Aiti Personal Tax Part 2 Question

Boomtownrat81

Can someone help with Personal Tax Q5 Autumn 2013?
In relation to calculating the amended Cap All I can't get the figures in the solution.
The solution deducts €2250 from the total being the allowance for the table which shouldn't have been included.
Surely this should be €1875? Cost of €15000 @ 12.5% w and t for year?

ants09

Boomtownrat81 wrote: »

Can someone help with Personal Tax Q5 Autumn 2013?
In relation to calculating the amended Cap All I can't get the figures in the solution.
The solution deducts €2250 from the total being the allowance for the table which shouldn't have been included.
Surely this should be €1875? Cost of €15000 @ 12.5% w and t for year?

What is the asset ? as some assets can be at rates other then 12.5%

Howjoe1

Boomtownrat81 wrote: »

Can someone help with Personal Tax Q5 Autumn 2013?
In relation to calculating the amended Cap All I can't get the figures in the solution.
The solution deducts €2250 from the total being the allowance for the table which shouldn't have been included.
Surely this should be €1875? Cost of €15000 @ 12.5% w and t for year?

can't see the question. What is the asset? is it something that the 15% industrial building allowance might apply to. seems to have a rate of 15% based on info.

Good luck.

Boomtownrat81

ants09 wrote: »

What is the asset ? as some assets can be at 20%

Its a specialised table-desk for a graphics designer. Total cost in 2009 was €15000 and TWDV at Jan 1st 2013 was €7,500. That implies 4 years W&T @ 12.5% or €1875 per annum... The clients included a full years "writing down allowance" in 2013 in error, the desk was gifted to a partner who was exiting the partnership so needs to be a deemed disposal, and this amount is given in the answer as €2250.
I can't figure where this is coming from.

shuyin1

Don't work in tax but see below found on google
Accelerated Capital Allowances Schemes

ants09

Boomtownrat81 wrote: »

Its a specialised table-desk for a graphics designer. Total cost in 2009 was €15000 and TWDV at Jan 1st 2013 was €7,500. That implies 4 years W&T @ 12.5% or €1875 per annum... The clients included a full years "writing down allowance" in 2013 in error, the desk was gifted to a partner who was exiting the partnership so needs to be a deemed disposal, and this amount is given in the answer as €2250.
I can't figure where this is coming from.

You said the desk was gifted to a partner who was exiting the partnership ?
Was was the value of the gift ? as deemed disposal and then a balancing allowance/charge would have to be calculated and taken into account

haribo12

Could anyone help me in relation to the AITI Part 2 Assignment, please see the extract below:

Petra’s husband Peter has lived in the US all his life. Now that Petra is taking redundancy, he
is considering retiring and moving to Ireland permanently. However, he has purchased a
burial plot in the US and intends to be buried there. Peter is very wealthy and intends to
purchase a country home valued in excess of €5million in Ireland. While he has significant
worldwide income in excess of €10million per year, he does not have any Irish source of
income. He intends to purchase the country home with funds from a “capital account” held in
a US bank. Peter has asked you to outline the Irish tax consequences of his proposed move to
Ireland and whether there are any steps he can take to minimise his Irish tax exposure (e.g. by
transferring the country home to Petra).


I nearly have the assignment finished but am having issues with the domicile issue , it states in the case that Peter intends to stay in ireland permanently, presume change his domicile to irish , but then states that he has bought a burial plot in the US ....

If Peter changes his domicile to Irish from the US he will be subject to the domicile levy as he has world wide income in excess of €1 million and an Irish property in excess of €5 million

What are peoples feelings ??