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Tax rates and credits remain unchanged for 2012.
Lower income threshold for USC raised from €4,004 to €10,036.
Mortgage interest improved for first time buyers in the years 2004 to 2008 and current relief extended to 2012 for all new buyers in 2012.
Introduction of a Special Assignee Relief Programme.
Introduction of a Foreign Earnings Deduction for temporary assignments to BRICS countries.
DIRT rate increased from 27% to 30%.
Property Relief surcharge of 5% where investors gross income exceeds €100,000.
Corporation Tax
No change in rates.
Start up company relief to be extended by a further three years.
R&D credit regime being improved – particularly for small businesses.
Farmer Taxation
Enhanced stock relief of 50% (or 100% for certain young trained farmers) until 2015.
Improved CGT regime to encourage intra-family transfers for individuals aged 55 to 66 years.
VAT refunds to be available to flat-rate farmers on the construction of windfarms.
Capital Gains tax
Rate increased to 30%
No capital gains tax payable for first 7 years of ownership on assets acquired up to end of 2013 and held for more than 7 years
Capital Acquisitions Tax
Rate increased to 30%
Class A threshold (generally applicable to spouses and children) reduced to €250,000
Value Added Tax
Rate increased to 23% from 1 January, 2012
Rate of tax on district heating reduced from 23% to 13.5%
9% rate to apply to admission to Open Farms
Stamp Duties
Rate of charge reduced to 2% for all commercial property transactions.
Other taxes and duties
New €100 household charge with exemptions for low income families.
Motor taxes increased.
Cigarettes increased by 25c per packet of 20.
