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Home Blog Efficient Financial - Irish Tax Notes 2017

Efficient Financial – Irish Tax Notes 2017

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.
USC does not apply where total income does not exceed €13,000 or
income that is already subject to DIRT.

 

 

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.

Capital Acquisitions Tax (CAT)Exemption LimitsExit TaxHarry Crummy CFP ArklowIncome Tax 2017Irish Tax 2017Local Property TaxPRSI Rates 2017Tax Credits 2017Tax Dates for 2017Universal Social Charge (USC)

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