The Finance Bill was published on 21 January 2011. It implements the measures announced in the Budget on 7 December 2010 and more. Our Briefing highlights new measures introduced at Finance Bill stage and revisits some previously announced changes.
One of the more controversial measures announced on Budget Day was the abolition of property based capital allowances. After heavy lobbying, the Minister has provided in the Finance Bill that the new measures will take effect at the earliest in 2012 and, in any event, following the publication of an economic impact assessment on the proposed changes. This issue is now being pushed into the realm of the next government. This will be a welcome relief to property owners.
Changes are proposed that will impact on the securitisation and structured finance industry. These changes will result in Ireland strengthening its securitisation offering with the inclusion of commodities, plant & machinery and carbon offsets. Such changes are welcomed.
An unexpected change was introduced to the tax filing dates for individuals by bringing forward the pay and file deadline from 31 October to 30 September. This will have negative cashflow effects.
There are further changes to be introduced at later stages of the Finance Bill such as taxation of bank bonuses and tax treatment of civil partners.
Further details on the main features are highlighted in our Briefing which I hope you will find useful. If you have any comments or queries please contact us.
Sonya Manzor
William Fry
Tax Advisors
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