Taxation Summary, Finance (No. 2) Act 2023
- Charts
- Income Tax
- 1 Credits
- 2 Rates
- 3 Exemption Limits
- 4 PRSI Rates
- 5 Universal Social Charge
- 6 Rent Tax Credit
- 7 Specified Amounts for the Restriction of Capital Allowances and Leasing Charges for Passenger Motor Vehicles
- 8 Civil Service Motor Travel Rates
- 9 Civil Service Subsistence Rates
- 10 Interest on Overdue/Overpaid Tax
- 11 Average Rates of Exchange
- 12 Specified Amounts (Preliminary Income Tax)
- 13 Preferential Loans (Specified Interest Rates)
- 14 Retention Tax on Payments for Professional Services
- 15 Tax and Interest as Preferential Debt
- 16 Time Limits
- Corporation Tax
- 17 Rates — General
- 18 Rates — Property Dealing & Development
- 19 Preliminary Tax
- 20 Payment Dates and Form CT1 Filing Dates
- 21 Time Limits
- Capital Gains Tax
- 22 Indexation Factors
- 23 Rates
- Capital Acquisitions Tax
- 24 Rates
- 25 Class Thresholds
- Stamp Duties
- 26 Rates
- Value-Added Tax
- 27 Fourth Schedule Services (Repealed with effect from 1 January 2010)
- 28 Exempted Activities
- 29 Zero Rate
- 30 Services provided to non-business customers outside the EU - not chargeable to Irish VAT
- 31 9% Rate
- 32 13.5% Rate
- 33 23% Rate
- 34 Thresholds
- 35 Multiplier
- Capital Allowances
- 36 Capital Allowances
- Property Incentive Schemes
- 37 Urban Renewal Area Allowances - 1986 Scheme
- 38 Designated Area/Street from 1/8/1994
- 39 1998 Urban & Rural Renewal Schemes
- 40 2000 Town Renewal Scheme
- 41 Summary of Terminating Property Investment Schemes and Incentives
- Tax Geared Penalties
- 42 Tax Geared Penalties
- Social Welfare Pensions and Allowances
- 43 Social Welfare Pensions and Allowances
- Local Property Tax
- 44 Local Property Tax Bands and Rates
- Historic Rates
- 45 Income Levy
- 46 Historic Income Tax Allowances
- 47 Historic Income Tax Credits
- 48 Historic Income Tax Rates 1980/81 – 1989/90
- 49 Historic CGT Rates from 1980/81
- 50 Historic Corporation Tax Rates 1977–1995
- 51 Historic PRSI Rates for Self-Employed 1987/88–2021
- 52 Historic Levy Rates (Self-Employed) 1987/88–2010
- 53 Current and Historic VAT Rates
- 54 Historic VAT Thresholds
- 55 Historic Specified Amounts for the Restriction of Capital Allowances and Expenses for Passenger Motor Vehicles
- 56 Historic Tax Credits on Dividends and DWT Rates – Republic of Ireland
- 57 Historic Tax Credits on Dividends – UK
- 58 Historic Capital Acquisitions Tax Rates
- 59 Historic Capital Acquisitions Tax Class Thresholds
- 60 Historic Capital Acquisitions Tax Reliefs
- 61 Probate Tax Exemption Thresholds
- 62 Residential Property Tax (Abolished with effect from 5 April 1997)
- 63 Historic Rates of Stamp Duty on Residential Property
- 64 Historic Civil Service Subsistence Rates
- 65 Historic Preferential Loans (Specified Interest Rates)
- 66 Historic Average Rates of Exchange versus Euro
- 67 Historic USC Rates
- 68 Historic Rent Tax Credit Limits
- 69 Historic Disregarded Tuition Fees Amounts
- 70 Historic Net Relevant Earnings Limits
- 71 Historic Imputed Pension Distribution Rates
- 72 Historic SFTs and Tax-Free Lump Sums
