Director Restriction Applications

A director of an insolvent company that has gone into liquidation may face a restriction application under section 819 of the Companies Act 2014. If that restriction application succeeds, the director will be prohibited from acting as a director or secretary or being involved in the formation of a company for five years unless that company meets certain criteria. The … Read More

Stamp Duty for Residential Property Purchases

Stamp duty is a tax imposed on the instrument executed to transfer certain properties. The stamp duty on a residential property is calculated as follows: 1% of the market price up to €1,000,000 2% on the balance of the purchase price above €1,000,000 Residential properties are defined as buildings which at the time of the transfer are used or are … Read More

Budget 2020 conveyancing update

The government has announced the extension of the Help to Buy scheme for two years until the end of 2021. This scheme which is available to first time buyers purchasing a new home costing up to €500,000 was originally due to expire on 31 December 2019. There was also some discussions about whether the price cap for the scheme would … Read More

Change in Capital Acquisitions Tax Threshold 2020

The capital acquisition tax group A threshold been increased from €320,000 to €335,000 with effect from on or after 9 October 2019 as part of the Budget 2020 changes announced this week. This lifetime limit broadly applies to any gifts or inheritances from a parent to a child (including a step-child and an adopted child). There was no change to … Read More

Help to Buy Deadline 31 March 2020

The Banking & Payments Federation Ireland recently called on the government to renew the Help to Buy scheme which is available to first time buyers of new build homes. The federation highlighted the importance of the scheme to the housing market and noted in particular that between 80-92% of first time buyers had availed of the scheme between 2018-2019. However, … Read More

Final Tracker Mortgage Report Published

The Central Bank recently published its Tracker Mortgage final report in July 2019. That report arises from the investigation of all lenders that offered tracker rate mortgages in Ireland. The investigation originally began in 2015 when the Central Bank became aware that the tracker mortgage failings might be industry wide. The Central Bank’s report outlined examples of failings where customers … Read More

Rebuilding Ireland Home Loan and Help to Buy Scheme

A rebuilding Ireland home loan is a government backed mortgage available to first time buyers who must have been rejected previously by at least two other mortgage providers for a mortgage application. The loan is subject to a 90% loan to value limit and the maximum value of the relevant property is €320,000 in Cork, Dublin, Galway, Kildare, Louth, Meath and … Read More

2019 LPT Deadline

The Revenue has issued a reminder that the deadline for discharging the 2019 local property tax is 10 January 2019 if paying by cash, cheque, credit card or debit card. If you instead choose to pay the charge by a single debit authority, you must also inform the Revenue of such selection by 10 January 2019. If you are intending … Read More

Change in Capital Acquisition Tax Thresholds 2018

The capital acquisition tax group A?threshold been increased from €310,000 to €320,000 with effect from on or after 10 October 2018. This lifetime limit broadly applies to any gifts or inheritances from a parent to a child (including a step-child and an adopted child). There was no change to any of the other group thresholds which apply to gifts or … Read More

Dwelling House Relief Judgment Update

Ms Justice Caroline Costello has now issued her judgment in an eagerly awaited appeal by the Revenue Commissioners against a decision of the Tax Appeal Commission. Leanne Deane had originally appealed against a tax assessment of €52,000 made against her by the Revenue Commissioners in connection with her inheritance from her father of the family home. Leanne Deane had argued … Read More

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