Source: http://docplayer.net/16549253-Tes-for-guidance-taxes-consolidation-act-1997-finance-act-2014-edition-part-5.html
Timestamp: 2017-03-23 03:41:39
Document Index: 88226837

Matched Legal Cases: ['art 5', 'art 5', 'art 5', 'ART 5', 'art 13', 'art 13', 'art 12', 'art 12', 'art 30', 'art 30', 'ART 9', 'art 9', 'ART 9', 'art 23', 'art 23', 'art 23', 'ART 1', 'ART 1', 'art 1', 'ART 1', 'art 1', 'ART 1', 'ART 2', 'ART 1', 'ART 2', 'art 10', 'art 10', 'art 8', 'art 8', 'art 29', 'art 29', 'art 9', 'ART 1', 'art 17']

tes for Guidance Taxes Consolidation Act 1997 Finance Act 2014 Edition - Part 5 - PDF
Download "tes for Guidance Taxes Consolidation Act 1997 Finance Act 2014 Edition - Part 5"
1 Part 5 Principal Provisions Relating to the Schedule E Charge CHAPTER 1 Basis of assessment, persons chargeable and extent of charge 112 Basis of assessment, persons chargeable and extent of charge 112A Taxation of certain perquisites CHAPTER 2 Computational provisions 113 Making of deductions 114 General rule as to deductions 115 Fixed deduction for certain classes of persons CHAPTER 3 Expenses, allowances and provisions relating to the general benefits in kind charge 116 Interpretation (Chapter 3) 117 Expenses allowances 118 Benefits in kind: general charging provision 118A Costs and expenses in respect of personal security assets and services 118B Revenue Approved Salary Sacrifice Agreements 119 Valuation of benefits in kind 120 Unincorporated bodies, partnerships and individuals 120A Exemption from benefit-in-kind of certain childcare facilities CHAPTER 4 Other benefit in kind charges 121 Benefit of use of car 121A Benefit of use of van 122 Preferential loan arrangements 122A Notional loans relating to shares, etc CHAPTER 5 Miscellaneous charging provisions 123 General tax treatment of payments on retirement or removal from office or employment 124 Tax treatment of certain severance payments 125 Tax treatment of benefits received under permanent health benefit schemes 126 Tax treatment of certain benefits payable under Social Welfare Acts 127 Tax treatment of restrictive covenants 127A Tax treatment of members of the European Parliament 127B Tax treatment of flight crew in international traffic 128 Tax treatment of directors of companies and employees granted rights to acquire shares or other assets 128A Deferral of payment of tax under section B Payment of tax under section C Tax treatment of directors of companies and employees who acquire convertible securities 128D Tax treatment of directors of companies and employees who acquire restricted shares 128E Tax treatment of directors of companies and employees who acquire forfeitable shares 12 PART 5 PRINCIPAL PROVISIONS RELATING TO THE SCHEDULE E CHARGE Overview CHAPTER 1 Basis of assessment, persons chargeable and extent of charge This Chapter provides for the basis of assessment in relation to income tax charged under Schedule E and describes who is chargeable and the extent of the charge. The Chapter also contains a special provision to cater for the taxation of perquisites arising as the result of an employer paying medical insurance premiums or longterm care insurance premiums of an employee. 112 Basis of assessment, persons chargeable and extent of charge This section provides for the basis of assessment, in relation to income tax charged under Schedule E, and describes the persons chargeable and the extent of the charge to tax. Income tax under Schedule E is charged for each year of assessment on every person having or exercising an office or employment of profit mentioned in that Schedule, and in respect of every annuity, pension or stipend chargeable under that Schedule. The charge to tax covers all salaries, fees, wages, perquisites or profits whatever derived from the office, employment or pension for the year of assessment. Income tax under Schedule E is charged on every person having or exercising an office or employment of profit referred to in that Schedule (see section 19) in respect of all salaries, fees, wages, perquisites and other profits derived by that person from the office or employment. It is also charged on any person to whom any annuity, pension or stipend chargeable under that Schedule is payable in respect of all salaries, fees, wages, perquisites and other profits derived by that person from the annuity, pension or stipend. The charge is computed on the total amount of all such payments for the year of assessment. Where emoluments (that is, anything assessable to income tax under Schedule E) derived from an office or employment would be for a year of assessment in which the person in receipt of the emoluments does not hold the office or employment, then if in the year of assessment the person has not yet held the office or employment, the emoluments are treated as emoluments for the first year of assessment in which the office or employment is held and are taxed accordingly, and if in the year in question the person no longer holds the office or employment, the emoluments are treated as emoluments for the last year of assessment in which the office or employment was held and are taxed accordingly. (1) (2) 112A Taxation of certain perquisites 23 This section is concerned with the situation in which an employer pays medical insurance premiums or long-term care insurance premiums of an employee as part of the employee s remuneration (as a perquisite). As insurers would not be able to distinguish such payments from others made by employers on behalf of their employees, all premium payments by employers are treated in the same way, that is, the reduced premiums under the tax relief at source arrangements are payable in all cases. This section ensures that employees and employers are left in the same position as they would be under previous arrangements (i.e., prior to the introduction of tax relief at source) in relation to the taxation of the perquisite. An employee is chargeable to income tax at his/her marginal rate on the value of the gross premium (as a taxable perquisite) but is given a credit for tax relief, at the standard rate, in respect of that premium in the calculation of the tax chargeable on that perquisite. In the case of medical insurance premiums paid by an employer under a relevant contract within the meaning of section 470B, renewed or entered into between 1 January 2009 and 31 December 2011, the employee is also given a credit for any age-related tax credit due under that section (subject to certain restrictions see section 470B(5)(c)). To recover the benefit obtained by the employer by way of the reduced premium paid, a payment equal to 20 per cent of the gross premium will have to be made by the employer to Revenue. This tax payment is allowed as a deduction in taxing the employer s profits so that, when added to the net amount of premiums actually paid to the insurer, the employer, as previously, gets a deduction for tax purposes equivalent to the gross premium. In the case of medical insurance premiums paid by an employer under a relevant contract within the meaning of section 470B, renewed or entered into between 1 January 2009 and 31 December 2011, the payment the employer has to make to Revenue is to be calculated at 20 per cent of the gross premium net of any agerelated tax credit due under section 470B. Example Gross premium payable 2,200 Age-related tax credit 200 2,000 Tax relief at standard-rate 400 Net premium 1,600 The employer must pay an amount equal to 20 per cent of 2,000 ( 400) to Revenue. The employee will be chargeable to income tax on 2,200 at his or her marginal rate and will receive a tax credit of 2,000 x 20% and an age-related tax credit of 200. Definitions A number of terms are defined by reference to sections 470, 470A and 470B that is, the sections which, respectively, provide tax relief for medical insurance premiums, tax relief for long-term care insurance premiums, and age-related tax credit for medical insurance premiums. employee and employer have the same meanings, respectively, as in section 983. (1) 34 Taxation of perquisite Section 112 is applied by the section so as to tax the perquisite comprising the payment of medical insurance or long-term care insurance premiums of an employee by an employer as if the deduction of tax at the standard rate or agerelated tax credit (see section 470B) had not been made. In other words, the employee will be charged to tax on an amount equal to the gross insurance premium with relief at the standard rate and age-related tax credit, (if any), due, being included in the charging calculation. Charge on employer Where an employer pays medical insurance premiums or long-term care insurance premiums as part of an employee s remuneration (that is, as a perquisite) and deducts and retains income tax at the standard rate under the relief at source arrangements, a charge of income tax equal to the standard rate percentage of the gross premium (net of age-related tax credit, if any) is imposed on the employer. That tax liability is allowable as a deduction in charging the employer s profits to tax so that the employer is left in the same overall position as in the pre-relief at source situation by getting a deduction equivalent to the gross premium. Payment of charge The provisions of subsections (3) to (6) of section 238, modified as necessary, are applied in order to provide for the accounting for, and payment of, the charge imposed on the employer. (2) & (2A) (3) (4) CHAPTER 2 Computational provisions Overview This Chapter provides the computational rules applicable in calculating the emoluments derived from an office or employment and the amount of any annuity, pension or stipend. 113 Making of deductions Any deduction from emoluments (that is, all salaries, fees, wages, perquisites or profits or gains whatever arising from an office or employment, or the amount of any annuity, pension or stipend) allowed under the Income Tax Acts for the purpose of computing a Schedule E assessment are to be made by reference to the amount actually paid or borne for the year or part of the year referable to the emoluments in respect of which the computation is made. 114 General rule as to deductions The general rule as to the deductibility of expenses in computing the amount chargeable under Schedule E is that the expense must be wholly, exclusively and necessarily incurred by the holder of an office or employment in the performance of the duties of the office or employment. 115 Fixed deduction for certain classes of persons The Minister for Finance may set a fixed sum for expenses which represents a fair equivalent of the average amount for a year of assessment of expenses incurred by 45 any class of person in receipt of salary, fees or emoluments payable out of the public revenue. The expenses must be wholly, exclusively and necessarily incurred in the performances of the duties in respect of which such salaries, fees or emoluments are paid. The fixed sum may be deducted from the salary, fees or emoluments of a person of that class for the purposes of computing the charge to tax. Where a person incurs expenses in excess of the sum fixed by the Minister, the larger amount may be deducted instead of the fixed sum. CHAPTER 3 Expenses, allowances and provisions relating to the general benefits in kind charge Overview This Chapter provides a scheme of taxation for payments of expenses and benefits in kind provided to directors and employees. The broad effect of the Chapter is to treat as taxable remuneration the amount of the expense payments made or the value of the benefit received. The Chapter does not affect the deduction of genuine business expenses of employees under section 114. The Chapter applies to directors and employees of companies and other bodies engaged in trade or in holding investments or other property and also to employees of partnerships and sole traders. It also applies to the spouses, family, dependants, servants and guests of such directors and employees. 