- 73 Interest Relief on Loans Applied in Acquiring Shares/Lending Money to a Company
- 74 Interest on Loans Applied in Acquiring an Interest in a Partnership
- 75 Historic Rates of DIRT
- 76 Historic Rental Interest Relief
- 77 Historic Rates of Wear & Tear on Plant & Machinery
- 78 Historic Rates of Wear & Tear on Motor Vehicles
- 79 Historic Exemption of Income from Leasing of Farmland
- 80 Historic CAT Pay & File Dates
- 81 Mortgage Interest Relief
- Chapter 1 Introduction to Irish Tax
- 1.1 Administration of Tax System
- 1.2 Fundamental Concepts
- 1.3 Chargeable Person
- 1.4 Non-Chargeable Person
- 1.5 Directors
- 1.6 Returns
- 1.7 Surcharge
- 1.8 Expression of Doubt
- 1.9 Assessments
- 1.10 Payment of Income Tax
- 1.11 Interest on Overdue Tax
- 1.12 Interest on Overpayments/Refunds/Time Limits
- 1.13 Power of Attachment
- 1.14 Fixed Charge on Company Book Debts
- 1.15 Offset Between Taxes
- 1.16 Appeal Procedures - The Tax Appeals Commission (“TAC”)
- 1.17 The Unified System of Personal Taxation
- 1.18 Civil Partnerships
- 1.19 Joint Assessment
- 1.20 Single Assessment /Separate Treatment
- 1.21 Separate Assessment
- 1.22 Separated Spouses /Civil Partners
- 1.23 Cohabiting Couples
- 1.24 Maintenance Payments
- 1.25 Divorced Persons
- 1.26 Dissolved Civil Partnerships
- 1.27 Individualisation
- 1.28 Medical Partnerships
- 1.29 United Kingdom’s Withdrawal from the European Union
- Chapter 2 Personal Tax Credits and Reliefs
- 2.1 Basic Personal Tax Credits
- 2.2 Age Tax Credit
- 2.3 Incapacitated Child Tax Credit
- 2.4 Dependent Relative Credit
- 2.5 Home Carer’s Credit
- 2.6 Employed Person Taking Care of Incapacitated Individual
- 2.7 Blind Person’s Tax Credit
- 2.8 Medical Expenses
- 2.9 Medical Insurance
- 2.10 Dental Insurance
- 2.11 Permanent Health Benefit Schemes
- 2.12 Employee Tax Credit
- 2.13 Revenue Job Assist and JobsPlus
- 2.14 Start your Own Business Relief
- 2.15 Seafarers’ Allowance
- 2.16 Fisher Tax Credit
- 2.17 Sea-going Naval Personnel Credit
- 2.18 Earned Income Tax Credit
- 2.19 Rents Paid by Certain Tenants
- 2.20 Third-Level Tuition Fees
- 2.21 Fees Paid for Training Courses
- 2.22 Home Renovation Incentive
- 2.23 Help to Buy Scheme
- 2.24 Heritage Items
- 2.25 Heritage Property
- 2.26 Donations to Charities and Other Approved Bodies
- 2.27 Donations to Certain Sports Bodies
- 2.28 Relief on the Retirement of Certain Sportspersons
- 2.29 Pension Contributions
- 2.30 Deeds of Covenant
- 2.31 Significant Buildings and Gardens
- 2.32 General and Age Exemptions
- 2.33 Limitation on Amount of Certain Reliefs Used by High-Income Individuals
- Chapter 5 Schedule D – Cases I and II
- 5.1 Overview
- 5.2 Pre-trading Expenses
- 5.3 Entertainment Expenses
- 5.4 Cars Leased on or After 1 July 2008
- 5.5 Basis of Assessment
- 5.6 Commencement Years
- 5.7 Cessation Years
- 5.8 Short-Lived Businesses
- 5.9 Period of Computation of Profits
- 5.10 Losses
- 5.11 Residential Development Land
- 5.12 Dealing in or Developing Development Land – Release of Certain Debts and Loss Relief
- 5.13 Withholding Tax on Payments for Professional Services
- 5.14 Accounting for Work in Progress (UITF 40)
