Tax 2008
Income Tax
| Tax Rates |
Single |
Single Parent |
Married Couple (One Income) |
Married Couple (Two Incomes) |
| 20% |
First €35,400 |
First €39,400 |
First €44,000 |
First €70,800 * |
| 42% |
Balance |
Balance |
Balance |
Balance |
*This increase will be the lower of €26,400 or the income of the spouse with the lower income - this income is not transferable between spouses.
Tax Credits |
|
€ |
| 1. |
Personal Credits: |
Single / Married:
|
1,830 / 3,660 |
| Widowed Person, no children: |
2,430 |
| Widowed with Dependent Children: |
4,000 |
| Single Parent family: |
1,830 |
| 2. |
Home Carer's Credit - Max: |
|
900 |
| 3. |
PAYE Credit: |
|
1,830 |
| 4. |
Age Tax Credit: Single / Married (65 years plus) |
|
325/650 |
| 5. |
Blind Tax Credit: Single Spouse / Both: |
|
1,830/3,660 |
| 6. |
Incapacitated Person (employing a carer) (max) |
|
50,000 |
| 7. |
Incapacitated Child |
|
3,660 |
| 8. |
Household Service Charges |
|
400 |
| |
New Tax Exemption for childminder (minding up to 3 children in own home) |
max 15,000 |
Income Exemption Limits
| Age under 65 Years: |
Single / Married: |
5,210/10,420 |
| Age over 65 Years: |
Single / Married: |
20,000/40,000 |
The above limits are increased by €575 for each of the first two dependent children and by €830 for the third and subsequent children.
Benefit-In-Kind
Company Cars
Benefit in Kind threshold increased to €250.
Preferential Loans
| Residence Related: |
5.5% |
| Other: |
13% |
Mortgage Interest
| Maximum Allowance at standard rate |
Non-First Time Buyers |
First Time Buyers (first 7 years) |
| Single Person |
€3,000 |
€10,000 |
| Married Couple/Widow |
€6,000 |
€20,000 |
Note: Mortgage Interest restored for residential property investors.
Value Added Tax
| Standard Rate: |
21% |
| Reduced Rate: |
13.5% |
Capital Gains Tax
| Standard Rate: |
20% |
| Development Land residential |
20% |
| Development Land non-residential |
42% |
| Annual Exemption per person: |
€1,270 |
Capital Acquisitions Tax
| Tax Rate (applies to gifts and inheritances) |
20% |
Threshold before Tax Payable
| Relationship to Donor/Testator |
Threshold |
| 1 |
Son/Daughter |
€521,208 |
| 2 |
Parent/Brother/Sister/Nephew/Niece/Grandchild |
€52,121 |
| 3 |
Any other person |
€26,060 |
| Notes: |
| 1 |
Private residence (3 years prior residence qualification) |
Exempt |
| 2 |
Business/agricultural Asset Relief |
10% of value |
| 3 |
Small Gift Allowance |
€3,000 |
Stamp Duty
| Residential Property |
First Time Owner Occupier (new/Second Hand) |
Other Purchaser / Investor |
| Price |
Rate |
Rate |
| Up to €125,000 |
Exempt |
Exempt |
| €125,001 - €100,000,000 |
Exempt |
Exempt per 1 above, then 7% on excess |
| Over €100,000,000 |
Exempt |
Rates for 1 and 2 above apply then 9% on excess of €1M |
Non Residential Property
| Price |
Rate |
| Up to €10,000 |
Exempt |
| €10,001 - €20,000 |
1% |
| €20,001 - €30,000 |
2% |
| €30,001 - €40,000 |
3% |
| €40,001 - €70,000 |
4% |
| €70,001 - €80,000 |
5% |
| €80,001 - €100,000 |
6% |
| €100,001 - €120,000 |
7% |
| €120,001 - €150,000 |
8% |
| Over €150,000 |
9% |
Capital Duty of 0.5% has been abolished
Where a parent transfers a site to a child for his private residence:
Where site value is equal to or less than €500,000
Patrick S. Cahill Solicitors
Property - Disputes - Business
Patrick S Cahill Solicitors
Heritage House,
Dundrum Office Park,
Dundrum,
Dublin 14,
Ireland
Tel: +353-1-2980707
Fax: +353-1-2980808
Email: legal@pscahill.com