With the Government officially confirming Budget 2012 day as 6th December and announcing the new budgeting process yesterday, it is time to start thinking about tax planning in advance of this date. OSK Tax Advisors Dublin have provided a a couple of small ideas:
1. Pension Contributions: at present tax relief is available at your marginal rate on contributions to personal pension schemes subject to an income cap of €115,000 and rates ranging from 15% to 40% of earnings depending on age. With the strong possibility of a restriction in the relief after the budget, you may consider advancing the payment of any contribution to before 6th December.
2. Capital Gains Tax: an increase in the rate of capital gains tax is expected. In the event that you are considering selling a chargeable asset, consider accelerating disposal to before 6th December.
A video message from Tadgh O'Sullivan, Director.
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