These incentives are most attractive for home buyers who buy these types of properties in counties Leitrim and Longford as well as in parts of Cavan, Sligo and Roscommon, an area known as the North Shannon region, as such buyers can claim half of the construction cost of their homes against their income tax bills over a period of 10 years.

Finance Act 2010: A Guide to Changes to Probate & Capital Acquisitions Tax

A Guide (PDF, 3.52MB) has been published on the Revenue website regarding changes to Probate & Capital Acquisitions Tax brought in by Finance Act 2010. It can be viewed at: Taxes & Duties – Capital Acquisitions Tax – Leaflets.

Value-Added Tax Amendment Regulations 2010 (S.I. 144 of 2010)

The Revenue Commissioners have made Regulations (PDF, 44KB) under the Value-Added Tax Act 1972 concerning the operation of VAT.

These Regulations amend the Value-Added Tax Regulations 2006 (S.I. No. 548 of 2006) (PDF, 430KB) in respect of the operation of the travel agent's margin scheme. The Regulations make provision for documentation and record keeping necessary for the proper application of the scheme in accordance with section 17(1D) of the VAT Act introduced by Finance Act 2010.

The Regulations came into effect on 7 April 2010.

A copy of the Regulations can be accessed on the Revenue website at: Tax Practitioners – Legislation – Statutory Instruments. Alternatively, they can be purchased from the Government Publications Sales Office.

Dividend Withholding Tax

1. Self-Certification for Non-Resident Companies

Section 33, Finance Act 2010, removes the requirement for certain non-resident companies receiving dividends from Irish resident companies to provide a tax residence and/ or auditor’s certificate, along with a signed non-resident declaration form, in order to obtain exemption from Dividend Withholding Tax (DWT) at source. Instead, a self-certification system will apply under which a qualifying non-resident company will provide a declaration to the dividend paying company or qualifying intermediary to claim exemption from DWT.

The Declaration will include:

Update of VAT on Property Guide

The VAT on Property Guide, which was published in April 2008, has been fully updated to take account of legislative changes to the VAT on property rules in the past two years. The Guide has also been converted into a navigable electronic web format.

The update incorporates the changes made by the Finance (No 2) Act 2008, the Finance Act 2009 and the Finance Act 2010, and also includes clarifications and explanations set out in previously published Tax Briefing articles and Responses to Frequently Asked Questions.

Income Levy

Updated arrangements regarding the operation of the Income Levy are available on the Revenue website in the form of Frequently Asked Questions (PDF, 463KB).

Topics covered include:

Incomes liable to the Income Levy
Exemption categories
Thresholds
Underpayments
Overpayments

Practitioners should note that these FAQs continue to be updated on a regular basis.