efficient financial tax notes 2017

MrHarryCrummyEfficientFinancial4St.Mary’sRoad,Arklow,Co.Wicklow,Y14X677,Ireland.Tel:+353(0)40232629Fax:+353(0)40291772Email:harry.crummy@efficientfinancial.ie

MrJohnTraynorEfficientFinancial14FitzwilliamSquareEast,Dublin2,D02W298,Ireland.Tel:+353(0)16325013Fax:+353(0)16619664Email:john.traynor@efficientfinancial.ie

Ø Listed below are summary notes on taxes, which you may

find helpful as a reference point. Ø This information was prepared in December 2016 for

the 2017 Tax Year. Ø If you are interested in exploring what changes could be

made to improve the tax situation for you or your dependants, please contact us today for an initial financial consultation.

IncomeTax2017 StandardRate 20% HigherRate 40% StandardRateBand Single/WidowedNodependantchildrenWithdependantchildren

€33,800€37,800

Married/CivilPartners-oneincome €42,800 Married/CivilPartners-twoincomes*Increaseislowerof€24,800andincomeoflowerearningspouse.

€42,800+

*€24,800

TaxCredits SinglePerson €1,650 Married/CivilPartners €3,300 Widowed/SurvivingCivilPartners(nodependantchildren) €2,190 AdditionalCreditforOneParentFamily,Widowed&Other €1,650 PAYECredit €1,650 EarnedIncome(ExcludingPAYEIncome)Credit €950max BlindAllowance €1,650 DependantRelative €70 AgeTaxCredit-65&Over €245 HomeCarer'sTaxCredit €1,100 LimitforMedicalExpensesperadult €1,000 ExemptionLimits Single/Widowed/

SurvivingCivilPartnerMarried/CivilPartner

(Atleastoneaged65orover)Aged65orover,withnochilddependants.

€18,000 €36,000

UniversalSocialCharge Income (i)First€12,012

0.5% (ii)Next€6,760

2.5%

(iii)Next€51,272

5.0%Ratereducedto2.5%ifover70andincomeisbelow€60,000,oriffullmedicalcardholderatanyage.

(iv)Balance 8.0%

Individualswhohaveincomefromself-employmentthatexceeds€100,000inataxyeararesubjecttoa3%surcharge.AUSCrateof11%thereforeappliestoanyincomeinexcessof€100,000.USCdoesnotapplywheretotalincomedoesnotexceed€13,000orincomethatisalreadysubjecttoDIRT.

PRSIRatesFromJanuary2017 A1 S1Employee *4.0%onallincome 4.0%onallincomeEmployer 10.75%**

(Incl.0.7%Traininglevy)Nil

*Employeesearninglessthan€352p.w.areexemptfromPRSI.TaperedPRSIreliefifweeklyearningsarebetween€352and€424,withnoPRSIreliefifweeklyearningsareover€424.**EmployerPRSIis8.50%ifweeklyearningsare€376orless.PRSIispayableonrentalincome,dividendsandinterestondepositsandsavings(ifthetotalofsuchincomeexceeds€5,000p.a.)(self-employedalreadyliablewithnothreshold)CapitalAcquisitionsTax2017* Threshold Relationship€310,000**(Previously€280,000)

Child,or,minorchildofadeceasedchild.

€32,500(Previously€30,150) Brother,sister,childofabrotherorsister,linealancestorordescendant.

€16,250(Previously€15,075)

Other

TaxRate

33%

*Allbenefitsreceivedsince5/12/1991takenintoaccountforthreshold.

**Appliesonorafter12thOctober2016

AnnualGiftExemption€3,000

TaxonInvestmentProducts2017DIRT Whetherpayableannuallyorotherwise39%Thefollowingareamongthosewhocanclaimexemptionfrom/reclaimDIRT:Firsttimebuyerswhopurchasetheirfirsthomebetween14/10/2014and31/12/2017canclaimarefundofDIRTincurredintheprevious48monthsonsavingsupto20%ofthepurchaseprice.Thoseindividualswhoareoverage65andbelowtheincomeexemptionlimits.ExitTax CollectiveInvestments 41%CorporateInvestors 25%PersonalPortfolio/Wrappers 60%LocalPropertyTaxThestandardyearlyrateis0.18%ofthemarketvalueupto€1mand0.25%onexcessabove€1mLocalauthoritiescanincreaseordecreasetheseratesbyamaximumof15%.

ImportantTaxDatesfor2017

IncomeTax31/10/2017

Ø ReturnFilingdateandPaymentofBalanceofIncomeTaxfor2016.Ø PreliminaryIncomeTaxduefor2017.

10thNovember2017

Ø DeadlineforOnlineReturns.CapitalGainsTax15/12/2017

Ø PaymentofCGTondisposalsmadeintheperiod1stJanuary2017to30thNovember2017.31/1/2018

Ø PaymentofCGTondisposalsmadeinDecember2017.Disclaimer:EfficientFinancialacceptsnoresponsibilityforanyoftheinformationcontainedinthisfactsheet.Theinformationinthisfactsheetwascorrectatthetimeofpreparation(Dec.2016).Thefactsheetisintendedasaguideonly.Anytaxdecisionsshouldbemadeinconsultationwithaqualifiedprofessional.EfficientFinancialisatradingnameofHenryCrummyInsurancesLtdandisregulatedbytheCentralBankofIreland.