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onsubmit="MM_openBrWindow('','','')" target="EmailList"> <div align="center" class="style1"> <table width="100%" border="0" cellspacing="0" cellpadding="2" height="28" align="center"> <tr> <td height="28"><div align="center"><span class="stlye2">Receive our Monthly Newsletter<br /> </span><font face="Verdana, Arial, Helvetica, sans-serif" class="stlye3">Simply enter your email address <br /> in the box and submit.</font> </div></td> </tr> </table> <input type="hidden" name="flavor" value="subscribe" /> <input type="hidden" name="list" value="Latest_News_from_www.PhilipOReilly.com" /> <input type="text" name="email" /> <input type="submit" value="Submit" name="submit2" /> <font face="Verdana, Arial, Helvetica, sans-serif" size="2"><b><br /> <br /> </b></font><font face="Verdana, Arial, Helvetica, sans-serif"><span class="private">We maintain a strict &quot;No Spam&quot; policy. We take great care with the information provided and will not share your email address or personal information with third parties. See our <a href="http://www.philiporeilly.com/privacypolicy.htm">Privacy Policy</a>.</span></font> </div> </form></td> </tr> </table> <p align="center">&nbsp;</p></td> </tr> </table></td> </tr> <tr> <td><table width="203" height="0" border="0" align="left" cellpadding="5" cellspacing="0" background="../images/featuredprop-bg.gif"> </table></td> </tr> <tr> <td height="2"><table width="203" border="0" cellpadding="0" cellspacing="0" bgcolor="#B9C7D9"> <tr> <td><img src="../images/bottomline-sidemenu.gif" width="203" height="1" alt="bottom" /></td> </tr> </table></td> </tr> </table></td> <td width="544" valign="top"> <table width="97%" border="0" cellspacing="0" cellpadding="0" align="right"> <tr> <td width="25" height="27"><div align="left"><img src="../images/head_tax_sq.gif" alt="Financial Services" width="19" height="19" /></div></td> <td width="448" class="headingPOR"><!-- #BeginEditable "header" -->TAX centre <!-- #EndEditable --></td> <td class="hText"><div align="right"><a href="../index.htm" class="ebsHomePageTitles">home</a></div></td> </tr> <tr> <td height="8" colspan="3" background="../images/head_dots.gif" ></td> </tr> <tr> <td colspan="3"><br> <!-- #BeginEditable "main contents" --><span class="taxtitles"><a name="top" id="top"></a>Tax Tables</span> <ul> <li><a href="#1">Personal Tax Credits</a> </li> <li><a href="#2">Exemption Limits</a> </li> <li><a href="#3">Tax Rates and Tax Bands</a> </li> <li><a href="#4">Rent-a-Room Relief</a> </li> <li><a href="#5">Childcare Services</a> </li> <li><a href="#6">Rent Relief for Private Rented Accommodation</a></li> <li><a href="#section9">Medical Insurance Premiums</a> </li> <li><a href="#section10">Revenue Job Assist</a> </li> <li><a href="#section11">Revenue Approved Permanent Health Benefit Schemes</a> </li> <li><a href="#section14">Tax Relief on Service Charges</a> </li> <li><a href="#section12">Home Carer&rsquo;s Tax Credit</a> </li> <li><a href="#13">Trade Union Subscriptions</a> </li> <li><a href="#section15">Health / Medical Expenses Relief </a> </li> <li><a href="#section16">Tuition Fees</a> </li> <li><a href="#section17">Tax Relief Available to Systematic Short-time Workers </a> </li> <li><a href="#prsi">PRSI &amp; Health Contributions - Employers/Employees </a> </li> <li><a href="#section19">PRSI &amp; Health Contributions - Self-Employed</a></li> <li><a href="#vat">VAT</a></li> <li><a href="#stamp">Stamp Duty </a><a href="#16"></a></li> </ul> <p>The following chart gives details of the main personal tax credits for the tax years 2007 and 2008.