116 Interpretation (Chapter 3) This section gives the meaning of certain terms and sets out the rules for the construction of certain references used in the Chapter. business premises, control, director and employment are self-explanatory defined terms. employee includes the holder of an office. premises includes land. Anything provided by an employer for the spouse, civil partner, family, servants, dependants or guests of a director or employee is treated as a benefit provided for the director or employee. While company directors are within the scope of the Chapter without qualification as to the amount of income derived from their office, an employee is within the Chapter s scope only where for the year of assessment his/her remuneration from the employment, including expenses payments and benefits in kind, but before any deduction of allowable expenses, is in excess of 1,905. Where a person has 2 or more employments under the same employer, emoluments are aggregated for the purposes of the 1,905 limit. Where there is a group of 2 or more bodies corporate one of which controls the rest, then, all directorships and employments within the group are treated as if they were held under the controlling body corporate. (1) (2) (3)(a) (3)(b) (4) 56 117 Expenses allowances A charge to income tax under Schedule E arises under this section where expense payments are made to directors and employees of a body corporate which are not otherwise chargeable to tax. Such payments are treated as perquisites of the employment of the director or employee and are included in the assessable income of the director or employee for that year. However, this provision does not affect the deduction of allowable expenses (that is, expenses incurred wholly, exclusively and necessarily in the performance of the duties of the employment) under section Benefits in kind: general charging provision Subject to certain exceptions, a charge to income tax arises under this section where certain benefits in kind (that is, living or other accommodation, entertainment, domestic or other services, or other benefits or facilities of whatever nature) are provided for a director or employee which are not otherwise chargeable to tax. The charge to tax A charge to income tax arises in respect of the provision by a body corporate of certain benefits in kind (that is, living or other accommodation, entertainment, domestic or other services, or other benefits or facilities of whatever nature, provided for a director or employee) and which are not otherwise chargeable. The charge is limited to the amount of the expense incurred by the body corporate in providing the benefit. (1) Exemptions Certain benefits are exempt from the charge. These are office accommodation, supplies or services provided for the director or employee on the business premises and used by him/her solely in performing the duties of his/her office or employment, living accommodation provided for an employee (but not a director) on the employer s business premises, if the employee is required to live there so that he/she can perform his/her duties properly, and either - the accommodation is provided in accordance with a practice which, since before 30 July, 1948, has commonly prevailed in trades of the class in question as respects employees of the class in question, or - it is necessary, in the particular class of trade, for employees of the class in question to live on the premises, meals in a canteen in which meals are provided for the staff generally, (4) pensions, gratuities, etc. provided on retirement or death, other than a contribution to a Personal Retirement Savings Account (PRSA). (5) monthly or annual bus or railway passes including passes on light railway systems such as Luas and Metro and passes for travel on commuter ferry (5A) services within the State provided by an employer to an employee in respect of scheduled licensed passenger transport services. The exemption covers integrated ticketing, i.e. tickets covering travel on the systems of more than one travel provider. The pass must be issued for a service for which the approved transport provider is contracted or licenced. 6 (2) (3)7 mobile telephones which are provided by employers for employees for business use where private use is incidental. The exemption also applies to mobile phones provided in connection with a car or van notwithstanding that the vehicles themselves are liable to a BIK charge. For the purpose of the exemption a mobile telephone means a telephone apparatus which is not physically connected to a land line, and is not a cordless telephone. high-speed internet connection to an employee s home for business use where private use is incidental, the connection being capable of transmitting information at a rate equal to or greater than 250 kilobits per second. home computer equipment provided for business use where private use is incidental. In addition to a computer, the exemption applies to fax machines, printers, scanners, modems, discs, disc drives, and other peripheral devices and computer software. annual membership fees of professional bodies paid by the employer on behalf of an employee or paid by the employee and reimbursed by the employer, where membership of that body is relevant to the business of the employer. Membership of a professional body may be regarded as relevant to the business of the employer where it is necessary for the performance of the duties of the employee, or it facilitates the acquisition of knowledge which is necessary for, or directly related to, the performance of the duties of the employee, or would be necessary for, or directly related to, the performance of prospective duties of the employee with that employer. Note this exemption ceased to have effect for the year of assessment 2011 and subsequent years of assessment. the private use of company vans where, subject to certain conditions, the only private use of the van by the employee is travelling to and from work. the first 1,000 expenditure incurred by an employer in the provision of a bicycle (bicycle includes pedal cycles or pedelecs but does not include motor cycles, scooters or mopeds) or bicycle safety equipment by an employer to an employee, where the bicycle/safety equipment is used by the employee for qualifying journeys (the whole or part of a journey to and from work or between work places). The exemption only applies where bicycles/safety equipment are made available generally to all employees. An employee may only avail of the exemption once in any period of 5 years commencing with the year in which the bicycle or safety equipment is first provided. Where only a part of an employer s expenditure is in connection with any matter related to the provision of a benefit for a director or employee, only the appropriate proportion of the expenditure is treated as remuneration of the director or employee. Connected persons Where an expense is incurred by a person connected with a body corporate which, if incurred by the body corporate itself, would be within the scope of this Chapter, then that expense is deemed to have been incurred by the body corporate. The circumstances in which a person is regarded as connected with any body corporate are where the person is a trustee of a settlement made by that body corporate or is itself a body corporate and would be regarded as connected with that body corporate under the rules set out in section 10. (5B) (5C) (5D) (5E) (5F) (5G)(a) & (b) (5G)(c) (6) (7) (8) 118A Costs and expenses in respect of personal security assets and services 78 This section provides, subject to conditions, for an exemption from a benefit-inkind charge in circumstances where an employer incurs expense in providing a security asset or service for use by a director or employee. In order to qualify for the exemption there must be a credible and serious threat to the physical personal safety of the director or employee, which arises wholly or mainly from his or her employment. The terms asset and service are defined for the purposes of the section. (1) In order to qualify for the exemption there must be a credible and serious threat to the physical personal safety of the director or employee, which arises wholly or mainly from his or her office or employment. The section applies in respect of expense incurred by the company, or by the director or employee and subsequently reimbursed by the company, in relation to the provision or use of, or associated expenses connected with, an asset or service which is provided for or used by the director or employee to meet the threat to their personal physical security, and which was provided for the sole purpose of meeting that threat. Subject to subsections (6) and (7), a charge to benefit-in-kind under section 118(1) shall not apply in respect of an expense to which this section applies. Incidental usage of an asset provided by a company for the purpose of personal physical security, will be ignored for the purposes of determining whether a charge applies or not. Where the asset provided is intended for use only partly for the purposes of dealing with a threat to the personal physical security of the individual, then in such circumstances, the exemption from the charge to benefit-in-kind will only apply in relation to that portion which is for that intended use. The exemption will only apply in relation to a service provided where the benefit resulting to the director or employee consists wholly or mainly of an improvement in their personal physical security. Where the asset or service provided is permanently attached to a property, or the director or employee subsequently becomes entitled to that asset, or if there is a consequential benefit arising to a member of the family or household of the director or employee, this does not exclude the expense incurred by the company from coming within the provisions of the section. 