USC rates and bands from 1st January 2018
Incomes of €13,000 are exempt, otherwise
€0 – €12,012 @ 0.50%
Next €7,360 @ 2.00%
Next €50,672 @ 4.75%
Balance @ 8%
Self-employed income over €100,000: 3% extra

Income Tax
Increase of €750 in standard rate band
Single €34,550
Married / One earner €43,550
Home Carer Tax Credit + €100
Earned Income Tax Credit + €200

Mortgage Interest Relief
75% of the existing 2017 relief will be continued into 2018, 50% into 2019 and 25% into 2020.

Capital Gains Tax
An amendment will be made to Section 604 of TCA 1997 (the 7-year CGT relief) will allow owners of qualifying assets to sell those assets between the 4th and 7th anniversaries of their acquisition and still enjoy a full relief from CGT on any chargeable gains.

Capital Acquisitions Tax
For the purpose of CAT agricultural relief and CGT retirement relief, agricultural land placed under solar infrastructure will continue to be classified as agricultural land (formerly it would no-longer have been deemed agricultural land), but with a condition restricting the amount of the farmland that can be used for solar infrastructure to 50% of the total farm acreage.

Stamp Duty
Stamp Duty on Non-Residential Property raised to 6%.

Other
– From 1st January 2018 there will be a 0.1% increase (from 0.7% to 0.8%) in the National Training Fund Levy payable by employers with respect of reckonable earnings of employees in Class A and Class H employments.

– A share-based remuneration incentive will be introduced to facilitate the use of share-based remuneration by unquoted SME companies to attract key employees. Gains arising to employees on the exercise of Key Employee Engagement Programme (KEEP) share options will be liable to Capital Gains Tax on disposal of the shares, in place of the current liability to income tax, USC and PRSI on exercise. This incentive will be available for qualifying share options granted between 1 January 2018 and 31 December 2023.

– A deduction is being introduced for pre-letting expenses of a revenue nature incurred on a property that has been vacant for a period of 12 months or more. A cap on allowable expenses of €5,000 per property will apply, the relief will be subject to clawback if the property is withdrawn from the rental market within 4 years. The relief will be available for qualifying expenses incurred up to the end of 2021.

– Cigarettes up 50 cent

– Sugar tax 20 to 30 cent per litre

– 0% BIK on electric cars (for 1 year)

– VAT on sunbed services up to 23% from 13.5%

– VAT refund scheme for charities being introduced

– Extension of accelerated capital allowances for energy efficient equipment

– Change to regime re capital allowances on intangible assets

Quest Capital Trustees Ltd 10th Oct 2017

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