Budget 2012 Gorey Chamber Of Industry & Commerce Michael Doyle F.C.A.

Budget 2012 Income Tax USC Property Based Schemes  Surcharge 5% of Income Sheltered by Property Relief if Income Over €100,000  No Surcharge if Income Under €100,000  Income= Taxable Income + all Income Sheltered from Taxation by “ Specified Reliefs”  Unable to carry forward unused Capital Allowances beyond the tax life of scheme.

Budget 2012 Stamp Duty  Non Residential Property 2% Household Charge  Charge €100  Introduced in 2012  Owners- Not Occupiers are Liable  Interim Measure for Full Property Tax

Budget 2012 Capital Acquisition Tax  Increase 25% To 30%  From 6/12/11  Class A Threshold reduced from €332,084 to €250,000 – Capital Gains Tax  Increase 25% to 30%  From 6/12/11  Incentive Bought 6/12/11-31/12/13  Hold For more than 7 Years  Gains Arising in that Period will not attract CGT

Budget 2012 Tax On Savings  DIRT Increase from 27% to 30% Enforcement /Compliance  Warning To All

Budget 2012 VAT  21% Increase to 23% From 1/1/12 Carbon Tax  Note Increase of €5 per Tonne from 1/5/12 VRT  To be Reviewed Motor Tax  Increase in All Rates from 1/1/12

Budget 2012 Corporation Tax  Start Up Company 3 Year Relief  R&D Credits Improved Pensions  If ARF greater than €2Million then Distribution increased to 6%  Transfer on Death to Child increased from 20% to 30%

Budget 2012 Retirement Relief  Transfer Of Assets within Family  55 to 66 Years of Age No Upper Limit  Over 66 Years An Upper Limit of €3Million Introduced  Transfer Of Assets Outside Family  55 to 66 Years of Age €750,000  Over 66 Years €500,000

Budget 2012 Old Age Pension  PRSI Contributions Redundancy  Employers Rebate Reduced From 60% to 15% With Effect From 1/1/12

Budget 2012 PRSI contributionsRate per week Increase for a qualified adult (under 66) Increase for a qualified adult (aged 66 and over) 48 or over€230.30€153.50€ €225.80€153.50€ €172.70€115.10*€154.70* €115.20€76.80*€103.20*