Finance Act 2011

In short

This law, the Finance Act 2011, is about changing various taxes and duties in Ireland. It covers income tax, corporation tax, capital gains tax, customs, excise, value-added tax, stamp duties, and capital acquisitions tax.

What it regulates

• Income Levy, Universal Social Charge, Income Tax, Corporation Tax and Capital Gains Tax.
• Customs and Excise duties.
• Value-Added Tax.
• Stamp Duties and Capital Acquisitions Tax.

Who it concerns

• Individuals subject to income levy, universal social charge, income tax, and capital gains tax.
• Companies subject to corporation tax.
• Anyone involved in activities subject to customs, excise, VAT, stamp duties, or capital acquisitions tax.

Key points

• The income levy ceased to be charged for the year of assessment 2011 and subsequent years.
• A universal social charge was introduced.
• It includes amendments related to age exemption, personal tax credits, and benefit-in-kind taxation.
• It provides for the cessation of certain reliefs and exemptions, such as relief for trade union subscriptions and exemption for certain income from patent royalties.