Feb 2012 | Finance Act 2011 - Capital tax changes

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The Finance Act 2011 was signed into law on 6th February 2011 and the details are available here.  The principal capital taxes changes are as follows:-

CAT

The group thresholds remain at the levels from Budget 2011 i.e. group (a) at €332,084; group (b) at €33,208 and group (c) at €16,604;

CAT must now be paid and returns filed on or before 30 September in the relevant year, rather than 31 October. Likewise the surcharge and interest dates have been adjusted. The Finance Bill 2011 as initiated in the Dáil had included changes to the income tax, CGT and CAT pay and file dates, however these changes were reversed for income tax and CGT at Committee stage but in apparent error were not reversed for CAT.  It was said that this anomaly would be rectified in the the next financial legislation, e.g. the legislation dealing with the taxation position for civil partners, however that did not come to pass, see commentary.

 

Stamp Duty

Changes to the reliefs for Stamp Duty  and the reduction in the rates for residential property to 1% for the first €1m and 2% thereafter were introduced in Budget 2011 with effect from 8 December 2010.

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Aileen Keogan | Solicitor & Tax Consultant | 21 The Avenue | Louisa Valley | Leixlip | Co. Kildare | Ireland

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