Offshore Tax Summaries-Ireland
Offshore Tax Summaries-Ireland Generally, any individual who is "resident," or "ordinarily resident and domiciled" in the Republic of Ireland is subject to Irish taxes on both Irish income and worldwide income. However, he is entitled to claim certain tax credits and deductions, and double taxation agreements should ensure that he is not levied twice over on the same income. For tax purposes, the rules determining residency status are as follows:
An individual is resident in Ireland in a tax year if he spends 183 days or more in Ireland during that year, or spends an aggregate of 280 days in Ireland in that year and the previous tax year.
An individual who has been resident in Ireland for three consecutive tax years becomes ordinarily resident from the beginning of the fourth tax year.
An individual who has been ordinarily resident in Ireland ceases to be so at the end of the third consecutive year in which he is not resident.
Most Irish employees are subject to two kinds of income tax: Pay as You Earn (PAYE) applies to all Irish-sourced employment income and is calculated at progressive rates. The current rates for an individual are 20% on the first 28,000 Euros ($32,840) of the annual salary, and 42% on the balance. Pay Related Social Insurance (PRSI) is a payroll tax which funds various benefits for employees, including unemployment assistance and certain medical benefits. There is a progressive scale of rates, which depend on the category of employment. The employer's contribution is generally 10.75% of salary. Employees pay 6% on income up to 40,420 Euros ($47,423) and 2% on the balance.
Transfer tax/stamp duty
Stamp duty is the primary tax burden put on to buyers of Irish real estate. Residential properties having a value less than 127,000 Euros ($150,000) are exempt. The tax is levied at progressive rates from 3% to 9% (the latter on amounts in excess of 635,000 Euros ($745,000). Lower rates of duty apply to transfers of nonresidential property. There are also breaks for first-time buyers.
Rental income tax
For individuals, rental income is treated in a similar way to the normal income from work, and is taxed at the same rates. For most investors, the tax on rental income is charged at 42%.
A form of property tax, known as local authority rates, is only chargeable on commercial. The rate depends on the property's value and the local authority in the area where the property is located. This is generally a tax-deductible expense.
Capital gains tax
The Capital gains tax is generally charged at 20% on disposals of property, with a 40% rate being applied to certain assets in limited circumstances. There is an exemption from capital gains tax on the transfers of assets between spouses and an annual exemption of 1,270 Euros ($1,490) per individual which is non-transferable between spouses. Land transfer from a parent to a child, with a value not greater than 254,000 Euros ($300,000), for the purpose of building a principal private residence, is also exempt.
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