- Chapter 8 Deposit Interest
- 8.1 Companies and Pension Funds
- 8.2 Individuals
- 8.3 Deposit Taker
- 8.4 Returns, Payments and Reporting Obligations
- 8.5 Charities
- 8.6 Repayment of DIRT to Elderly and Incapacitated Individuals
- 8.7 Refund of DIRT to First Time Buyers
- 8.8 Non-Resident Depositors
- 8.9 Credit Unions
- 8.10 PRSA Providers
- 8.11 Deposit Interest from EU and Non-EU Financial Institutions
- Chapter 9 Special Investment Products
- 9.1 Investment in Life Assurance and Investment Undertakings
- 9.2 Offshore Life and Collective Investment Products
- 9.3 Automatic Exit Tax for Irish Investors having Held Units in Irish or Offshore Funds for Eight Years
- 9.4 Personal Portfolio Investment Undertakings (PPIU)
- 9.5 IREF and PPIREF
- 9.6 Stock Lending and Repurchase Agreements
- Chapter 10 Schedule D – Case V
- 10.1 Overview
- 10.2 Basis of Assessment
- 10.3 Deductions
- 10.4 Vacant Residential Premises - Pre-letting Expenditure
- 10.5 Deduction for Retrofitting Expenditure
- 10.6 Capital Allowances
- 10.7 Expenditure on Rented Accommodation – “Section 23”
- 10.8 Rent-A-Room Relief
- 10.9 Home Renovation Incentive
- 10.10 Premiums on Leases
- 10.11 Reverse Premiums
- 10.12 Rents Paid to Non-Residents
- 10.13 Losses
- 10.14 Transfer of a Right to Receive Rent for a Capital Sum
- 10.15 Personal Insolvency Act 2012
- 10.16 Residential Premises Rental Income Relief
- Chapter 12 Schedule E
- 12.1 Overview
- 12.2 Basis of Assessment
- 12.3 Social Welfare Benefits
- 12.4 Deductions
- 12.5 Round-Sum Expense Allowances
- 12.6 Relief Arising in Special Circumstances
- 12.7 Expenses Paid to Non–Executive Directors
- 12.8 Benefits-In-Kind
- 12.9 Certain Benefits in Kind for Permanent Defence Force Members
- 12.10 Salary Sacrifice Agreements
- 12.11 Employee Share Schemes
- 12.12 Treatment of Unpaid Remuneration
- 12.13 Credit for Directors’ PAYE
- 12.14 Payments in Connection with the Commencement of Employment
- 12.15 Payments on Retirement or Removal from an Employment
- 12.16 Retraining and Redundancy
- 12.17 Exemptions
- 12.18 Small Benefits – Vouchers and Benefits Other than Cash
- 12.19 Interest on PAYE Repayments
- 12.20 PAYE – Electronic and Telephone Communications
- Chapter 14 Capital Allowances
- 14.1 Overview
- 14.2 Wear-and-Tear Allowance
- 14.3 Transmission Capacity Rights
- 14.4 Capital Allowances for Computer Software
- 14.5 Accelerated Capital Allowances for Energy-Efficient Equipment
- 14.6 Accelerated Capital Allowances for Farm Safety Equipment
- 14.7 Accelerated Capital Allowances on Slurry Storage Facilities
- 14.8 Capital Allowances for Certain Childcare and Fitness Centre Capital Expenditure for Employers
- 14.9 Balancing Allowances and Charges – Plant and Machinery
- 14.10 Writing-Down Allowance – Industrial Buildings
- 14.11 Balancing Allowances and Charges – Industrial Buildings
- 14.12 Lessors
- 14.13 Anti-Avoidance
- 14.14 Expenditure on Dredging
- 14.15 Scientific Research – Capital/Non-Capital Expenditure
- 14.16 Expenditure on Patent Rights
- 14.17 Know-How
- 14.18 Industrial Buildings - Capital Allowances
