Revenue have changed the categories regarding the filing of returns thereby drawing more people into the self-assessment system. If you fall into these categories you will be obliged to register with Revenue and file a return online for tax years 2011 and subsequent years.
This relief was initially introduced in 2007 and was aimed at individuals who at the time earned over and above €500,000 paid at least 20% of income tax plus PRSI and any levies on the income they earned. Over time the threshold amount was reduced to €250,000 ensuring that those who earned over and above this amount would too see an increase in their effective rate.
The Finance Act 2010 made the following changes to the rule;
The reliefs that could fall into this restriction are – property based reliefs, Business Expansion Scheme (BES) relief, Seed Capital relief and film investments to name a few. The maximum relief claim is the greater of €80,000 or 20% of your total income.
Contact Louise Clarke OSK Tax for further information.
Need help with tax return 2013? Contact OSK today to assist you in filing your personal tax return before the October deadline - email firstname.lastname@example.org.
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