118B Revenue Approved Salary Sacrifice Agreements This section copper-fastens the existing administrative salary sacrifice arrangements which have already been authorised by the Revenue Commissioners in relation to the operation of the Travel Pass Schemes approved under section 118(5A), and salary sacrifices which are associated with the approved profit-sharing schemes set up by employers under section 510. The section puts beyond doubt the issue that such salary sacrifices are Revenue approved arrangements. (2) (3) (4) (5) (6) (7) (8) 89 Subsection (1) contains the relevant definitions necessary for this section. (1) Salary sacrifice arrangements are only approved in relation to the operation of the travel pass schemes with approved transport providers (section 118(5A)), approved profit-sharing schemes established under section 510, and the provision of bicycles/safety equipment by employers to directors and employees (section 118(5G)). Any other benefits arising as a result of any salary sacrifice arrangement, and not specifically approved by Revenue as being exempt, are deemed to be payment of emoluments by an employer and chargeable to tax. Where the exempt employee benefit is provided to a spouse, civil partner or connected person, rather than the employee, it will not be treated as an exempt benefit, but deemed to be payment of emoluments by an employer and will be taxed accordingly. Where an employee, as part of an arrangement, is provided with an exempt employee benefit and a compensating payment, this will be treated as an avoidance scheme. In such circumstances the exemption status conferred by subsection (2)(a) will not apply and the income subjected to salary sacrifice will be deemed to be payment of emoluments by an employer and taxed in full. Where income is not paid during the year e.g. a bonus, commission or other income which only arises after the end of the year, such income cannot be taken into account for the purposes of salary sacrifice. (2)(a) (2)(b) (3) (4) (5) 119 Valuation of benefits in kind This section provides rules for the valuation of benefits in kind. In general, the amount to be regarded under section 118, as remuneration is so much of the expense incurred by an employer in providing the benefit as is not made good by the employee or director. The initial cost of acquisition or production of an asset which remains the employer s property is not treated as remuneration of the person who has the use of it. Where the benefit to a director or employee takes the form of the transfer of an asset after it has been used or depreciated, its market value at the date of transfer and not the cost of acquisition to the employer is treated as the director s or employee s remuneration. Where an asset of the employer is used by a director or employee, the benefit to be assessed on the director or employee is, in addition to any current expenditure incurred by the employer in connection with the asset, the greater of the annual value of the use of the asset, and the amount payable in respect of any rent or hire of the asset. The annual value of the use of an asset is taken to be (1) (2) (3) 910 (a) (b) in the case of premises, the rent which might reasonably be expected to be obtained on a letting from year to year (the annual letting value), if the tenant undertook to pay all the usual tenant s rates and if the landlord undertook to pay the costs of repairs, insurance, etc necessary to maintain the premises in such state as to command that rent, and in the case of any other asset, 5 per cent of the market value at the time it was first provided by the employer as a benefit-in-kind. [NOTE: This provision operates with effect from 1 January, Prior to that the 5 per cent valuation operated on an administrative basis.] (4)(a) (4)(b) 120 Unincorporated bodies, partnerships and individuals The benefit in kind charge to tax imposed by this Chapter applies, with suitable modifications, in relation to unincorporated societies, public bodies and other bodies as it applies in relation to bodies corporate. Likewise, the Chapter applies, with suitable modifications, in relation to any partnership and individuals carrying on any trade or profession. Where an expense is incurred by a public body in respect of the holder of an office or employment either in that public body or another public body, the provisions of section 118(1)(a) will apply as if the expense had been incurred by a body corporate and the payment will be subject to tax accordingly. For the purposes of this Chapter the expenses incurred are to be treated as if they were incurred by the public body in which the office or employment is exercised, and as if that public body was a body corporate. For the purposes of this section public body means- (5) The Civil Service of the Government and the Civil Service of the State; The Garda Síochána; or The Permanent Defence Force. 120A Exemption from benefit-in-kind of certain childcare facilities This section provides that certain childcare facilities provided by employers to employees on a free or subsidised basis are not to be charged to income tax as a benefit-in-kind. The exemption applies where the childcare service is either provided on premises which are made available solely by the employer, or where the service is provided jointly with other participants (e.g. other employers) on premises made available by one or more participants in a joint scheme. In the latter circumstances the employer must be wholly or partly responsible for both financing and managing the service. Where an employer is not involved in the management of the childcare facility the benefit-in-kind exemption is restricted to cases where the employer provides financial support for items of capital expenditure. The exemption ceases to have effect for the year of assessment 2011 and subsequent years of assessment. (1) (2) & (3) (4)(a) (4)(b) Definitions childcare service is any form of child minding service or supervised activity to care for children whether or not provided on a regular basis. 10 (1)11 qualifying premises are premises which are made available solely by the employer, or made available by the employer jointly with other participants, or made available by other persons and the employer is wholly or partly responsible for financing and managing the childcare service, or made available by other persons and the employer is wholly or partially responsible for capital expenditure on the construction or refurbishment of the premises. The premises must, where appropriate, meet the provisions of the Child Care (Pre- School Services) Regulations, Exemption Exemption from the general benefit-in-kind charging provisions of section 118(1) is granted in respect of any childcare service provided by an employer in a qualifying premises for a child of a director or an employee. Restriction Where an employer provides financial support by way of capital expenditure only, then the exemption for the employee is restricted to the amount of such expenditure. Cesser The exemption ceases to have effect for the year of assessment 2011 and subsequent years of assessment. (2) (3) (4) CHAPTER 4 Other benefit in kind charges 121 Benefit of use of car This section charges to income tax the benefit to directors and employees derived from the private use of motorcars provided by their employers. The charge to tax is based on cash equivalent of that benefit derived from the use of the car. This cash equivalent is computed as a specified percentage of the original market value of the car. The cash equivalent of the original market value of the car is set at to 30 per cent. Contributions which the director or employee is required to make, and actually makes, to the employer in respect of the costs of providing or running the car are deductible from the cash equivalent. The change to using kilometres rather than miles is effective for years of assessment 2014 and subsequent years. Relief known as tapering relief applies where business miles exceed 24,000 kilometres per year. Tapering relief reduced the cash equivalent of the original market value to 24 per cent of that amount where the annual business mileage is between 24,000 and 32,000 kilometres and progressively in bands of 8,000 kilometres until when the business mileage is 48,000 kilometres or greater where the cash equivalent of the original market value is reduced to 6 per cent. As an alternative to tapering relief, a director or employee may opt to avail of a relief which will reduce the cash equivalent of the benefit of the car by 20 per cent provided he/she 1112 travels at least 8,000 business kilometres per year, spends at least 70 per cent of his/her time away from the employer s premises, works at least 20 hours per week, and keeps a detailed logbook. Cars included in car pool arrangements are outside the scope of the section. [Changes made by section 6 of the Finance (No. 2) Act 2008 provide for a new CO 2 based system of calculation of benefit in kind in respect of company cars provided for employees. These changes will only be effective from a date which will be determined by a Ministerial Order.] Definitions and construction business mileage for a year of assessment is the total number of whole kilometres travelled by a person in a car or cars in the course of business use. business use is travelling in a car which a person is necessarily obliged to do in the performance of the duties of his/her employment. This is similar to the normal Schedule E expenses test (section 114) and it follows that home to office travel does not constitute business use. car means any mechanically propelled road vehicle constructed or adapted for the carriage of the driver alone or the driver and one or more passengers, but does not include a motor-cycle, a van (within the meaning of section 121A), or a vehicle of a type not commonly used as a private vehicle and unsuitable to be so used. employment is an office or employment the emoluments (within the meaning of section 113) of which are within the charge to tax. Employment, therefore, includes employees and directors chargeable to tax under Case III of Schedule D. motor cycle means a mechanically propelled vehicle with less than 4 wheels and an unladen weight not exceeding 410 kilograms. private use is use other than business use. relevant log book is a record maintained on a daily basis of a person s business use of a car for a tax year which contains relevant details of distances travelled, nature and location of business transacted, and the amount of time spent away from the employer s place of business, and is certified by the employer as being, to the best of employer s belief, a true and accurate account. A car made available to an employee by reason of his/her employment is treated as available for private use unless the terms on which it is made available prohibit such use and no such use is in fact made of the car. A car made available to an employee by his/her employer or by a person connected with the employer is treated as made available by reason of his/her employment unless the employer is an individual and it can be shown that the car was made available in the normal course of his/her domestic, family or personal relationships. If, for example, a self-employed individual employs his/her child and the child is provided with a car purely for private purposes and the car is not regarded as a business asset for the purpose of claiming capital allowances or no expenses relating to the car are claimed as deductions in computing the individual s taxable profits, then, the car is not regarded as made available to the child by reason of his/her 12 (1)(a) (1)(b)(i)(I) (1)(b)(i)(II)13 employment and no charge to tax arises. A car is treated as available for a person s private use if it is available to a member or members of his/her family or household. References to a person s family or household are references to his/her spouse, his/her civil partner, sons and daughters and their spouses or civil partners, his/her parents and his/her servants, dependants and guests. Costs in relation to a car which are borne by a person connected with the employer are treated as having been incurred