Whistleblower protection, direct reimbursement of social welfare and online sales – 2014 changes:

As we come to the end of 2014 I outline a short summary of some fundamental legislative changes that may impact on your business operating in Ireland. 2014 introduced a number of legislative changes and this note highlights just three of them and also refers to two significant changes due to commence in 2015.

Whistleblower protection

The introduction of the Protected Disclosures Act 2014 means that statutory whistle-blower protection legislation is now in place since July 2014.  Have you put procedures in place to enable whistleblowing to occur in your workplace in light of this development?

The main requirement is that a worker is…

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Local Property Tax 2015

Payment of the Local Property Tax (LPT) for 2015 by a lump sum payment is due on 7 January 2015 unless another specific method of payment is designated.

If you wish to pay in full by single debit authority on the extended deadline of 21 March 2015 this payment option must be selected by 7 January 2015.

Liability for the LPT for 2015 applies to all liable persons of residential property on 1 November 2014.

Further information on…

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Capital Gains Tax Relief for Property held for 7 years

To qualify for the capital gains tax relief for property held for 7 years the property must be acquired by 31 December 2014. This is understood to mean that an unconditional contract for the property must be in place by 31 December 2014 and that section 542 of the Taxes Consolidation Act 1997 will apply.

The tax incentive that provided tax relief against capital against tax (CGT) if property is held for 7 years was not extended in Budget 2015.  In order to qualify for the relief property must be acquired by 31 December 2014.

For further information on this relief please see my previous…

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CGT Payment Deadline 2014

The Capital Gains Tax payment deadline for disposals between 1 January 2014 and 30 November 2014 is 15 December 2014. For disposals during December 2014 the payment date is 31 January 2015.

The Revenue reminder is available on www.revenue.ie

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Stamp Duty Rates 2014

Stamp duty is calculated based on the consideration paid for certain transactions that are recorded in a document (or market value may apply in certain circumstances for example if there is a gift or unascertainable consideration).

Residential Property

Consideration (or market value)
Up to €1,000,000       1%

Excess over €1,000,000 2%

Non Residential Property

2% of consideration (or market value)

Mixed residential and non residential property

Where a transaction includes both residential and non residential property,…

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