</p> <a name="1" id="1"></a> <span class="smallLinks">Personal Tax Credits</span> <br /> <br /> <table class="text11" width="100%" bordercolor="#CCCCCC" cellpadding="0" cellspacing="2"> <tr> <td width="54%" class="table_header"><b>Personal Tax Credits</b></td> <td width="26%" class="table_header"><b>Tax Year 2007<br /> </b>&euro;</td> <td width="20%" class="table_header"><b>Tax Year 2008</b>&euro;</td> </tr> <tr> <td width="54%" class="table_content"><b>Single Person&rsquo;s Tax Credit</b><br /> <br /></td> <td width="26%" class="table_content"><div align="center">1,760<br /> <br /> </div></td> <td width="20%" class="table_content"><div align="center">1,830<br /> <br /> </div></td> </tr> <tr> <td height="57" valign="bottom" class="table_content"><b>Married Person&rsquo;s Tax Credit</b><br /></td> <td class="table_content"><div align="center">3,520</div></td> <td height="57" class="table_content"><div align="center">3,660</div></td> </tr> <tr> <td class="table_content"><b>PAYE Tax Credit</b></td> <td class="table_content"><div align="center">1,760</div></td> <td class="table_content"><div align="center">1,830</div></td> </tr> <tr> <td height="20" valign="bottom" class="table_content"><b>Widowed Person&rsquo;s (without dependant children)</b><br /></td> <td class="table_content"><div align="center">2,310</div></td> <td height="20" class="table_content"><div align="center">2,430</div></td> </tr> <tr> <td height="103" class="table_content"><b>Widowed Parent Tax Credit</b><br /> Widowed Person in year of bereavement <br /> Bereaved in 2007<br /> Bereaved in 2006<br /> Bereaved in 2006<br /> Bereaved in 2005<br /> Bereaved in 2004<br /> Bereaved in 2003<br /> Bereaved in 2002<br /></td> <td height="103" class="table_content"><div align="center">3,520<br /> -<br /> 3,750<br /> 3,250<br /> 2,750<br /> 2,250<br /> 1,750<br /> <br /> </div></td> <td height="103" class="table_content"><div align="center">3,660<br /> 4,000<br /> 3,500<br /> 3,000<br /> 2,500<br /> 2,000<br /> -<br /> </div></td> </tr> <tr> <td width="54%" height="57" valign="bottom" class="table_content"><b>One-Parent Family Tax Credit</b><br /></td> <td width="26%" class="table_content"><div align="center">1,760</div></td> <td width="20%" height="57" class="table_content"><div align="center">1,830</div></td> </tr> <tr> <td width="54%" class="table_content"><b>Home Carer&rsquo;s Tax Credit</b> (Max)</td> <td width="26%" class="table_content"><div align="center">770</div></td> <td width="20%" class="table_content"><div align="center">900</div></td> </tr> <tr> <td width="54%" class="table_content"><b>Age Tax Credit</b><br /> (a) Single/Widowed<br /> (b) Married </td> <td width="26%" class="table_content"><div align="center"><br /> 275<br /> 550</div></td> <td width="20%" class="table_content"><div align="center"><br /> 325<br /> 650</div></td> </tr> <tr> <td width="54%" class="table_content"><b>Incapacitated Child Tax Credit</b> (See Note 1)</td> <td width="26%" class="table_content"><div align="center">3,000</div></td> <td width="20%" class="table_content"><div align="center">3,660</div></td> </tr> <tr> <td width="54%" class="table_content"><b>Dependent Relative Tax Credit</b> (See Note 1)</td> <td width="26%" class="table_content"><div align="center">80</div></td> <td width="20%" class="table_content"><div align="center">80</div></td> </tr> <tr> <td width="54%" class="table_content"><b>Blind Person&rsquo;s Tax Credit</b><br /> (single person)<br /> (one spouse blind)<br /> (both spouses blind)<br /> Additional Allowance for Guide Dog<br /> <br /></td> <td width="26%" height="17" valign="middle" class="table_content"><div align="center"><br /> <br /> 1,760<br /> 1,760<br /> 3,520<br /> 825*<br /> <br /> </div></td> <td width="20%" height="17" valign="middle" class="table_content"><div align="center"><br /> <br /> 