by the employer. The original market value of a car is the price (including any customs duty, excise duty and value-added tax) which it might reasonably be expected to fetch if sold in the open market when new in the State in a single retail sale. Application The section applies in the case of a person in an employment (that is, a director or employee) for any year of assessment in relation to which a car is made available to the person, by reason of the employment, for his/her private use without any transfer to the person of the ownership of the car. The charge to tax In relation to such a car the general benefits in kind charge (contained in Chapter 3 of this Part) does not apply for that year in relation to the expense incurred in connection with the provision of the car, and in place of that charge, the cash equivalent of the benefit of the car is charged to tax as an emolument of the employment by reason of which the car is made available, subject to a deduction being made from the cash equivalent in respect of any amount which the employee is required to contribute, and actually contributes, in respect of the costs of providing or running the car. Excluded from this deduction are amounts which are allowed to be deducted in computing the cash equivalent under subsection (3)(a). (1)(b)(i) (III) (1)(b)(i) (IV) (1)(b)(ii) (1)(b)(iii) (2)(a) (2)(b) Example An employee has the use of a company car the original market value of which is 30,000. The cash equivalent is 9,000 (30% of 30,000). The employee is required to pay and pays the employer 100 per week ( 5,200 per annum) towards the cost of the car. The employee is, therefore, chargeable on the full cash equivalent of 9,000 less the contributions of 5,200, that is, on 3,800. Cash equivalent of benefit of car The cash equivalent of the benefit of a car for a year of assessment is a flat rate of 30 per cent of the original market value of the car. Where a car is available to a person for part only of a year of assessment, the cash equivalent of the benefit is ascertained by apportionment on a time basis. This provision operates where a person first obtains the use of a company car during the course of a year, ceases to have the use of a company car during the course of a year, or changes cars during the course of a year. (3)(a) (3)(b) Example An employee has the private use of a company car on which the employer meets all the running expenses. At the start of the year the employee has the use of car A which costs 30,000. On 1 1314 August in the year the employee changes to car B which costs 36,000. The employee is charged to tax for the full year in respect of the benefit derived from the private use of the cars as follows Car A: 30,000 x 30% x 7/12 = 5,250 Car B: 36,000 x 30% x 5/12 = 4,500 9,750 Tapering relief Tapering relief is available for employees with high business mileage, that is, business mileage in excess of 24,000 kilometres in a year of assessment. In relation to such employees, the cash equivalent of the benefit of the car for that year, instead of being the amount ascertained under subsection (3), is the percentage of the amount applicable to the business mileage as set out in the Table below. (4) TABLE Business Mileage Percentage Lower Limit Upper Limit (1) (2) (3) Kilometres Kilometres Per cent 24,000 32, ,000 40, ,000 48, , Example Employee with private use of company car costing 36,000. All running expenses are met by the employer. Business mileage amounts to 42,240 kilometres. The cash equivalent of the car is 10,800 (30% of 36,000). However, the tapering relief due ensures that the cash equivalent is reduced to 4,320 (12% of 36,000). Where a car is only available for part of the year the table above is to be revised so that the figure of 24,000 is replaced using a formula - 24,000 x A 365 Where A is the number of days the car is available in the year, and each of the figures in the Table to this subsection are reduced in the same proportion to determine the cash equivalent of the benefit. Alternative to tapering relief Where in a year of assessment a person spends more than 70 per cent of his/her working time away from his/her employer s place of business, and travels at least 8,000 business kilometres in that year, 14 (5)(a)15 then, if the person so elects in writing to the inspector, the benefit to the person of the availability of the private use of a company car is, instead of being the cash equivalent of that benefit as reduced by tapering relief, the cash equivalent of the benefit reduced by 20 per cent. When requested by an inspector, a person who makes such an election for a year of assessment must submit to the inspector, within 30 days of the request, a relevant log book in relation to that year of assessment. Relief under this subsection is not available where a person fails to submit a relevant log book when requested to do so by the inspector, or works for less than 20 hours per week on average. The appeal procedures set out in subsection (7)(e) apply to claims for relief under this subsection. A person is obliged, in claiming relief under this subsection, to retain relevant log books for a period of 6 years or such shorter period as the inspector may allow. Administrative matters A person chargeable to tax in respect of the cash equivalent of the benefit of a car has a statutory obligation to deliver to the inspector in writing, within 30 days of the end of the year of assessment, particulars of the car, its original market value and the business mileage and private mileage for that year of assessment. Where the person does not supply the required particulars or the inspector is not satisfied with the particulars delivered, the inspector may, for the purpose of calculating the amount of tax to which that person is chargeable, estimate the original market value or business mileage or private mileage to the best of his/her judgement. For the purposes of estimating the business mileage, the inspector may, in the absence of evidence to the contrary, estimate the business mileage by deducting from the total mileage 8,000 kilometres in respect of private use. Any such estimates may be amended by the Appeal Commissioners or the Circuit Court on the hearing or rehearing of an appeal against an assessment to income tax raised in respect of the employment in the performance of the duties of which the business mileage was travelled. In computing, before the end of the year of assessment, for the purposes of an assessment to income tax or of the PAYE regulations, the amount of tax which an individual is liable to pay in respect of the private use of a company car, an inspector may estimate the individual s private mileage and the provisions of section 926 (estimation of certain amounts), modified as necessary, apply to that estimate as they apply to an estimate under that section. Car pools An exemption from the benefit in kind charge applies where an inspector is satisfied (whether on a claim being made or otherwise) that a car has for any year been included in a car pool for the use of one or more employees. It is to be noted that this exemption does not reinstate a charge to tax under the general benefit in kind charging provision in Chapter 3 of this Part. A car is treated as part of a car pool where the car is available to, and used by, more than one employee, and is made available to them by reason of their employment and is not ordinarily used by any one employee to the exclusion of the others, (5)(b) (5)(c) (5)(d) (5)(e) (6)(a) (6)(b) & (d) (6)(e) (7)(a) (7)(b) 1516 any private use of the car by any employee is merely incidental to its business use, and the car is not normally kept on or near the residence of any of the employees unless it is kept on premises occupied by the provider of the car. Where these conditions are met, the car is treated for the year in question as not having been available for the private use of any of the employees. Consequently, none of the employees are chargeable to tax for that year in respect of the car. One or more employees using a car during the course of the tax year, or their employer, may claim that the car is a pooled car. The normal appeal procedures apply where an inspector decides that a car does not qualify as a pooled car. Where a person wishes to appeal against an inspector s decision, he/she may do so by notifying the inspector in writing within 2 months of the inspector s decision that he/she wishes the matter to be heard and determined by the Appeal Commissioners. Where such an appeal is made, the Appeal Commissioners hear and determine the appeal in the same manner as an appeal against an assessment to income tax. The provisions of the Income Tax Acts relating to an appeal against an assessment, including the provisions relating to the rehearing of an appeal before the Circuit Court and the statement of a case for the opinion of the High Court on a point of law, also apply in the case of such an appeal. All employees with an interest in an appeal may take part in the appeal and the decision of the Appeal Commissioners or the Circuit Court is binding on all of them, whether they have taken part in the proceedings or not. Once such an appeal has been heard and determined, any further appeal made in respect of the same car while in the same car pool for the same year is prohibited. (7)(c) (7)(d) (7)(e) Changes provided for in section 6 of the Finance (No. 2) Act 2008 to give effect to emission based calculations of Benefit-in-kind The changes made by section 6 of the Finance (No. 2) Act 2008 provide for a new CO 2 based system of calculation of benefit in kind in respect of company cars provided for employees. This legislation will only be effective from a date which will be determined by a Ministerial Order. Definitions and construction When the changes are effective business mileage will refer to the number of whole kilometres travelled rather than miles travelled. Cash equivalent of benefit of car The time apportionment rules applicable where a car is only made available for part of a year will equally apply to cars using the emission based calculations as currently apply to existing cars. Tapering relief The existing Table of decreasing rates of charge based on business mileage is amended from miles to kilometres, with a consequential change in the apportionment formula. The proposed Table for business mileage is set out below - (1)(a) (3) (4) TABLE 1617 Business mileage Lower limit Business mileage Upper limit Percentage of original market value (1) (2) (3) Kilometres Kilometres Per cent 24,000 32, ,000 40, ,000 48, ,000-6 CO 2 based system of calculation This new subsection provides for the charge to benefit-in-kind to be based on the CO 2 emissions vehicle category of the car, abated by reference to the business mileage travelled. This paragraph determines the basic formula of the charge. The formula is Original market value x A Where A is a percentage based on the vehicle category and business mileage in Table A set out below. This paragraph provides for the appropriate percentage to be applied to the original market value of the car. (4B) (4B)(a) (4B)(b) Business mileage TABLE A Vehicle categories Vehicle categories Vehicle categories Lower limit Upper limit A, B and C D and E F and G (1) (2) (3) (4) (5) Kilometres Kilometres Per cent Per cent Per cent - 24, ,000 