CGT Raised to 33%

Thargor

From midnight, threshold reduced by 10% aswell, not much better for savers either, DIRT is also up to 33%, time to start researching tax evasion methinks

homer911

We have to make profits before that worries us..

Bogman Billy

Thargor wrote: »

From midnight, threshold reduced by 10% aswell, not much better for savers either, DIRT is also up to 33%, time to start researching tax evasion methinks

What threshold is that?

Thargor

The threshold before CGT kicks in, on a phone now but I think it was about 2k.

Fitz123

I think it's the CAT threshold rather than the CGT threshold which is €1,270

Cute Hoor

Thargor wrote: »

From midnight, threshold reduced by 10% aswell, not much better for savers either, DIRT is also up to 33%, time to start researching tax evasion methinks

Are you sure on the threshold Thargor, the threshold for Capital Acquisitions Tax has been cut by 10% from midnight but I don't see anything about the threshold for CGT being cut?

Thargor

Capital Acquisitions Tax and Capital Gains Tax to increase from 30% to 33% from midnight. The threshold at which CAT applies will be reduced by 10%

Oops, my mistake, sorry.

Arthurdaly

Does the rate change only impact assets sold after the rate change was implemented? I sold some assets in November, am I still liable at 30?

delux

A legal tax evasion method is to use spread betting as it's tax free
(also there's no currency risk)
People will probably reply and say you'll lose money spreadbetting, it's a scam etc.. but these are the same people who lose money trading using brokers
Really, if you make money trading shares using a broker you can make money using spreadbetting.
The horror stories you hear from people about spreadbetting always involve trading currencies, commodities and indices. They never involve stocks. The reason they lose is because those instruments are more volatile than stocks generally and people have to risk more on each bet.

poodles

I sent an email to Michael Noonan nearly two years ago before Labour got elected pointing out to him that UK citizens get a much larger TFA and an allowance of approx 10,500 GBP each year Tax Free to put into an ISA.

He said he was aware of the UK ISA scheme and that if he was elected that he would look into having a similar scheme here in Ireland.

I guess once he was elected he was too bust to look into it.

Funny to still see the Tax Free Allowance for Ireland is 1,270 Euro - a conversion from the olde Irish Punt of 1,000.
Goes to show that this hasn't even been looked at in over 10? years now?

michael.noonan@oireachtas.ie