1,830<br /> 1,830<br /> 3,660<br /> 825*<br /> <br /> </div></td> </tr> <tr> <td width="54%" class="table_content"><b>Incapacitated Person -<br /> Allowance for Employing a Carer</b></td> <td width="26%" class="table_content"><div align="center"><br /> *50,000 max</div></td> <td width="20%" class="table_content"><div align="center"><br /> *50,000 max</div></td> </tr> </table> <table class="text11" width="100%" bordercolor="#CCCCCC" cellpadding="2" cellspacing="0"> <tr> <td>* Relief in respect of a Guide Dog and for Employing a Carer are allowable at the individual's highest rate of tax, i.e. 20% or 41% in 2007 and 2008. </td> </tr> </table> <br /> <br /> <p><a href="#top" >&raquo; Back to Top</a></p> <p><br /> <a name="2" id="2"></a> <span class="CONTENT"><strong>Exemption Limits</strong></span></p> <table class="text11" width="100%" border="0" bordercolor="#CCCCCC" cellpadding="0" cellspacing="2"> <tr> <td class="table_header"><b>Personal Circumstances</b></td> <td class="table_header"><b>Tax Year 2007<br /> </b>&euro;</td> <td class="table_header"><b>Tax Year 2008</b><br /> &euro;</td> </tr> <tr> <td class="table_content"><b>Single/Widowed</b><br /> under 65<br /> 65 years of age or over<br /> <br /> <b>Married</b><br /> under 65<br /> 65 years of age or over<br /> <br /> <b>Additional for Dependent Children</b><br /> 1st and 2nd child (each)<br /> Each subsequent child<br /> Marginal Relief Tax Rate<br /> </td> <td class="table_content"><div align="center"><br /> 5,210<br /> 19,000<br /> <br /> <br /> 10,420<br /> 38,000<br /> <br /> <br /> <br /> 575<br /> 830<br /> 40% </div></td> <td class="table_content"><div align="center"><br /> 5,210<br /> 20,000<br /> <br /> <br /> 10,420<br /> 40,000<br /> <br /> <br /> <br /> 575<br /> 830<br /> 40%</div></td> </tr> </table> <p><a href="#top" >&raquo; Back to Top</a></p> <p><br /> <a name="3" id="3"></a> <span class="CONTENT"><strong>Tax Rates and Tax Bands</strong></span></p> <table class="text11" width="100%" border="0" bordercolor="#CCCCCC" cellpadding="0" cellspacing="2"> <tr> <td class="table_header"><b>Personal Circumstances</b> </td> <td class="table_header"><b>Tax Year 2007</b><br /> &euro;</td> <td class="table_header"><b>Tax Year 2008<br /> </b>&euro;</td> </tr> <tr> <td class="table_content"><b>Single/Widowed</b><br /> without dependent children<br /> <br /> <b>Single/Widowed</b><br /> qualifying for One-Parent Family tax credit<br /> <br /> <b>Married couple</b><br /> (one spouse with income)<br /> <br /> <b>Married couple</b><br /> (both spouses with income)<br /> <br /> <br /> </td> <td class="table_content"><br /> 34,000 @ 20%<br /> Balance @ 41%<br /> <br /> 38,000 @ 20%<br /> Balance @ 41%<br /> <br /> 43,000 @ 20%<br /> Balance @ 41%<br /> <br /> 43,000 @ 20%<br /> (with an increase <br /> of 25,000 max.)<br /> Balance @ 41%</td> <td class="table_content"><br /> 35,400 @ 20%<br /> Balance @ 41%<br /> <br /> 39,400 @ 20%<br /> Balance @ 41%<br /> <br /> 44,400 @ 20%<br /> Balance @ 41%<br /> <br /> 44,400 @ 20%<br /> (with an increase <br /> of 26,400 max.)<br /> Balance @ 41%</td> </tr> </table> <br /> <p><strong>Note:</strong> The increase in the standard rate tax band is restricted to the lower of &euro;25,000 in 2007, &euro;26,400 in 2008 or the amount of the income of the spouse with the lower income. The increase is not transferable between spouses.</p> <p><a href="#top" >&raquo; Back to Top<br /> </a></p> <p><a name="4" id="4"></a> <span class="CONTENT"><strong>Rent-a-Room Relief<br /> </strong></span>Where a room (or rooms) in a person&rsquo;s sole or main residence is (are) let as residential accommodation, gross annual rental income of up to &euro;7,620 in 2007 and &euro;10,000 in 2008 is exempt from tax. Relief in respect of mortgage interest relief is not affected. The relevant Capital Gains Tax/Stamp Duty provisions are also not affected.