32, ,000 40, ,000 48, , This paragraph confirms the emission levels that are applicable to each vehicle category (Table B). (4B)(c) TABLE B 1718 Vehicle category CO 2 emissions (CO 2 g/km) (1) (2) A 0 g/km up to and including 120 g/km B More than 120 g/km up to and including 140 g/km C More than 140 g/km up to and including 155 g/km D More than 155 g/km up to and including 170 g/km E More than 170 g/km up to and including 190 g/km F More than 190 g/km up to and including 225 g/km G More than 225 g/km 121A Benefit of use of van This section charges to income tax the benefit to directors and employees derived from the private use of vans provided by their employers. The charge to tax is based on a cash equivalent of that benefit derived from the use of the van. This cash equivalent is computed as 5 per cent of the original market value of the van. Contributions which the director or employee is required to make, and actually makes, to the employer in respect of the costs of providing or running the van are deductible from the cash equivalent. Definitions van means a mechanically propelled road vehicle which is designed or constructed for the carriage of goods or other burden, has a roofed area or areas to the rear of the driver s seat, has no side windows or seating fitted in that roofed area or areas and has a gross vehicle weight not exceeding 3,500 kilograms. gross vehicle weight in relation to a vehicle means the laden weight which the vehicle is designed or adapted not to exceed when in normal use. Application The section applies to employees and directors chargeable to tax in an employment for any year of assessment in respect of the private use of a company van without any transfer to the person of the ownership of the van. The charge to tax In relation to such a van the general benefits in kind charge (contained in Chapter 3 of this Part) does not apply for that year in relation to the expense incurred in connection with the provision of the van, and the charge to tax is based on the cash equivalent of the benefit of the van, subject to a deduction in respect of any amount made good by the employee towards the cost of providing or running the van. (1) (2)(a) (2)(b) 1819 Example An employee has the use of a company van the original market value of which is 18,000. The cash equivalent is 900 (5% of 18,000). The employee is required to pay and pays the employer 500 per annum towards the running costs of the van. The employee is, therefore, chargeable on the cash equivalent of 900 less the contributions of 500, that is, on 400. The tax charge to tax in respect of the private use of a company van will not apply where all of the following conditions are met: (a) the van is necessary for the employee s work, (b) the employee is required by the employer to take the van home when not being used for work (c) private use of the van other than travel to and from work is prohibited and there is no other private use, and (d) the employee spends at least 80 per cent of his or her working time away from the premises of the employer to which the employee is attached. Cash equivalent of benefit of van The cash equivalent of the benefit of a van for a year of assessment is 5 per cent of the original market value of the van. The provisions of subsection (1) (other than the definition of car in paragraph (a)), paragraph (b) of subsections (3), (6) and (7) of section 121 shall apply with any necessary modifications in relation to a van for the purposes of this section as they apply in relation to a car for the purposes of that section. (2A) (3) (4) 122 Preferential loan arrangements A charge to tax in respect of preferential loans arises where loans are made to employees at a rate which is either nil or at a rate lower than normal commercial rates. The charge to tax is on the difference between the amount of interest paid on the preferential loan and the amount of interest which would be payable if the loan had been subject to an interest rate of 4 per cent in the case of loans qualifying for mortgage interest relief under section 244 or 13.5 per cent in all other cases. The charge arises for each year, or part of a year, for which the preferential loan is outstanding. The amount charged is treated as if it were interest actually paid by the employee and is eligible for relief subject to the normal restrictions on the allowability of interest. Definitions and construction employee is an individual employed by an employer in an employment which is assessable to tax under Schedule E or Case III of Schedule D. Where the employer is a company, a director of the company is also treated as an employee. employer, in relation to an individual includes a person of whom the individual or the spouse of the individual is or was an employee, a person who employs the individual after making a loan to the individual and while any part of the loan, or any part of a loan replacing that loan, is in existence (this enables an arrangement whereby an employer makes a preferential loan to a potential employee as part of a recruitment package before the start of the employee s service contract to be brought within the 19 (1)(a)20 scope of the section), a person who is connected with any person referred to above (this brings within the scope of the section a preferential loan made by, say, an associated company of the company employing the individual). loan includes any form of credit or a loan which, directly or indirectly, replaces a loan (this ensures that a preferential loan is caught by the section irrespective of the guise in which it is made). preferential loan, in relation to an individual, is a loan on which either no interest is paid or interest is paid at a preferential rate. The loan may be made, directly or indirectly, either to the individual or to his/her spouse, by the individual s employer. Loans which are made by an employer to an employee at normal commercial interest rates are not preferential loans. preferential rate means an interest rate which is less than the specified rate. qualifying loan has the meaning assigned to it by section 244(1)(a). The specified rate can be one of 3 different rates depending on the circumstances- In the case of a preferential mortgage loan, where the interest on the preferential loan qualifies for relief under section 244 or, if no interest is payable on the loan, would have qualified for relief under section 244 had interest on the loan been payable, the specified rate is 4 per cent per annum or such other rate (if any) prescribed by the Minister for Finance by regulations. This rate applies, therefore, only where the preferential loan is for the purchase, repair, development or improvement of the sole or main residence of the borrower, the former or separated spouse of the borrower or a dependent relative of the borrower. Where a preferential loan is made to an employee by an employer whose trade partly consists of making loans for a stated number of years at a fixed rate of interest to enable a borrower purchase a house as a residence, and the rate of interest on such loans (at the time the preferential loan was made) charged on non-employees in the normal course of business is less than 4 per cent or such other rate (if any) prescribed by the Minister for Finance by regulations, the specified rate is the rate charged by the employer on such loans to non-employees at the time the preferential loan is made to the employee. In any other case, the specified rate is 13.5 per cent per annum or such other rate (if any) prescribed by the Minister for Finance by regulations. A person is connected with another person if the persons would be regarded as connected for the purposes of section 250. The meaning of connected in section 250 as used in subsection (5)(b) of that section treats as connected persons a lender who lends money otherwise than in the ordinary course of business and the person to whom the money is lent. So as to ensure that indirect methods of giving a preferential loan do not result in such a loan escaping the provisions of the section, a reference to a loan being made is broadened to include a person who takes over the rights and responsibilities of a loan from the person who originally made it, and a person who has a part in arranging, guaranteeing or facilitating the making of a loan or the continuation of an existing loan. (1)(b) (1)(c) 20 View more
Updated March, 2014 1. Introduction 5.4.2 Benefit-in-Kind on Company Cars This manual outlines the tax position where a company car is made available to a director or employee for his or her private use. More information tes for Guidance Taxes Consolidation Act 1997 Finance Act 2014 Edition - Part 13
Part 13 Close companies CHAPTER 1 Interpretation and general 430 Meaning of close company 431 Certain companies with quoted shares not to be close companies 432 Meaning of associated company and control More information [05.05.19] Payments on Termination of an Office or Employment or a Change in its Functions
[05.05.19] Payments on Termination of an Office or Employment or a Change in its Functions Contents Sections 123 and 201, and Schedule 3 of the Taxes Consolidation Act, 1997 Updated April 2014 1. Introduction...3 More information tes for Guidance Taxes Consolidation Act 1997 Finance Act 2015 Edition - Part 12
Part 12 Principal Provisions Relating to Loss Relief, Treatment of Certain Losses and Capital Allowances, and Group Relief CHAPTER 1 Income tax: loss relief 381 Right to repayment of tax by reference to More information DATE: 12 January 2006. : INCOME TAX ACT, NO. 58 OF 1962 (the Act)
SOUTH AFRICAN REVENUE SERVICE INTERPRETATION NOTE NO. 34 DATE: 12 January 2006 ACT SECTION : INCOME TAX ACT, NO. 58 OF 1962 (the Act) : Section 10(1)(o)(i) of the Act Definition of remuneration, paragraph More information CHAPTER 23 APPROVED RETIREMENT FUNDS. Revised July, 2013
CHAPTER 23 APPROVED RETIREMENT FUNDS Revised July, 2013 Introduction 23.1 Flexible options on retirement for pension arrangements were introduced by Finance Act 1999. Rather than purchase an annuity or More information tes for Guidance Taxes Consolidation Act 1997 Finance Act 2014 Edition - Part 30
Part 30 Occupational Pension Schemes, Retirement Annuities, Purchased Life Annuities and Certain Pensions CHAPTER 1 Occupational pension schemes 770 Interpretation and supplemental (Chapter 1) 771 Meaning More information PART 9 LEVIES 2. Page 1 Part 9
PART 9 LEVIES 2 OVERVIEW 2 SECTION 123 CASH CARDS 2 SECTION 123A DEBIT CARDS 2 SECTION 123B CASH, COMBINED AND DEBIT CARDS 2 SECTION 123C PRELIMINARY DUTY: CASH, COMBINED AND DEBIT CARDS 3 SECTION 124 More information Tax treatment of the reimbursement of Expenses of Travel and Subsistence to Office Holders and Employees
Tax treatment of the reimbursement of Expenses of Travel and Subsistence to Office Holders and Employees Reviewed July 2014 Reference Material; Statement of Practice SP IT/ 2/07 Chapter 1 Introduction More information Fundamentals Level Skills Module, Paper F6 (HKG)
Answers Fundamentals Level Skills Module, Paper F6 (HKG) Taxation (Hong Kong) December 200 Answers and Marking Scheme Cases are given in the answers for educational purposes. Unless specifically requested, More information An Act to re-enact and modernise the law relating to payroll tax; to harmonise payroll tax law with other States; and for other purposes.
