent, Budget 2018 introduces a new allowable deduction for pre-letting expenses.

If the residential property has been vacant for 12 months or more, the owner can claim up to €5000 in pre-letting expenses per property.  The expenditure must be revenue in nature – for example, repairs and maintenance.

If the property is withdrawn from the rental ...

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Budget 2018 summary

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For a summary of the changes following Budget 2018 click here

The main changes in your pocket will be:

  • Self employed tax credit – increased to €1,150 (up €200 from €900)

 

  • Standard rate band – increased by €750 per annum.  A single worker will now have a standard rate cut off point of €34,550 & a married worker may have a standard rate cut off point ...
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Relief for insurance against expenses of illness

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Revenue has updated Part 15 of the Tax and Duty Manuals to include changes introduced in Finance (No.2) Act 2013 to reflect the restriction of relief on qualifying medical and dental insurance premiums to €1,000 per adult and €500 per child for policies renewed or entered into on or after 16 October 2013.

It also notes that the Age-Related Tax Credit for medical insurance premiums ceased with effect from 31/12/2012. Community Rating or Risk Equalisation is now applied to premiums at ...

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Property Tax – Paying the right amount

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In the coming weeks you will receive notification form the Revenue Commissioners of their estimate of what your property tax should be.

revenue

Remember it is based on value bands – e.g., Property falls into the €200,000 – €250,000 value range and so will be liable at 0.0018 equalling €405.00 per annum. For 2013 this will be for six months and therefore be ...

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Budget Speech 2013

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STATEMENT OF THE MINISTER FOR FINANCE

MR. MICHAEL NOONAN, T.D.

5th DECEMBER 2012

Introduction

A Cheann Comhairle,

Budget Day is a good day for taking stock of where we are, so let us take stock. In the second half of this year, the NTMA has raised over €7 billion in the markets. The Bank of Ireland, ESB, Bord Gais and AIB have all raised funds for the first time in years. This year the IDA has announced 84 projects set to create some 8,650 jobs. ...

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Advice for Farmers Making Their Form 11 Return: Poor Quality Completion of Forms Draws Unnecessary Attention from Revenue

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Farmers in Ireland receive a range of payments from the Department of Agriculture, Food and the Marine (DAFM), including EU Common Agricultural Policy (CAP) payments such as the Single Farm Payment.

The majority of farmers accurately record DAFM payments on their tax returns. However, a minority record their payments incorrectly. This brings them to Revenue’s attention, places an avoidable burden on them and draws Revenue resources away from focusing on non-compliant farmers that compete unfairly against compliant farmers.

Recording of Agricultural Payments ...

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