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Finance Act 2017 & Current Tax Developments

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Finance Act 2017 & Current Tax Developments Taxing Times Finance Act 2017 & Current Tax Developments kpmg.ie/financeAct2017 #FinanceAct December 2017 Focus. Clarity. Insight KPMG is Ireland’s leading Tax practice with over 600 tax professionals based in Dublin, Belfast, Cork and Galway. Our clients range from dynamic and fast growing family businesses to individuals, partnerships and publicly quoted companies. KPMG tax professionals have an unrivalled understanding of business and industry issues, adding real value to tax based decision making. Corporate Private Global Ta x Client Practice Mobility Services Employment VAT International and Ta x Cross Border Tax For further information on Finance Act 2017 log on to: kpmg.ie/financeact2017 TaxingTimes Finance Act 2017 1 Introduction The Government published Finance Act 2017 on 19 October 2017. The Act contains the taxation measures announced in the Minister for Finance’s Budget speech on 10 October 2017 as well as a small Conor O’Brien number of measures not previously announced. As the Report stage is complete, we refer to the Act in Partner this issue of Taxing Times as Finance Act 2017. The Act continues the policy of offering The Act includes a number of important an attractive taxation regime to technical amendments to ensure that Content: businesses locating in Ireland. In an Ireland’s taxation laws are compatible unstable world, the continuity of this with large bodies of new company Personal Tax 2 policy, which has lasted for six decades law, accounting standards and case and has always been overwhelmingly law, as well as to codify some long- Employee Tax Issues 4 supported across the Irish political standing administrative practices. spectrum, is remarkable. Ireland is These amendments, which are detailed likely to remain in the top rankings and complex in nature, are the fruit Business Tax 8 of attractive locations for business to of a great deal of unheralded but invest. very important work by Ireland’s civil Financial Services 14 servants that enhance the efficiency The Act is the third in a row that offers and effectiveness of the taxation welcome personal tax relief to citizens system. Property & Construction 18 who endured with great discipline the onerous fiscal adjustments The ongoing policy of heavily taxing necessitated by the financial crisis. incomes of over €70,000 is to be Indirect taxes 22 regretted and is compounded this These measures include: year by the announced 0.3% phased Trade is a taxing question increase in employer PRSI. The top in a post-Brexit world 24 • 2.5% rate of USC is reduced to 2% 1% of income earners already pay • 5% rate of USC is reduced to 4.75% substantially more personal taxes than the bottom 74% of income earners BEPS related • Increase of €750 in the income tax combined. The top 6% of income developments 26 standard rate band earners pay about half of all personal taxes in Ireland. Much independent • Increase of €200 in the earned research highlights the dangers of Tax Rates & Credits 2018 30 income credit uncompetitive taxation of this relatively • Increase of €100 in the home carer mobile sector, particularly in a small tax credit open economy. The research indicates that some rate cuts for this cohort • Capital gains tax treatment to apply might actually increase Exchequer yield to gains on share options granted by due to the dynamic and broad effects of unquoted SMEs to key employees such cuts on economic behaviour. where the conditions of a new Key Employee Engagement Programme The most effective narrowly targeted (KEEP) incentive are met tax measures would be improvements to the capital gains tax relief for The new KEEP incentive raises certain entrepreneurs and the tax relief for practical issues, including the need to foreign assignees to Ireland (SARP). In agree the market value of unquoted our view, improvements in these two shares. It is to be hoped that, as KEEP reliefs would promote both job creation is rolled out, practical administrative and economic growth. There will be procedures will be introduced in order widespread disappointment that there to eliminate any uncertainties on such appears to be no positive movement matters and to ensure that the incentive at all on these items. It is to be hoped is workable. that such measures might be included in future Acts so that Ireland can face future economic challenges in the most Other measures announced in the competitive shape possible. Budget and confirmed by the Act are the welcome retention of the 9% VAT rate for tourism-related services and the less welcome increase from 2% to 6% in the rate of stamp duty on Conor O’Brien commercial property transactions. Head of Tax and Legal Services 2 TaxingTimes Finance Act 2017 Personal Tax Robert Dowley Partner Universal social charge (USC) Income tax bands Mortgage interest relief The