Version: 1.7.2013 South Australia Payroll Tax Act 2009 An Act to re-enact and modernise the law relating to payroll tax; to harmonise payroll tax law with other States; and for other purposes. Contents More information tes for Guidance Taxes Consolidation Act 1997 Finance Act 2014 Edition - Part 23
Other Special Provisions Part 23 Farming and Market Gardening CHAPTER 1 Interpretation and general 654 Interpretation (Part 23) 655 Farming and market gardening profits to be charged to tax under Schedule More information Number 6 of 2011 FINANCE ACT 2011 ARRANGEMENT OF SECTIONS PART 1
Number 6 of 2011 FINANCE ACT 2011 ARRANGEMENT OF SECTIONS PART 1 Income Levy, Universal Social Charge, Income Tax, Corporation Tax and Capital Gains Tax Section 1. Interpretation (Part 1). Chapter 1 Interpretation More information Number 8 of 2013 FINANCE ACT 2013 ARRANGEMENT OF SECTIONS
Number 8 of 2013 FINANCE ACT 2013 ARRANGEMENT OF SECTIONS PART 1 Income Levy, Universal Social Charge, Income Tax, Corporation Tax and Capital Gains Tax Section 1. Interpretation (Part 1). Chapter 1 Interpretation More information IN RESPECT OF FRINGE BENEFITS
GUIDE FOR EMPLOYERS IN RESPECT OF (2016 TAX YEAR) 1 PURPOSE 3 2 SCOPE 3 3 OBLIGATIONS OF THE EMPLOYER 3 4 TAXABLE BENEFITS 4 4.1 ACQUISITION OF AN ASSET AT LESS THAN THE ACTUAL VALUE 4 4.2 RIGHT OF USE More information TAXATION OF INCOME FROM SALARY TAX YEAR 2015 (July 01, 14 TO June 30, 15)
CIRCULAR NO. 18 OF (INCOME TAX) TAXATION OF INCOME FROM SALARY TAX YEAR 2015 (July 01, 14 TO June 30, 15) The Circular on taxation of Income Salary is being updated as under:- The Computation of Tax of More information Guide to Calculating your Income Tax Liability for 2001 - Additional Notes -
Guide to Calculating your Income Tax Liability for 2001 - Additional Notes - The purpose of these additional notes is to help you compute some of the more difficult calculations that you will need to do More information [7.1.32] Rent-A-Room Relief
[7.1.32] Rent-A-Room Relief 1. Introduction Sums arising to an individual in respect of the letting, for residential purposes, of a room or rooms in his/her home, including, for example, sums arising from More information Benefits in kind guide. Unlimited accountant support and online software
Benefits in kind guide Unlimited accountant support and online software 033 3311 8000 Benefits in kind guide Contents: Benefits in kind are benefits which employees or directors receive from their company More information PAYE / PRSI for Small Employers
PAYE / PRSI for Small Employers A Revenue Guide Contents Introduction 2 THE PAYE & PRSI System 3 Tax Credit System 4 Pay, Holiday Pay and Expenses 6 Treatment of Benefits 7 Taxation of Social Welfare Payments More information TAXATION OF INCOME FROM SALARY TAX YEAR 2012. (1 st July 11-30 th June 12)
. (1 st July 11-30 th June 12) The Computation of Tax of a Salaried Person has been defined under section 12, 13 and 14 of the Income Tax Ordinance, 2001 read with rules 2 to 7 of the Income Tax Rules, More information Company Car Tax and Related Certain Personal Income Tax Issues 2014.
Company Car Tax and Related Certain Personal Income Tax Issues 2014. The tax liability relating to company cars is regulated in Chapter IV. of Act LXXXII of 1991 on the Motor Vehicle Tax (hereinafter: More information PERSONAL INCOME TAX ACT, NO. 104, 1993
PERSONAL INCOME TAX ACT, NO. 104, 1993 Laws Subsidiary Legislation LAWS ARRANGEMENT OF SECTIONS PART I Imposition of tax and income chargeable 1. Imposition of tax. 2. Persons on whom tax is to be imposed. More information ON FILLING YOUR INCOME TAX RETURN AND SELF ASSESSMENT - YEAR
I.T.1. Notes NOTES ON FILLING YOUR INCOME TAX RETURN AND SELF ASSESSMENT - YEAR 2003 These notes are for your general guidance; nothing contained in the notes affects your obligation to make a full and More information Remote gambling taxation reform
Remote gambling taxation reform Who is likely to be affected? This measure will affect all gambling operators who supply remote gambling to UK customers. Some terrestrial gambling operators will also be More information Paper F6 (UK) Taxation (United Kingdom) Tuesday 3 June 2014. Fundamentals Level Skills Module. The Association of Chartered Certified Accountants
Fundamentals Level Skills Module Taxation (United Kingdom) Tuesday 3 June 2014 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Rates More information Paper F6 (UK) Taxation (United Kingdom) Tuesday 4 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants
Fundamentals Level Skills Module Taxation (United Kingdom) Tuesday 4 December 2012 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. More information STATUTORY INSTRUMENTS. S.I. No. 582 of 2014 RULES FOR PRE-EXISTING PUBLIC SERVICE PENSION SCHEME MEMBERS REGULATIONS 2014
STATUTORY INSTRUMENTS. S.I. No. 582 of 2014 RULES FOR PRE-EXISTING PUBLIC SERVICE PENSION SCHEME MEMBERS REGULATIONS 2014 2 [582] S.I. No. 582 of 2014 RULES FOR PRE-EXISTING PUBLIC SERVICE PENSION SCHEME More information Non-taxable payments or benefits for employees
Helpsheet 207 Tax year 6 April 2013 to 5 April 2014 Non-taxable payments or benefits for employees A Contacts Please phone: the number printed on page TR 1 of your tax return the SA Helpline on 0300 200 More information Number 52 of 2012 FINANCE (LOCAL PROPERTY TAX) ACT 2012 ARRANGEMENT OF SECTIONS PART 1. Preliminary and General PART 2. Residential Property
Number 52 of 2012 FINANCE (LOCAL PROPERTY TAX) ACT 2012 ARRANGEMENT OF SECTIONS PART 1 Preliminary and General Section 1. Short title and commencement. 2. Interpretation. PART 2 Residential Property 3. More information RETURN OF INCOME FOR THE YEAR ENDED 30 JUNE 2013 AND CLAIM FOR ALLOWANCES FOR THE YEAR COMMENCING 1 JULY 2013. Important notes
Ministry of Finance TAX RETURN 2013/2014 Income Tax Office Form IT1P RETURN OF INCOME FOR THE YEAR ENDED 30 JUNE 2013 AND CLAIM FOR ALLOWANCES FOR THE YEAR COMMENCING 1 JULY 2013 Important notes You are More information 2014 No. 2672 SOCIAL CARE, ENGLAND. The Care and Support (Charging and Assessment of Resources) Regulations 2014
S T A T U T O R Y I N S T R U M E N T S 2014 No. 2672 SOCIAL CARE, ENGLAND The Care and Support (Charging and Assessment of Resources) Regulations 2014 Made - - - - 22nd October 2014 Laid before Parliament More information Payroll Tax Act 2011. Republication No 6 Effective: 25 November 2015. Australian Capital Territory A2011-18. Republication date: 25 November 2015
Australian Capital Territory A2011-18 Republication No 6 Effective: 25 November 2015 Republication date: 25 November 2015 Last amendment made by A2015-49 (republication for amendments by A2015-48 and A2015-49) More information Frequently Ask Questions
Frequently Ask Questions This document has been prepared to answer questions that you are likely to have on the new SalarySacrifice4Cars scheme ( the car scheme ). It is set out in 3 sections The car scheme More information 31 October (paper filing) 31 January (Electronic Filing)
Worldwide personal tax guide 2013 2014 United Kingdom Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible HM Revenue and Customs (HMRC) www.hmrc.gov.uk 6 April More information GOVERNMENT OF FIJI GAZETTE
EXTRAORDINARY 2203 GOVERNMENT OF FIJI GAZETTE PUBLISHED BY AUTHORITY OF THE FIJI GOVERNMENT Vol. 14 FRIDAY, 10th May 2013 No. 48 [565] GOVERNMENT OF FIJI INCOME TAX (AMENDMENT) DECREE 2013 (DECREE NO. More information THE ITC BUY OUT BOND BROCHURE. www.independent-trustee.com
THE ITC BUY OUT BOND BROCHURE www.independent-trustee.com If you were the member of an occupational pension scheme, leaving or have left employment, or your pension scheme is being wound up, it is time More information ! " # $%& " ' ( & ) * +,
!"#$%&"'(& )*+, -"!! ""#$! %!! &!#!'"%% (!" %% )%*$ +!,-./'!!! % #%%%% %%! % #" %# %%"' ' #!%!"!$,,,, % %0..-' ' "%%+12/ +$/ )*+, I wish to appreciate your continued co-operation in the operation of the More information SENTINEL RETIREMENT FUND RULES
SENTINEL RETIREMENT FUND RULES November 2013 TABLE OF CONTENTS PAGE 1. INTRODUCTION... 1 2. DEFINITIONS... 2 3. MEMBERSHIP... 8 4. CONTRIBUTIONS... 11 4.1 Contributions by MEMBERS and EMPLOYERS... 11 4.2 More information Finance (No. 2) Bill 2015 Explanatory Notes. Clauses 1 to 125
Finance (No. 2) Bill 2015 Explanatory Notes Clauses 1 to 125 March 2015 Crown copyright 2015 You may re-use this information (not including logos) free of charge in any format or medium, under the terms More information tes for Guidance Taxes Consolidation Act 1997 Finance Act 2015 Edition - Part 10
Part 10 Income Tax and Corporation Tax: Reliefs for Renewal and Improvement of Certain Urban Areas, Certain Resort Areas and Certain Islands CHAPTER 1 Custom House Docks Area 322 Interpretation (Chapter More information [11.0.1] Cars: capital allowances and lease/hire payments
[11.0.1] Cars: capital allowances and lease/hire payments 1. Introduction This instruction applies to vehicles that are essentially private passenger cars, defined in TCA 1997 (sections 373(1) and 380K(1)) More information tes for Guidance Taxes Consolidation Act 1997 Finance Act 2014 Edition - Part 8
Part 8 Annual Payments, Charges and Interest CHAPTER 1 Annual payments 237 Annual payments payable wholly out of taxed income 238 Annual payments not payable out of taxed income 239 Income tax on payments More information What are my Pension Options?