- 14.19 Contributions to Capital Expenditure of Local Authorities
- 14.20 Capital Allowances on Provision or Acquisition of Intangible Assets
- 14.21 Restriction of Capital Allowances/Losses
- 14.22 Surcharge on Use of Property Incentives
- Chapter 15 Farming Taxation
- 15.1 Overview
- 15.2 Averaging of Farm Profits
- 15.3 Basic Payment Scheme
- 15.4 EU Restructuring Aid for Sugar Beet Growers
- 15.5 Registered Farm Partnerships
- 15.6 Succession Farm Partnerships
- 15.7 Exemption of Income from Leasing of Farm Land
- 15.8 Stock Relief
- 15.9 Losses
- 15.10 Discontinued Farm Trades
- 15.11 Carbon Tax
- 15.12 Milk Quotas
- 15.13 Stallion Stud Fees
- 15.14 Farm Safety Equipment
- 15.15 Slurry Storage Facilities
- Chapter 18 Income Tax Exemptions
- 18.1 Artists
- 18.2 Forests/Woodlands
- 18.3 Payment in Respect of Personal Injuries to Permanently Incapacitated Individuals
- 18.4 Trusts for Permanently Incapacitated Individuals
- 18.5 Payments made by the Haemophilia HIV Trust
- 18.6 Hepatitis C Compensation
- 18.7 Payments in Respect of Thalidomide Children
- 18.8 Compensation Payments Under Employment Law
- 18.9 Payments to Foster Parents
- 18.10 Payments under Scéim na bhFoghlaimeoirí Gaeilge
- 18.11 Provision of Childcare Services
- 18.12 Childcare Support Payments
- 18.13 Payments to Workers in the Magdalene Laundries
- 18.14 Government & Public Securities
- 18.15 Periodic Payments for Personal Injuries
- 18.16 Production, Maintenance and Repair of Certain Musical Instruments
- 18.17 Miscellaneous
- Chapter 22 Introduction to Corporation Tax
- 22.1 Overview
- 22.2 Corporation Tax Rates
- 22.3 Residence
- 22.4 Accounting Periods
- 22.5 Returns
- 22.6 Late Returns
- 22.7 Expression of Doubt
- 22.8 Payment of Corporation Tax
- 22.9 Foreign Dividends
- 22.10 Royalties – Withholding Tax
- 22.11 Calculation of Taxable Profits and Allowable Losses
- 22.12 Pre-trading Expenses
- 22.13 Losses/Management Expenses
- 22.14 Charges on Income
- 22.15 Emissions Allowances
- 22.16 Interest Relief on Borrowings to Make an Investment
- 22.17 Interest Deductibility for Qualifying Financing Companies
- 22.18 Interest Limitation Rules
- 22.19 Section 239 Assessments
- 22.20 Development Land
- 22.21 Securitisation of Assets
- 22.22 General Exemptions
- 22.23 Special Employment-Related Receipts and Payments
- 22.24 Taxation of Islamic Finance Transaction
- 22.25 Transfer Pricing
- 22.26 Companies Act 2014
- Chapter 23 Corporation Tax Incentive Reliefs
- 23.1 General Scheme for Research and Development (“R&D”) Tax Credits
- 23.2 R&D Tax Credit for Qualifying Expenditure
- 23.3 Capital Expenditure – Building & Structures Used for R&D
- 23.4 Machinery and Plant
- 23.5 Subcontracting R&D Activity
- 23.6 Group Expenditure on R&D
- 23.7 Requirements for a Valid Claim
- 23.8 Grants
- 23.9 Surrender of R&D Credits to Key Employees
- 23.10 Knowledge Development Box (“KDB”)
- 23.11 Digital Games Relief
- Chapter 26 Close Companies
- 26.1 Overview
- 26.2 Participators and Associates
- 26.3 Certain Expenses for Participators and Associates
- 26.4 Interest Paid to Directors and Directors’ Associates
