TAX FACTS 2017
- Listed below are summary notes on taxes, which you may find helpful as a reference point.
- This information was prepared in December 2016 for
the 2017 Tax Year.
- If you are interested in exploring what changes could be made to improve the tax situation for you or your dependants, please contact us today for an initial financial consultation.
| Income Tax 2017 | ||||||
| Standard Rate | 20% | |||||
| Higher Rate | 40% | |||||
| Standard Rate Band | ||||||
| Single/Widowed
No dependant children With dependant children |
€33,800 €37,800 |
|||||
| Married/Civil Partners – one income | €42,800 | |||||
| Married/Civil Partners – two incomes
*Increase is lower of €24,800 and income of lower earning spouse. |
€42,800
+ *€24,800 |
|||||
| Tax Credits | ||||||
| Single Person | €1,650 | |||||
| Married/Civil Partners | €3,300 | |||||
| Widowed/Surviving Civil Partners (no dependant children) | €2,190 | |||||
| Additional Credit for One Parent Family, Widowed & Other | €1,650 | |||||
| PAYE Credit | €1,650 | |||||
| Earned Income (Excluding PAYE Income) Credit | €950 max | |||||
| Blind Allowance | €1,650 | |||||
| Dependant Relative | €70 | |||||
| Age Tax Credit – 65 & Over | €245 | |||||
| Home Carer’s Tax Credit | €1,100 | |||||
| Limit for Medical Expenses per adult | €1,000 | |||||
| Exemption Limits | ||||||
| Single/Widowed/
Surviving Civil Partner |
Married/Civil Partner
(At least one aged 65 or over) |
|||||
| Aged 65 or over, with no child dependants. | €18,000 | €36,000 | ||||
| Universal Social Charge | ||||||
| Income | ||||||
|
(i) First €12,012 |
0.5% | (ii) Next €6,760 | 2.5% | |||
| (iii) Next €51,272 | 5.0%
Rate reduced to 2.5% if over 70 and income is below €60,000, or if full medical card holder at any age. |
(iv) Balance | 8.0% | |||
| Individuals who have income from self-employment that exceeds €100,000 in a tax year are subject to a 3% surcharge.
A USC rate of 11% therefore applies to any income in excess of €100,000.
|
||||||
| PRSI Rates From January 2017 | ||
| A1 | S1 | |
| Employee | *4.0% on all income | 4.0% on all income |
| Employer | 10.75%**
(Incl. 0.7% Training levy) |
Nil |
| * Employees earning less than €352 p.w. are exempt from PRSI. Tapered PRSI relief if weekly earnings are between €352 and €424, with no PRSI relief if weekly earnings are over €424. | ||
| ** Employer PRSI is 8.50% if weekly earnings are €376 or less.
PRSI is payable on rental income, dividends and interest on deposits and savings (if the total of such income exceeds €5,000 p.a.) (self -employed already liable with no threshold) |
||
| Capital Acquisitions Tax 2017* | |
| Threshold | Relationship |
| €310,000** (Previously €280,000)
|
Child, or, minor child of a deceased child. |
| €32,500 (Previously €30,150) | Brother, sister, child of a brother or sister,lineal ancestor or descendant. |
| €16,250 (Previously €15,075) | Other |
| Tax Rate | 33% |
| *All benefits received since 5/12/1991 taken into account for threshold. | **Applies on or after 12th October 2016 |
| Annual Gift Exemption €3,000 |
| Tax on Investment Products 2017 | |
| DIRT | Whether payable annually or otherwise 39% |
| The following are among those who can claim exemption from/reclaim DIRT: | |
| First time buyers who purchase their first home between 14/10/2014 and 31/12/2017 can claim a refund of DIRT incurred in the previous 48 months on savings up to 20% of the purchase price. | |
| Those individuals who are over age 65 and below the income exemption limits. | |
| Exit Tax | |
| Collective Investments | 41% |
| Corporate Investors | 25% |
| Personal Portfolio/Wrappers | 60% |
| Local Property Tax |
| The standard yearly rate is 0.18% of the market value up to €1m and 0.25% on excess above €1m
Local authorities can increase or decrease these rates by a maximum of 15%. |
Important Tax Dates for 2017
Income Tax
31/10/2017
- Return Filing date and Payment of Balance of Income Tax for 2016.
- Preliminary Income Tax due for 2017.
10th November 2017
- Deadline for Online Returns.
Capital Gains Tax
15/12/2017
- Payment of CGT on disposals made in the period 1st January 2017 to 30th November 2017.
31/1/2018
- Payment of CGT on disposals made in December 2017.
Disclaimer: Efficient Financial accepts no responsibility for any of the information contained in this factsheet.
The information in this factsheet was correct at the time of preparation (Dec. 2016). The factsheet is intended as a guide only. Any tax decisions should be made in consultation with a qualified professional.
Efficient Financial is a trading name of Henry Crummy Insurances Ltd and is regulated by the Central Bank of Ireland.