What are my Pension Options? The types of pension plans you can use to save for your retirement www.pensionsboard.ie www.pensionsboard.ie Verschoyle House 28/30 Lower Mount Street Dublin 2 Tel 01 613 1900 More information STATUTORY INSTRUMENTS. S.I. No. 292 of 2015 EDUCATION AND TRAINING BOARD TEACHERS SUPERANNUATION SCHEME 2015
STATUTORY INSTRUMENTS. S.I. No. 292 of 2015 EDUCATION AND TRAINING BOARD TEACHERS SUPERANNUATION SCHEME 2015 2 [292] S.I. No. 292 of 2015 EDUCATION AND TRAINING BOARD TEACHERS SUPERANNUATION SCHEME 2015 More information THE HONG KONG INSTITUTE OF CHARTERED SECRETARIES. Suggested Answers
THE HONG KONG INSTITUTE OF CHARTERED SECRETARIES Suggested Answers Level : Professional Subject : Hong Kong Taxation Diet : June 2007 The suggested answers are published for the purpose of assisting students More information Introduction. How company cars are taxed. Calculating the cash equivalent
Introduction Company cars remain a popular employment-related benefit despite the generally high income tax charges on them. The tax charge on company cars cars provided to employees by their employers More information INTERPRETATION NOTE: NO. 77. DATE: 4 March 2014
INTERPRETATION NOTE: NO. 77 DATE: 4 March 2014 ACT : INCOME TAX ACT NO. 58 OF 1962 SECTION : PARAGRAPHS 2(b), 2(e), 2(h), 6, 10 AND 13(1) OF THE SEVENTH SCHEDULE SUBJECT : TAXABLE BENEFIT USE OF EMPLOYER-PROVIDED More information Latest revision date: 23 July 2009. Pension-related deduction from the remuneration of public servants. Frequently Asked Questions
Latest revision date: 23 July 2009 Pension-related deduction from the remuneration of public servants Frequently Asked Questions Updated to reflect revised rates/bands effective 1 May 2009 Frequently Asked More information BUSINESS LEASE CAR POLICY
BUSINESS LEASE CAR POLICY Version: 2 Ratified by Senior Managers Operational Group Date ratified August 2015 Title of originator/author: Title of responsible Committee/group Assistant Director of Finance More information COMPANY CAR AND CAR ALLOWANCE POLICY
COMPANY CAR AND CAR ALLOWANCE POLICY GENERAL It is the intention of Pilgrims Hospices to move progressively towards providing a car allowance for all employees who need cars routinely for business purposes More information Paper P6 (HKG) Advanced Taxation (Hong Kong) Friday 9 December 2011. Professional Level Options Module
Professional Level Options Module Advanced Taxation (Hong Kong) Friday 9 December 2011 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section A More information Determination 2015/19: Principal Executive Office - Classification Structure and Terms and Conditions
REMUNERATION TRIBUNAL Determination 2015/19: Principal Executive Office - Classification Structure and Terms and Conditions The Remuneration Tribunal has determined a Principal Executive Office (PEO) classification More information 2014/15. Year End. Tax Planning. With careful tax planning, it may be possible to mitigate taxes or make them much more manageable
FINANCIAL GUIDE A GUIDE TO 2014/15 Year End Tax Planning With careful tax planning, it may be possible to mitigate taxes or make them much more manageable A GUIDE TO 2014/15 YEAR END TAX PLANNING With More information Fundamentals Level Skills Module, Paper F6 (MYS)
Answers Fundamentals Level Skills Module, Paper F6 (MYS) Taxation (Malaysia) Judlee Sdn Bhd June 20 Answers and Marking Scheme Marks (a) Income tax computation Year of assessment 200 Net profit before More information tes for Guidance Taxes Consolidation Act 1997 Finance Act 2014 Edition - Part 29
Part 29 Patents, Scientific and Certain Other Research, Know-How and Certain Training CHAPTER 1 Patents 754 Interpretation (Chapter 1) 755 Annual allowances for capital expenditure on purchase of patent More information CHAPTER 4 - TAX PREFERENCES FOR SUPERANNUATION AND LIFE INSURANCE SAVINGS
45 CHAPTER 4 - TAX PREFERENCES FOR SUPERANNUATION AND LIFE INSURANCE SAVINGS 4.1 Introduction In general, superannuation and life insurance have not been subject to the normal income tax treatment for More information Introduction to expenses One of the most common questions we get asked is what expenses can I claim through my limited company?
Guide to Expenses Introduction to expenses One of the most common questions we get asked is what expenses can I claim through my limited company? A limited company is not a panacea for claiming in all More information Paper F6 (UK) Taxation (United Kingdom) Tuesday 4 June 2013. Fundamentals Level Skills Module. The Association of Chartered Certified Accountants
Fundamentals Level Skills Module Taxation (United Kingdom) Tuesday 4 June 2013 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Rates More information Chapter 4 : Income from Salaries (Section 15 to 17) Advance Direct Tax and Service Tax [Sub code : 441]
Chapter 4 : Income from Salaries (Section 15 to 17) Advance Direct Tax and Service Tax [Sub code : 441] Learning Objectives Employer-Employee Relationship Place of Employment What is Taxable under Head More information For financial advisers only Relevant life technical guide
For financial advisers only Relevant life technical guide Please note this communication is for financial advisers only. It mustn t be distributed to, or relied on by, customers. About this guide We ve More information Number 44 of 2014. Water Services Act 2014
Number 44 of 2014 Water Services Act 2014 Number 44 of 2014 WATER SERVICES ACT 2014 Section 1. Definitions 2. Plebiscite on ownership of Irish Water 3. Water charges - dwellings 4. Late payment charge More information Company Car Tax and Related Certain Personal Income Tax Issues 2015.