- 26.5 Loans to Participators, etc
- 26.6 Surcharge on Certain Undistributed Income
- 26.7 Settlements Made by Close Companies
- 26.8 Attribution of Gains to a Close Company
- Chapter 27 Corporation Tax - Foreign Aspects
- 27.1 Double Taxation Relief
- 27.2 Unilateral Relief - Interest
- 27.3 Additional Credit - Interest
- 27.4 Companies Changing Residence
- 27.5 Tax Status of Foreign Person with Irish Investment Manager
- 27.6 Ireland as a Holding Company Location
- 27.7 Controlled Foreign Company Rules
- 27.8 Anti-Hybrid Mismatch Legislation
- 27.9 Dividends from a Company Migrated into Ireland
- 27.10 Foreign Exchange Transactions
- 27.11 Existing Double Taxation Agreements
- 27.12 Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI)
- 27.13 Double Taxation Agreement Republic of Ireland – United Kingdom (UK)
- 27.14 EU Directives - Parent/Subsidiaries Directive No. 90/435/EEC
- 27.15 Parent/Subsidiaries Directive No. 2003/123/EC
- 27.16 Interest and Royalty Directive No. 2003/49/EC
- 27.17 Mergers Directive No. 2009/133/EC (which Replaced Directive 90/434/EU)
- 27.18 European Company (“SE”) and European Co-operative Society (“SCE”) (EU Directive No. 2005/19/EC)
- 27.19 OECD BEPS project / BEPS 2.0
- Chapter 28 Exchange of Information
- 28.1 Tax Information Exchange Agreements
- 28.2 FATCA
- 28.3 OECD Common Reporting Standard and Directive on Administrative Cooperation
- 28.4 Country-by-Country Reporting
- 28.5 Public Country-by-Country Reporting
- 28.6 Exchange of Information Relating to Cross-Border Rulings and Advance Pricing Agreements
- 28.7 Mandatory Disclosure of Certain Cross-Border Arrangements (“DAC6”)
- 28.8 OECD Model Rules for Reporting by Platform Operators (“DAC7”)
- 28.9 EU Directive on Administrative Co-operation
- Chapter 29 Revenue Powers, Appeals and Anti-Avoidance
- 29.1 Overview
- 29.2 Transfer of Assets Abroad
- 29.3 Transfer of Assets - Restrictions on Reconstructions and Amalgamations Relief
- 29.4 Transactions to Avoid Liability to Tax
- 29.5 Property Transactions
- 29.6 Industrial and Provident Societies
- 29.7 Friendly Societies
- 29.8 Bond Washing
- 29.9 Partnerships - Limited and General
- 29.10 Capital Distribution Treated as Dividend
- 29.11 “Specified Trade” Schemes
- 29.12 Transfer of Capital Allowances
- 29.13 Transfer of Right to Interest (Including Dividends)
- 29.14 Tax Treatment of Loans from Employee Benefit Schemes
- 29.15 Overview of Revenue Powers
- 29.16 Reporting Requirements
- 29.17 Revenue Offences
- 29.18 Resignation of Professional Advisers
- 29.19 Tax Clearance Certificates
- Chapter 30 Introduction to Capital Acquisitions Tax
- 30.1 Overview
- 30.2 Rate of CAT
- 30.3 Territorial Limits
- 30.4 Calculation of CAT
- 30.5 Tax-Free Group Thresholds
- 30.6 Surviving Spouses and Civil Partners
- 30.7 Capital Gains Tax Set-Off/Same Event Allowance
- 30.8 Favourite Nephew Relief
- 30.9 Agricultural Relief
- 30.10 Business Relief
- 30.11 Exemptions
- 30.12 Disclaimer
- 30.13 Joint Tenants
- 30.14 Free Use of Property
- 30.15 Companies
- 30.16 Discretionary Trusts
- 30.17 Self-Assessment
- 30.18 Penalties
- 30.19 Surcharge
