Business
Finance Act 2009
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The Act introduces the legislation to give effect to the new tax regime for the taxation of the income arising from, and tax deduction for, expenditure on Intellectual Property. This is to be welcomed as it enhances Ireland as a location for centralising Intellectual Property. A considerable amount of legislation has been introduced to ensure that losses realised on dealing in residential land before 1 January 2009 are either deductible from trading profits or are relieved on a value basis at 20% from profits taxable at 25%. Where they are not used in this way, only 80% of the loss is available for carry forward. The Act also contains the legislation restricting the capital allowances on certain tax incentive schemes. There is one additional welcome provision in the Act relating to the reduction in interest payable on overdue tax from 1 July 2009. |
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