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LATEST NEWS

May 2008
Finance Bill 2008
The 2008 Finance Bill was signed off the Minister of Finance in April 2008

May 2008
Vat on Property New regime...
The Finance Bill contains legislation dealing with the new VAT on Property regime. The new regime will apply to property transactions occuring on or after July 1st, 2008.

May 2008
Corporation Tax
Preliminary Corporation Tax payments due after 05/12/2007 the threshold to determine a "small company" has increased to €200,000 (previously €150,000) with effect from 05/12/2007. The threshold for new start up companies is also increased to €200,000 (previously €150,000).

May 2008
Income Tax
** The remittance basis of Income Tax has been extended to include UK sourced income with effect from 01/01/2008. ** Benefit-In-Kind on a Preferencial Loans have changed the specified rate for employer provided loans has been increased from 4.5% to 5.5% for home loans and from 12% to 13% for all other loans with effect from 01/01/2008. ** Rent-a-Room Scheme limit on the exemption from income tax which applies to rent received by an individual who rents a room in the private residence has been increased from €7,620 to €10,000. Where the income exceeds this amount the entire amount is taxable. ** Information on Foreign Rental Properties gives the Revenue Commissioners power to require informaiton to be provided to them in respect of properties outside the State by certain parties including letting agents. Under existing legislation the Revenue Commissioenrs have power to require information to be provided to them in respect of properties in the state.

May 2008
Value Added Tax Registration
**Vat registration thresholds are being increased by €35,000 to €37,500 for services and from €70,000 to €75,000 for goods. This will take effect from 01/05/2008. ** Construction Industry... A measure is to be introduced to the supply of construction services by a subcontractor to a principal contractor in the construction sector. This provides for a reverse charge mechanism. The principal will use the reverse charge mechanism to self account for the vat on services received from subcontractors. Invoicing obligations have been introduced with this measure. The measure takes effect from 01/09/2008.

May 2008
Stamp Duty
Transfer of a site to child...The exemption from stamp duty on the transfer of a site to a child for the purposes of building a principal private residence has been increased from €254,000 to €500,000 and is effective for transfers on or after 05/12/2007.

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  particular require-
  ments please call:

01 4960102

John McCarrick & Associates - 11 Dunville Avenue - Rathmines - Dublin 6, Tel: 01 4960102, Fax: 01 4973717, Email: info@jmccarick.com

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