- 30.20 Delivery of Returns
- 30.21 Interest on Tax Underpaid/Overpaid
- 30.22 Accountable Persons
- 30.23 Appeals
- 30.24 Joint Accounts
- 30.25 Valuation of Shares in Private Companies
- 30.26 Anti-Avoidance
- 30.27 Valuation of Limited Interests
- 30.28 Arrangements for Relief from Double Taxation
- 30.29 Unilateral Credit Relief
- 30.30 The CAT/Inheritance Tax Double Tax Agreement with the United Kingdom
- 30.31 The Inheritance Tax Double Tax Agreement with the United States
- Chapter 31 Introduction to Capital Gains Tax
- 31.1 Overview
- 31.2 Computation of Chargeable Gains and Allowable Losses
- 31.3 Persons Chargeable
- 31.4 Exemptions, Reliefs and Allowances
- 31.5 Rates of Capital Gains Tax
- 31.6 Self-Assessment
- 31.7 Acquisition by a Company of its Own Shares
- 31.8 Trusts
- 31.9 Clearance Certificates
- 31.10 Anti-Avoidance
- 31.11 Miscellaneous
- Chapter 32 Introduction to Local Property Tax and Vacant Homes Tax
- 32.1 Overview
- 32.2 Persons Liable for LPT
- 32.3 Amount of LPT Payable
- 32.4 Valuing a Residential Property
- 32.5 LPT Returns
- 32.6 Payment of LPT
- 32.7 Deferral of Payment of LPT
- 32.8 Properties Exempt from LPT
- 32.9 Implications of Not Filing and Paying LPT
- 32.10 Deductibility Against Rental Income
- 32.11 Vacant Homes tax
- Chapter 34 Introduction to Value-Added Tax
- 34.1 Overview
- 34.2 Charge
- 34.3 Amount on which Tax is Chargeable
- 34.4 Rates
- 34.5 Supply and Self-Supply of Goods
- 34.6 Place where Goods Supplied
- 34.7 Scrap Metal Dealers
- 34.8 Supplies by VAT-Registered Traders in Ireland
- 34.9 Mail Order, Distance Selling and 2021 E-Commerce Changes
- 34.10 Private Individuals
- 34.11 Place where Services Supplied
- 34.12 Construction Services
- 34.13 Telecommunications Services
- 34.14 Liquidators and Receivers
- 34.15 Option not to Register
- 34.16 Farmers and Flat Rate Farmers
- 34.17 Farm Buildings, etc
- 34.18 Group Registration
- 34.19 Supplies to Certain Taxable Persons
- 34.20 Intra-Community Acquisitions – Registered Persons
- 34.21 Intra-Community Acquisitions – Unregistered Persons
- 34.22 Non-Taxable Entities
- 34.23 New Means of Transport
- 34.24 Cultural, Artistic, Entertainment and Similar Services
- 34.25 Mobile Traders
- 34.26 Composite and Multiple Supplies
- 34.27 Vouchers
- 34.28 Cash Basis
- 34.29 Invoice Basis
- 34.30 Tax Deductible
- 34.31 Tax Not Deductible
- 34.32 Dual-Use Inputs
- 34.33 Bad Debts
- 34.34 Margin Schemes
- 34.35 Auction Scheme
- 34.36 Transfer of Business
- 34.37 Repayments to Foreign Traders
- 34.38 Retail Export Scheme
- 34.39 Bankruptcy and Winding-Up
- 34.40 Unjust Enrichment
- 34.41 Taxable Periods
- 34.42 Paying by Direct Debit
- 34.43 Annual Accounting for VAT
- 34.44 Appeals
- 34.45 Time Limits
- 34.46 Documentation
- 34.47 Invoicing
- 34.48 Expression of Doubt
- 34.49 Interest
- 34.50 Records
- 34.51 Joint and Several Liability in Certain Circumstances
- 34.52 Refund of Estimated Tax Paid
- 34.53 Cancellation of VAT Registration Number
- 34.54 VATCA, Schedule 4, Part 1 (Annex VII Activities)
- 34.55 VATCA, Schedule 4, Part 1 (Annex VIII Services)
- 34.56 Deposit Return Scheme