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VAT, CAT & Stamp Duty

Capital Acquisitions Tax (CAT)

The rate of tax on gifts or inheritances remains unchanged at 33%, as does the €3,000 annual ‘small gifts exemption’.

The lifetime tax free class thresholds have been amended as follows: 

CAT Category

2016

2017

A - Parents to children

280,000

310,000

B - To parents, siblings, nieces,  nephews or grandchildren

30,150

32,500

C - All others

15,075

16,250

VAT & Stamp Duty

Proposals are to be considered for compensating charities for irrecoverable VAT incurred as a result of their exempt status. 

The reduced (9%) rate of VAT available to the tourism and hospitality sectors is to remain in place for another year.

The farmer’s flat-rate addition, which compensates unregistered farmers for VAT incurred on their farming inputs is to be increased. The flat-rate addition is reviewed annually in accordance with the EU VAT Directive and the increase from 5.2% to 5.4% with effect from 1 January 2017.

No changes have been announces in relation to stamp duty.  

In This Issue
Income Tax
Business/ Corporation Tax
Capital Gains Tax
Farm Taxation
VAT, CAT & Stamp Duty
Anti-Avoidance
About BCK

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The above is intended as a general guide to the measures announced in Budget 2017.  It is possible that the measures described above may be modified and may be subject to change in the Finance Bill.  No action should be taken on the basis of the above without obtaining professional taxation advice.

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