Act provides for the various The Act provides for the increases in The minister confirmed on Budget changes to universal social charge the standard rate tax bands announced Day that mortgage interest relief is to rates and thresholds announced in the in the Budget. It confirms that all be extended to the end of 2020 on Budget. Full details of the revised rates bands will increase by €750, with a tapered basis. This means that the and thresholds are available in the Tax a commensurate increase in the relief for 2018, 2019 and 2020 will be Rates and Credits 2018 table at the end additional band available to a married 75%, 50% and 25% respectively of the of this publication. couple with two earners. Full details of existing relief available in 2017. the revised thresholds are available in As expected, the Act confirms that The Act includes the required legislative the Tax Rates and Credits 2018 table at these changes take effect for 2018 and amendments to give effect to this the end of this publication. subsequent years of assessment. announcement. As a result of the revised rates, those Changes in tax credits aged over 70 years with aggregate Anti-avoidance The Act provides for the increases in income not exceeding €60,000 are now The Act introduces changes to a the home carer tax credit (from €1,100 capped at a USC rate of 2%. In addition, number of anti-avoidance provisions to €1,200) and the earned income tax the Act contains an extension of the relating to the transfer of assets abroad. credit (from €950 to €1,150) announced equivalent cap for medical-card holders These provisions seek to assess an in the Budget. Both of these increases aged under 70 years with aggregate Irish resident or domiciled individual to apply for 2018 and subsequent years. income not exceeding €60,000. Irish tax on income or gains accruing to In addition, the Act confirms that the a foreign company or settlement (the earned income tax credit and the foreign entity) in certain circumstances. fisher tax credit are non-refundable tax credits. These provisions currently do not apply TaxingTimes Finance Act 2017 3 where the transaction giving rise to the Capital acquisitions tax for loss relief and offset of capital income or gain was made for bona fide The Act moves to include vested allowances, to fall beneath the income commercial reasons and was not part Retirement Annuity Contracts and threshold. of an arrangement the main purpose or certain Personal Retirement Savings one of the main purposes of which was Accounts as forms of retirement fund Capital Gains Tax the avoidance of liability to tax. which can be inherited free from capital anti-avoidance provisions The Act has reframed the provisions to acquisitions tax where the inheritance Entrepreneur relief and consider the substance of the activities is under the will or intestacy of the retirement relief disponer and the successor (being a of the foreign entity itself. With effect Known as entrepreneur relief a reduced child of the deceased) has reached the from 1 January 2018, the provisions 10% rate of Capital Gains Tax applies to age of 21 at the time of the inheritance. will not apply where, at the time of the the first €1 million of gains on disposal of This change is to prevent the successor transaction, genuine economic activities qualifying business assets by individuals. are carried on by the foreign entity in a being liable to both income tax and member state of the European Union or capital acquisitions tax on the inheritance, Retirement relief can exempt or relieve European Economic Area. as the transfer of such funds would be CGT on the disposal of qualifying treated as drawdowns by the successor business assets by individuals aged By adjusting the focus of the tests subject to income tax at 30%. 55 or over. in the anti-avoidance measures from one which looks at the transaction in The Act amends the dwelling house Similar anti-avoidance measures are question (e.g. the disposal of an asset exemption to clarify that no liability to introduced in respect of these reliefs: giving rise to a gain) to one which looks inheritance tax will be triggered where • The reliefs will not apply to a disposal to the genuine nature of the foreign a gift to a dependent relative becomes by an individual of qualifying assets entity’s activities, the approach is more an inheritance due to the disponer (goodwill or shares/securities) where consistent with other anti-avoidance passing away within two years of the disposal is to a company and where measures. making the gift. It also clarifies that a the individual is connected with that property transferring to a dependent company. Provision is also introduced relative does not need to have been Exemptions for certain kinds to prevent the relief applying where the principal private residence of the of property an individual artificially arranges to be disponer at any stage to qualify for the unconnected with the company.
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