Company Car Tax and Related Certain Personal Income Tax Issues 2015. The tax liability relating to company cars is regulated in Chapter IV of Act LXXXII of 1991 on the Motor Vehicle Tax (hereinafter: Motor More information 3. There are four methods of reimbursing official travelling expenditure. These are: -
Office of the Police and Crime Commissioner Travel Allowances and Expenses Policy Introduction 1. The Office of the Police and Crime Commissioner (OPCC) is committed to the principles of equality and diversity. More information FRINGE BENEFITS. A Tax Guide for the valuation of payments in kind INLAND REVENUE - MALTA
INLAND REVENUE - MALTA REPUBBLIKA TA' MALTA FRINGE BENEFITS A Tax Guide for the valuation of payments in kind This booklet explains the tax law relating to fringe benefits, their valuation and related More information Determination 2012/14: Principal Executive Office - Classification Structure and Terms and Conditions
REMUNERATION TRIBUNAL Determination 2012/14: Principal Executive Office - Classification Structure and Terms and Conditions The Remuneration Tribunal has determined a Principal Executive Office (PEO) classification More information Refer us a friend today and receive 100 EXPENSES GUIDELINE
Refer us a friend today and receive 100 EXPENSES GUIDELINE CONTENTS Limited company expense guidelines 1 Business Expenses 2 Salaries 2 Travel and Subsistence Expenses 2 Business Mileage 3 Company Car More information Landlord and Tenant Act 1954
Landlord and Tenant Act 1954 PART I SECURITY OF TENURE FOR RESIDENTIAL TENANTS Provisions as to possession on termination of a long tenancy Compensation for possession obtained by misrepresentation 14A. More information Stamp Duties Consolidation Act 1999
Stamp Duties Consolidation Act 1999 Part 9: Levies 9.1 SECTION 123B OF THE SDCA...1 9.2 SECTION 124 OF THE SDCA...2 9.3 SECTION 124B OF THE SDCA...2 9.4 SECTION 125 OF THE SDCA...2 9.5 SECTION 125A OF More information Click here for Explanatory Memorandum
Click here for Explanatory Memorandum Section AN BILLE AIRGEADAIS, 2013 FINANCE BILL 2013 Mar a tionscnaíodh As initiated ARRANGEMENT OF SECTIONS PART 1 Income Levy, Universal Social Charge, Income Tax, More information 2014/15. Year End. Tax Planning A GUIDE TO WITH CAREFUL TAX PLANNING, IT MAY BE POSSIBLE TO MITIGATE TAXES OR MAKE THEM MUCH MORE MANAGEABLE
FINANCIAL GUIDE A GUIDE TO 2014/15 Year End Tax Planning WITH CAREFUL TAX PLANNING, IT MAY BE POSSIBLE TO MITIGATE TAXES OR MAKE THEM MUCH MORE MANAGEABLE Atkinson White Partnership Regency House, 51 Coniscliffe More information A brief guide to the pension provisions of the Family Law Acts
A brief guide to the pension provisions of the Family Law Acts www.pensionsauthority.ie The Pensions Authority Verschoyle House 28/30 Lower Mount Street Dublin 2 Tel: (01) 613 1900 Locall: 1890 65 65 65 More information NHS South Tees CCG. Lease Car Policy
NHS South Tees CCG Lease Car Policy Policy Title: Lease Car Policy Date: July 2013 1. Introduction NHS South Tees CCG Guide to Scheme Principles and Conditions for Employees NHS South Tees CCG has in operation More information Paper P6 (ZAF) Advanced Taxation (South Africa) Friday 7 December 2012. Professional Level Options Module
Professional Level Options Module Advanced Taxation (South Africa) Friday 7 December 2012 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section More information FOR ELECTRONIC USE ONLY
Branston Adams accountants & business advisors Suite 2, Victoria House, South Street, Farnham, Surrey. GU9 7QU tel: +44 (0)1252 728 598 fax: +44 (0)1252 728 652 email: paul@taxaccountancy.com www.branstonadams.co.uk More information CHAPTER 27. Taxation of Retirement Lump Sums. Revised September 2015
CHAPTER 27 Taxation of Retirement Lump Sums Revised September 2015 Introduction 27.1 Section 790AA Taxes Consolidation Act 1997 (TCA 1997) provides a regime for the taxation of the excess portion of retirement More information 2015 No. 234 LOCAL GOVERNMENT, ENGLAND AND WALES. The Accounts and Audit Regulations 2015
S T A T U T O R Y I N S T R U M E N T S 2015 No. 234 LOCAL GOVERNMENT, ENGLAND AND WALES The Accounts and Audit Regulations 2015 Made - - - - 12th February 2015 Laid before Parliament 17th February 2015 More information CONTENTS. Page 2 of 9. 1.0 Introduction page 2. 9.0 Home phone and internet page 8. 10.0 Work related training page 8. 2.0 Business travel page 5
CONTENTS 1.0 Introduction page 2 2.0 Business travel page 5 3.0 Subsistence page 6 4.0 Accommodation page 6 5.0 Use of home as office page 7 6.0 Insurance page 7 7.0 Accounting fees page 7 8.0 Mobile phones More information GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO INLAND REVENUE DIVISION INSURANCE COMPANIES
GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO INLAND REVENUE DIVISION INSURANCE COMPANIES PLEASE READ THESE INSTRUCTIONS CAREFULLY WHERE INSTRUCTIONS INDICATE THAT SCHEDULES BE COMPLETED ALL INFORMATION More information TAX TABLES 2010/11. INCOME TAX 2010/11 2009/10 Rates
TAX TABLES 2010/11 INCOME TAX 2010/11 2009/10 Rates % % Starting rate for savings income only 10 10 Basic rate for all income 20 20 Higher rate for non-savings and savings income only 40 40 Higher rate More information Employment status: employee in terms of employment law. generally taxed as employees. Tax on profits:
Sole trader Vs Limited company The comparison is for a trading business. Many of the points summarised here are not relevant if you want to compare individuals or companies that manage investment business. More information Guide to Profit Sharing Schemes
Guide to Profit Sharing Schemes PROFIT SHARING SCHEMES This booklet describes the provisions of Chapter 1 of Part 17, Taxes Consolidation Act, 1997 and Schedule 11 of that Act, incorporating all amendments More information How to calculate your taxable profits
Helpsheet 222 Tax year 6 April 2013 to 5 April 2014 How to calculate your taxable profits A Contacts Please phone: the number printed on page TR 1 of your tax return the SA Helpline on 0300 200 3310 the More information that the assets are often used outside of the office, some private or domestic use is inevitable.
DRAFT DRAFT INTERPRETATION NOTE DATE: ACT : INCOME TAX ACT NO. 58 OF 1962 (the Act) SECTION : PARAGRAPHS 2(b), 2(e), 2(h), 6, 10 AND 13(1) OF THE SEVENTH SCHEDULE SUBJECT : TAXABLE BENEFIT USE OF EMPLOYER-PROVIDED More information Paper P6 (HKG) Advanced Taxation (Hong Kong) Friday 5 December 2014. Professional Level Options Module
Professional Level Options Module Advanced Taxation (Hong Kong) Friday 5 December 2014 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section A More information Guidelines for Providing Cars April 2013
April 2013 Introduction: The provision of cars for private use is a common practice amongst councils either as a private benefit in a senior staff contract of employment or as part of a leaseback arrangement More information - on termination due to redundancy
The Increased Tax on Lump Sum Termination Payments By Ray Stevens (USA) INTRODUCTION In May, 1983, the Government announced increases in the taxation payable on lump sum superannuation benefits and on More information Tax Tax Revenue Capital VAT
EXPENSES CLAIMS AND ALLOWANCES There is in accounting terms no limit to what can be paid via a company, however many items will not be allowable for tax or vat purposes. This could mean putting the expenses More information DEPARTMENTAL INTERPRETATION AND PRACTICE NOTES NO. 16 (REVISED) SALARIES TAX TAXATION OF FRINGE BENEFITS
Inland Revenue Department Hong Kong DEPARTMENTAL INTERPRETATION AND PRACTICE NOTES NO. 16 (REVISED) SALARIES TAX TAXATION OF FRINGE BENEFITS These notes are issued for the information and guidance of taxpayers More information EMPLOYER'S GUIDE PAY AS YOU EARN IN KENYA
KENYA REVENUE AUTHORITY DOMESTIC TAXES DEPARTMENT EMPLOYER'S GUIDE TO PAY AS YOU EARN IN KENYA Revised Edition - 2009 IMPORTANT: The objective of this booklet is to explain the system of deducting income More information LWK. Chartered Accountants. Individual Tax Return Checklist
LWK Pty. Limited ACN 121 288 373 Chartered Accountants Business Advisers and Consultants Business Advisers an Individual Tax Return Checklist This checklist has been prepared by LWK Pty Limited Chartered More information Tax Planning Checklist
Tax Planning Checklist For the year ended 31 March 2014 Contents Year end tax planning checklist 1 General tips on minimising tax 4 Help us to process your records efficiently and quickly 5 Help yourself More information Fundamentals Level Skills Module, Paper F6 (UK) Marks 1 (a) Josie Jones Income tax computation 2011 12
Answers Fundamentals Level Skills Module, Paper F6 (UK) Taxation (United Kingdom) December 202 Answers and Marking Scheme Marks (a) Josie Jones Income tax computation 20 2 Trading profit (working ) 64,000 More information [15.1.32] Revenue Job Assist
[15.1.32] Revenue Job Assist Reviewed June 2015 NOTE: The Revenue Job Assist Scheme and the Employer Job (PRSI) Incentive Scheme ceased permanently in respect of all employments commencing on or after More information DEPARTMENTAL INTERPRETATION AND PRACTICE NOTES NO. 14 (REVISED) PROPERTY TAX
Inland Revenue Department Hong Kong DEPARTMENTAL INTERPRETATION AND PRACTICE NOTES NO. 14 (REVISED) PROPERTY TAX These notes are issued for the information of taxpayers and their tax representatives. They More information Income Tax Main reliefs 2014/15 2013/14 Allowed at top rate of tax Allowed only at 10% Rate bands 2014/15 2013/14
Tax Rates 2014 2015 Income Tax Main reliefs 2014/15 2013/14 Allowed at top rate of tax Personal Allowance (PA) 10,000 9,440 Personal Allowance (born 6.4.38-5.4.48)* 10,500 10,500 Personal Allowance (born More information UCC Supplementary Life Assurance Scheme Member s Booklet
UCC Supplementary Life Assurance Scheme Member s Booklet Sub-Title taking care of you... Introduction University College Cork (UCC) has established the UCC Supplementary Life Assurance Scheme (the Scheme) More information Company Buy Back Insurance
Company Buy Back Insurance A) Important This guide is based on information supplied and on our understanding of current legislation and Revenue practice. Important Shareholders must seek professional advice More information (Chapter No. not allocated yet) SOCIAL SECURITY ORDINANCE
(Chapter No. not allocated yet) SOCIAL SECURITY ORDINANCE Non-authoritative Consolidated Text This is not an authoritative revised edition for the purposes of the Revised Edition of the Laws Ordinance; More information Staff car leasing scheme
Staff car leasing scheme 1. General 1.1 This document details the arrangements and conditions for providing cars to employees under the Council's Car Leasing Scheme ("the Scheme"). Eligible employees are:- More information 2017 © DocPlayer.net Privacy Policy | Terms of Service | Feedback