<br /> <br /> <a href="#top" >&raquo; Back to Top</a><br /> </p> <p><a name="5" id="5"></a><span class="CONTENT"><strong>Childcare Services</strong></span><span class="title2"><br /> </span>Childcare Services relief is a scheme of tax relief for income arising from the provision of certain childcare services. When the gross annual income from the provision of childcare service does not exceed &euro;15,000 in 2007 or 2008 the income is exempt from tax. The childcare service must be provided in the carer's home, not the children's home and no more than 3 children may be cared for at any time.</p> <p><a href="#top" >&raquo; Back to Top</a> <br /> </p> <a name="6" id="6"></a><span class="CONTENT"><strong>Rent Relief for Private Rented Accommodation<br /> </strong></span>Relief is due at the standard rate of tax (20%) in the tax years 2006 and 2007 subject to the following upper limits: <br /> <br /> <table class="text11" width="100%" bordercolor="#CCCCCC" cellpadding="0" cellspacing="2"> <tr> <td class="table_header"><b>Personal Circumstances</b></td> <td class="table_header"><b>Tax Year 2007</b><br /> &euro;</td> <td class="table_header"><b>Tax Year 2008<br /> </b>&euro;</td> </tr> <tr> <td height="137" class="table_content"><b>Single</b><br /> Under 55 Max.<br /> Over 55 Max.<br /> <br /> <b>Widowed</b>/<b>Married</b><br /> Under 55 Max.<br /> Over 55 Max. </td> <br /> <td height="137" class="table_content"><div align="center"><br /> 1,800<br /> 3,600<br /> <br /> <br /> 3,600<br /> 7,200<br /> </div></td> <td height="137" class="table_content"><div align="center"><br /> 2,000<br /> 4,000<br /> <br /> <br /> 4,000<br /> 8,000<br /> </div></td> </tr> </table> <p>Relief can be claimed by completing <b>Form Rent 1.</b> <br /> <br /> <a href="#top" >&raquo; Back to Top</a><br /> </p> <a id="section9"><strong>Medical Insurance Premiums </strong></a> <p><strong>Tax Relief at Source (TRS)</strong></p> <p>Tax relief for medical insurance premiums paid to authorised insurers is granted at source (TRS). Subscribers will pay a reduced premium (80% of the gross amount) to the authorised medical insurer. This reduction is the same as giving tax relief at the standard rate of tax (20%).</p> <p>Employees whose medical insurance premiums are paid on their behalf, by their employer, as a Benefit-in-Kind, will not have been allowed tax relief at source. To claim the relief due it will be necessary to notify your local Revenue Office with the relevant details or by completing your annual tax return.</p> <a id="section10"><strong>Revenue Job Assist </strong></a> <p>A special tax allowance at the individual&rsquo;s highest rate of tax, i.e. 20% or 41% in 2007 and 2008, is available for people who have been unemployed for one year or more and who take up a qualifying job. The allowance in the first year of employment is &euro;3,810 plus &euro;1,270 for each child, reducing to two-thirds of that amount in Year 2 and one-third in Year 3. This allowance is also available for persons who have been in receipt of either Disability Allowance or Blind Person&rsquo;s Pension for 12 months or more. </p> <p><a href="#top">&raquo; Back to Top</a> </p> <a id="section11"><strong>Revenue Approved Permanent Health Benefit Schemes </strong></a> <p>Where an employer <strong>deducts </strong>the contributions from gross pay the tax relief is given at source. Therefore <strong>no</strong> further action is necessary to claim relief.</p> <p>Where an employer does <strong>not deduct</strong> the contributions from gross pay relief <strong>can</strong> be claimed, by notifying your local Revenue office of the relevant details.