Finance Act 2021

In short

This law, the Finance Act 2021, is about setting out rules for various taxes, duties, and financial matters in Ireland. It covers changes to existing tax laws and introduces new provisions related to finance.

What it regulates

• Universal Social Charge, Income Tax, Corporation Tax, and Capital Gains Tax.
• Excise duties on products like tobacco, mineral oil, and alcohol, and vehicle registration tax.
• Value-Added Tax (VAT) rules, including for certain businesses and flat-rate farmers.
• Stamp duties on property acquisitions and levies on financial institutions.

Who it concerns

• Individuals subject to income tax, universal social charge, and capital gains tax.
• Companies liable for corporation tax.
• Businesses and individuals involved in activities subject to excise duties, VAT, and stamp duties.

Key points

• It amends existing sections of the Principal Act (Taxes Consolidation Act 1997) and other Finance Acts.
• It includes provisions for remote working expenses and a Pandemic Placement Grant.
• It addresses retirement benefits, including the removal of the Approved Minimum Retirement Fund (AMRF).
• It introduces a Residential zoned land tax.