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Electronic Filing | Pay and File Summary | Tax Tip | Capital Acquisitions Tax
 
 

ELECTRONIC FILING

 

Revenue produced a consultation document in July 2010 which outlined the proposed extension of mandatory electronic filing and payment for certain tax returns and liabilities. The new filing arrangements are to be included in regulations to be issued by Revenue in the coming weeks, but are likely to be introduced from 1 June 2011 and 1 October 2011 as follows:


Returns/payments due on, or after 1 June 2011, must be made on-line by:

• All companies
• All trusts
• All partnerships
• Individuals filing stamp duty returns in respect of instruments executed on, or after 1 June 2011
• Individuals or companies filing a return of payments to third parties (Form 46G)
• Individuals subject to the higher earners restriction
• Individuals benefiting from, or acquiring, Foreign Life Policies, Offshore Funds or other Offshore products.
• Individuals claiming a range of property based incentives (Residential Property and Industrial Buildings Allowances)

Returns/payments due on, or after 1 October 2011, must be made on-line by the following categories of persons/ businesses where they are not already the subject of such a requirement:

• Employers with more than 10 employees

Revenue will now commence a process of writing to individuals/business advising them of the obligations that will apply from, 1 June 2011 or, 1 October 2011, and of the steps that need to be taken to ensure compliance from the appropriate dates.
 

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PAY AND FILE SUMMARY
The following is a summary of upcoming pay and file dates:
 
Income Tax

Filing date of 2010 return of income 		 
- self assessed individuals
31 October 2011
- non self assessed individuals
30 September 2011
   
Pay preliminary income tax for 2010  
- self assessed individuals
31 October 2011
- non self assessed individuals
30 September 2011
 
Capital Gains Tax
Payment of Capital Gains Tax for the disposal of assets made from 1 January 2011 to 30 November 2011
15 December 2011
 
Corporation Tax
Filing date for Corporation Tax returns for accounting periods ending in August 2010
21 May 2011
 
Payment of Corporation Tax for accounting periods ending in August 2010
21 May 2011
 
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TAX TIP

 

If you have capital gains tax losses the only way to unlock the tax advantage is to offset the losses against a capital gain. To that end it is worth taking a look at your investment portfolio to see if it can be re-organised to yield capital gains as against deposit interest which is taxable at a marginal rate of 55%. By utilising the capital losses, you can enjoy the gains tax free.
 
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CAPITAL ACQUISITIONS TAX

 
Finance Act 2011 has further reduced the lifetime limits for tax free gifts and inheritances as follows:

Relationship of beneficiary Group threshold to donor/testator

2010

2011

Group A:
Child of disponer, Minor child of a deceased child for inheritances only or parent of the disponer

€414,799

€332,084

Group B:
A linear ancestor/descendant brother sister, or child of a Deceased brother or sister of disponer

€41,481

€33,208

Group C:
Any other person

€20,740

€16,604

While the value of the tax-free thresholds have dropped, it still is an opportune time to transfer assets to the next generation as property values are currently at an all-time low.
 
 
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These are intended as a general guide to the subject matter, it should not be used as a basis for decisions. For this purpose advice should be obtained which takes into account all the client's circumstances. Every effort has been made to ensure the accuracy of the information. In view of its purpose the reader will appreciate that we are unable to accept liability for any errors or omissions which may arise.