</p> <a id="section14"><strong>Tax Relief on Service Charges </strong></a> <p>Income tax relief is available for individuals who pay local authority and other service charges. Relief is given for service charges paid in full and on time in the previous calendar year. </p> <a id="section12"><strong>Home Carer&rsquo;s Tax Credit </strong></a> <p>A tax credit at the standard rate of tax (20%) in the tax years 2007 and 2008 is available for married couples where:</p> <ul> <li>One spouse (the 'home carer') works in the home caring for one or more dependent persons, i.e. a child for whom they are entitled to Social Welfare child benefit, a person aged 65 or over, or a person who is permanently incapacitated by reason of mental or physical infirmity and the qualifying person normally resides with the couple for the year. </li> <li>The home carer&rsquo;s income is not in excess of &euro;5,080. A reduced tax credit applies where the income is between &euro;5,080 and &euro;6,620 in 2007 and &euro;5,080 and &euro;6,880 in 2008. </li> </ul> <p>The tax credit is not available to married couples that are taxed as single persons. Neither is the tax credit available to married couples with combined incomes over &euro;43,000 in the tax year 2007 and &euro;44,400 in the tax year 2008 and who claim the increased standard rate tax band for dual income couples. </p> <p><a name="13" id="13"></a> <span class="CONTENT"><strong>Trade Union Subscriptions<br /> </strong></span>A tax credit of &euro;300 is available for Trade Union subscriptions for 2006 and &euro;350 for 2007. If you are/were a member of a Trade Union, at any time during 2007 or 2008 and you have not been granted relief for subscriptions made, you can phone your Revenue Regional LoCall number.<br /> <br /> <a href="#top" >&raquo; Back to Top</a> <br /> </p> <p> <a id="section15"><strong>Health/Medical Expenses Relief </strong></a> </p> <p>You may claim tax relief on a Form MED 1, at your highest rate of tax, i.e. 20% / 41% 2007/2008, for certain medical expenses incurred by you, your spouse, your dependent child or a dependent relative. Most medical expenses, with some exceptions e.g. routine dental and ophthalmic care, qualify for relief.</p> <p>You cannot claim relief for any expenditure which has been or will be reimbursed, e.g. by Quinn Healthcare, VHI, Vivas, a Health Authority, or where a compensation payment is made or will be made.</p> <p>Prior to 2007 the first &euro;125 (one person) or &euro;250 (two or more people) of any medical expenses incurred was borne by the claimant. <strong>This no longer applies for 2007 and following years</strong>. </p> <p><a href="#top">&raquo; Back to Top</a></p> <p><a id="section16"><strong>Tuition Fees</strong></a> </p> <p>Tax relief at the standard rate of tax (20%) in the tax years 2007 and 2008 is available for certain tuition fees. The maximum limit on such qualifying fees for the academic years 2007/2008 and 2008/2009 is &euro;5,000. </p> <a id="section17"><strong>Tax Relief Available to Systematic Short-time Workers</strong></a> <p>The exemption from income tax for Unemployment Benefit paid to systematic short-time workers has been extended idefinitely.