AITI Chartered Tax Adviser

Entrepreneur relief – how do I qualify?

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TCA 1997 s 597AA provides that a chargeable gain from disposal of chargeable business assets is subject to CGT at 10%.
1. Unlike retirement relief (which provides exemption where sales proceeds do not exceed €750,000), entrepreneur relief applies where the chargeable gain does not exceed €1,000,000.
2. The assets must have been

Non-residence – it’s not that simple

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To the man in the street (and many professionals!) in order to become “non-resident” and thereby escape the Irish tax system, you need only spend less than 183 days in Ireland.
In order to become non-resident for tax purposes you need to satisfy two tests:
(a) You must spend less than 183

Disclosure of offshore income and assets

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Undeclared foreign income – 10% or 100% penalty?
This may affect you if you or your spouse have:

A foreign bank account and have not paid tax on the funds lodged to the account or the interest earned by the account.
A foreign investment portfolio (shares or interest in a managed fund) and

Illegality – an observation

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Water charges – “I would expect them to deliberate on that and continue their work until such time as they bring forward their views and their recommendations to the Oireachtas. Clearly, you are not going to implement something that is illegal.” [contradicts EU law] Enda Kenny
Taxation of multinationals – Noonan

High Court: NPPR is deductible against rental income

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The High Court has ruled that the Non Principal Private Residence (NPPR) charge is a deductible expense against rental income for Income Tax purposes.
Worth revising returns where NPPR not claimed.

Gift of dwellinghouse

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CATCA 2003 s 86 dwelling house relief is being amended (Finance Bill 2016 Committee Stage) so that it no longer applies to gifts of dwelling houses, unless to a dependent relative:
(5) For the purposes of subsection (4), a dwelling house shall not be regarded as a relevant dwelling house where

Finance Bill 2016

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The Minister for Finance has published the Finance Bill 2016 which gives effect to the budget changes, together with an accompanying explanatory memorandum.

Budget 2017

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Download budget summary by clicking here.

Garda College slush fund

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I forecast a Revenue audit

A tax incentive to emigrate then return – discrimination

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