</p> <p><br /> <strong><a name="prsi" id="prsi"></a>PRSI &amp; HEALTH CONTRIBUTIONS</strong></p> <p><strong>Class A (Normal rate at which contributions are made)</strong></p> <table cellpadding="0" cellspacing="0" summary="The table represents the chargeable prsi and health contributions on an employee's income in tax years 2006 and 2007"> <tbody> <tr> <th colspan="3" class="table_header" id="year2007">Tax Year 2008</th> </tr> <tr> <th class="table_content">Employee&rsquo;s Income chargeable as below:</th> <th class="table_content">Total</th> <th class="table_content">Employer&rsquo;s rate</th> </tr> <tr> <td class="table_content">Earnings up to &euro;50,700 to PRSI @ 4% plus a Health<br /> Contribution of 2%<br /></td> <td class="table_content">6%</td> <td class="table_content">10.75%</td> </tr> <tr> <td class="table_content">Earnings from &euro;50,700 to &euro;100,100 to a Health Contribution of 2%<br /></td> <td class="table_content">2%</td> <td class="table_content">10.75%</td> </tr> <tr> <td class="table_content">Earnings over &euro;100,100 (&euro;1,925 per week, &euro;3,850 per fortnight &amp; &euro;8,342 per month) to a Health Contribution of 2.5%</td> <td class="table_content">2.5%</td> <td class="table_content">10.75%</td> </tr> </tbody> </table> <p><strong>Note:</strong> For 2007 and 2008 an additional 0.5% Health Contribution has been introduced on earnings exceeding &euro;1,925 per week (equivalent to &euro;3,850 per fortnight and to &euro;8,342 per month)</p> <p>Employees are exempt from PRSI on the first &euro;127 per week or &euro;26 per week for employees on a modified PRSI rate. <br /> <br /> Employees earning &euro;352 or less per week in 2008 (&euro;339 in 2007) are exempt from PRSI and Health Contribution. However, where earnings exceed &euro;352 per week in 2008 (&euro;339 in 2007), the employee&rsquo;s PRSI Free Allowance remains at &euro;127 per week or &euro;26 per week for employees on a modified PRSI rate. <br /> <br /> Employees earning &euro;500 or less per week in 2007 (&euro;480 in 2007) and are exempt from Health Contribution of 2%.</p> <p><strong>Note:</strong> Recipients of a Social Welfare Widow&rsquo;s or Widower&rsquo;s Pension, Deserted Wife&rsquo;s Benefit/Allowance or One-Parent Family Payment are exempt from paying the 2% Health Contribution. <strong>All Medical Card holders</strong> (including people aged 70 or over) are also exempt from this contribution.</p> <p><a href="#top" >&raquo; Back to Top</a></p> <a id="section19"><strong>PRSI &amp; Health Contributions - Self-Employed </strong></a> <p><strong>Class S (Self-Employed)</strong></p> <table width="100%" cellpadding="0" cellspacing="0" summary="The table represents the chargeable prsi and health contributions on self employeed income in tax years 2006 and 2007"> <tbody> <tr> <th colspan="2" class="table_header" id="tax2006">Self Employed Income chargeable as below:</th> </tr> <tr> <th class="tableHeadSub">Tax Year 2007</th> <th class="tableHeadSub">Total</th> </tr> <tr> <td class="table_content">3% PRSI and 2% Health Contribution on <strong>all income</strong> up to <strong>&euro;100,100</strong></td> <td class="table_content">5%</td> </tr> <tr> <td class="table_content">3% PRSI and 2.5% Health Contribution on <strong>all income</strong> over<strong> &euro;100,100</strong></td> <td class="table_content">5.5%</td> </tr> <tr> <th colspan="2" class="table_content" id="tax2007">Tax Year 2008</th> </tr> <tr> <td class="table_content">3% PRSI and 2% Health Contribution on <strong>all income</strong> up to <strong>&euro;100,100</strong></td> <td class="table_content">5%</td> </tr> <tr> <td class="table_content">3% PRSI and 2.5% Health Contribution on <strong>all income</strong> over <strong>&euro;100,100</strong></td> <td class="table_content">5.5%</td> </tr> </tbody> </table> <p>Self-employed persons are exempt from Health Contribution of 2% where the annual income is &euro;24,960 or less in 2007 and &euro;26,000 or less in 2008. The minimum annual PRSI contribution is &euro;253.</p> <p><a name="vat" id="vat"></a><strong>VAT Registration Threshold for SMEs</strong><br /> The VAT registration thresholds for small businesses are being increased from &euro;35,000 to &euro;37,500 in the case of services, and from &euro;70,000 to &euro;75,000 in the case of goods. These increases will take effect from 1 May 2008.&nbsp;&nbsp; </p> <p><strong>Reduced VAT rate for certain agricultural inputs used to produce bio fuel </strong><br /> The VAT rate on the supply of seeds, and of roots, bulbs, rhizomes and similar supplies used for the agricultural production of bio fuel crops, e.g. elephant grass, will be reduced from 21% to 13.5% with effect from 1 March 2008.&nbsp; </p> <p><strong>Review of VAT on Property Transactions</strong> <br /> Provision will be made in the Finance Bill for the introduction of a new system for applying VAT to property transactions.&nbsp; The changes are designed to simplify the rules, while ensuring a more equitable treatment for taxpayers.&nbsp; The new rules will apply to both residential and commercial property supplied in the course of business.&nbsp; The VAT charge on sales of residential property remains unchanged.&nbsp; The new system will take effect from 1 July 2008.</p> <p><strong>Reverse charge mechanism in the Construction Sector</strong><br /> A reverse charge mechanism for VAT on supplies made by a subcontractor to a principal contractor in the construction sector is being introduced with effect from 1 September 2008.&nbsp; </p> <p>A reverse charge means that instead of the subcontractor charging VAT on his supply to a principal and accounting to Revenue for the VAT, the principal contractor will account to Revenue for the VAT.&nbsp; Both the subcontractor and the principal will continue to claim input credits.</p> <p><a href="#top" >&raquo; Back to Top</a></p> <p>&nbsp;</p> <p><strong><a name="stamp" id="stamp"></a>STAMP DUTY </strong></p> <p><strong>Residential Property - New Rate Structure<br /> </strong>A simplified system, incorporating an exemption of &euro;125,000 with 2 rate bands of 7% and 9%, is being introduced for instruments executed on or after 5<strong> November 2007.&nbsp; </strong>The 7% rate applies up to &euro;1,000,000 and it is charged on the <strong>excess</strong> of the consideration over &euro;125,000.&nbsp; The 9% rate applies where the consideration exceeds &euro;1,000,000 and it is charged on the <strong>excess</strong> of the consideration over &euro;1,000,000.</p> <table class="text11" width="100%" bordercolor="#CCCCCC" cellpadding="0" cellspacing="2"> <tr> <td width="80%" class="table_header"><strong>Consideration (or Aggregate Consideration) exceeds &euro;127,000*</strong></td> <td width="20%" class="table_header">Rate of Duty </td> </tr> <tr> <td height="67" class="table_content">First &euro;125,000</td> <br /> <td height="-4" class="table_content"><div align="center"><br /> Nil<br /> </div></td> </tr> <tr> <td height="68" class="table_content">Next &euro;875,000</td> <td height="-1" class="table_content"><div align="center">7%</div></td> </tr> <tr> <td height="137" class="table_content">Excess over &euro;1,000,000</td> <td height="-1" class="table_content"><div align="center">9%</div></td> </tr> </table> <p>*To fully preserve the existing exemption, transactions, where the consideration (or aggregate consideration) does not exceed &euro;127,000, are exempt from stamp duty.</p> <p><strong>Reduction of Claw back Period</strong></p> <p>The claw back period for first-time buyer relief and owner-occupier relief is being reduced from 5 years to 2 years in certain circumstances.</p> <h5>Site to Child Exemption</h5> <p>The exemption threshold for a site, which is transferred from a parent to a child for the purposes of constructing the child&rsquo;s principal private residence, is being increased from &euro;254,000 to &euro;500,000.&nbsp; A similar change will apply for CGT purposes.&nbsp; These changes will be contained in the 2008 Finance Bill.</p> <p><br /> <a href="#top" >&raquo; Back to Top</a> <br /> <br /> </p> <!-- #EndEditable --></td> </tr> </table></td></tr> </table></td> </tr> </table> </td> </tr> </table> <table width="780" border="0" align="center" cellpadding="2" cellspacing="0"> <tr> <td><div align="right"> <table width="100%" cellspacing="0" cellpadding="0" border="0"> <tr> <td width="83%" height="40"><div align="left"><span class="footerlinks">Philip O Reilly &amp; Co Ltd. T/A &quot;Philip O Reilly Property Plus.&quot;</span><b><br /> <span class="footerlinks">Registered in Ireland. Registered Office: 22 Abbey St. Ennis, Co Clare, Ireland. Registered No: 88408.</span><font color="#FFFFFF"><span class="footerlinks"></span></font><br /> <span class="footerlinks">Tel: + 353 65 68 44448&nbsp; Fax: + 353 65 68 20496&nbsp;&nbsp;&nbsp;E-Mail:</span><span class="footerlinks"><a href="mailto:info@philiporeilly.com"><font color="#FFFFFF">info@philiporeilly.com</font></a></span></b><br /> <b><br /> </b></div></td> <td width="9%" rowspan="3"><div align="center"><img src="../images/iso.gif" alt="ISO 9001 Quality Assured Firm" width="50" height="45" border="1" /><img src="../images/ivai.gif" width="69" height="45" alt="Member of IAVI, the Irish Auctioneers and Valuers Institute." /><img src="../images/iba_logo.gif" width="50" height="46" /></div></td> </tr> <tr> <td class="sidebarWhiteLink"><div align="left"><a href="../index.htm" class="sidebarWhiteLink">Home </a>- &nbsp;<a href="../property/index.htm" target="_parent" class="sidebarWhiteLink" >Property </a>- <a href="../finance/index.htm" target="_parent" class="sidebarWhiteLink" >Finance </a>- <a href="../insurance/index.htm" target="_parent" class="sidebarWhiteLink" >Insurance </a>- <a href="../mortgages/loan-centre/index.htm" target="_parent" class="sidebarWhiteLink" > Mortgage Centre </a>- <a href="index.htm" target="_parent" class="sidebarWhiteLink" >Tax Centre </a>- <a href="../Quotation.htm" target="_parent" class="sidebarWhiteLink" >Quotation Centre </a>- <a href="../about_us_1.htm" class="sidebarWhiteLink">About Us </a>- <a href="../site-map.htm" target="_parent" class="sidebarWhiteLink" >Site Map </a>- <a href="../news.htm" class="sidebarWhiteLink">News</a> - <a href="../news.htm" class="sidebarWhiteLink"><font color="#FFFFFF"><br /> </font></a><a href="../property/JargonBuster.htm" class="sidebarWhiteLink">Jargon Busters </a><font color="#FFFFFF">-</font> <font face="Verdana, Arial, Helvetica, sans-serif" size="1"><a href="../comments_1.htm" class="sidebarWhiteLink">Comments </a><font color="#FFFFFF">-</font> </font><a href="mailto:info@philiporeilly.com" class="sidebarWhiteLink">E-Mail </a><font color="#FFFFFF">-</font> <font color="#FFFFFF"><a href="../termsofbusiness.htm" class="sidebarWhiteLink">Terms of Business</a> - </font><a href="../productproviders.htm" class="sidebarWhiteLink">Product Providers </a>- <small class="sidebarWhiteLink"><a href="../status.htm" class="sidebarWhiteLink">Statement of Authorised Status </a>-&nbsp;<font face="Verdana, Arial, Helvetica, sans-serif" size="1"><a href="../privacypolicy.htm" class="sidebarWhiteLink">Privacy Policy </a></font></small><small class="sidebarWhiteLink">&nbsp;</small> </div></td> </tr> <tr> <td height="24" valign="top" class="sidebarWhiteLink"><div align="left"><span class="footerlinks"><br /> Philip O'Reilly &amp; Co Ltd., trading as &quot;Philip O Reilly Property Plus&quot; is regulated by the Financial Regulator as a Multi Agency Intermediary &amp; Mortgage Intermediary in respect of Mortgages &amp; Financial Services. 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