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Jun 19, 2017

Living There


INDIVIDUAL TAXATION

Ireland Dublin apartments

Residents in Ireland are taxed on their worldwide income. Foreign individuals become residents if they are present in Ireland for more than 183 days in a year. Married couples may elect to be taxed jointly or separately.

The tax year in Ireland had been aligned to the calendar year as of January 2002.

INCOME TAX

Residents are taxed on all types of income. Income is classified into different categories according to their income source.

Taxable income is generally an aggregate of all types of income. Deductions, allowances and credits may be applied before income tax is imposed. Different rates apply for single individuals and married persons.

INCOME TAX 2017 FOR SINGLE/WIDOWED INDIVIDUALS

TAXABLE INCOME, € TAX RATE
Up to €33,800 20%
Over €33,800 40% on all income over €33,800
Source: Global Property Guide

INCOME TAX 2017 FOR SINGLE/WIDOWED INDIVIDUALS WITH DEPENDENT CHILDREN

TAXABLE INCOME, € TAX RATE
Up to €37,800 20%
Over €37,800 40% on all income over €37,800
Source: Global Property Guide

INCOME TAX 2017 FOR MARRIED PERSONS, SPOUSE WITHOUT INCOME

TAXABLE INCOME, € TAX RATE
Up to €42,800 20%
Over €42,800 40% on all income over €42,800
Source: Global Property Guide

INCOME TAX 2017 FOR MARRIED PERSONS, SPOUSE WITH INCOME

TAXABLE INCOME, € TAX RATE
Up to €67,600 20%
Over €67,600 40% on all income over €67,600
Source: Global Property Guide

INCOME TAX 2017 FOR SINGLE/WIDOWED INDIVIDUALS

TAXABLE INCOME, € TAX RATE
Up to €32,800 20%
Over €32,800 40% on all income over €32,800
Source: Global Property Guide

Residents are entitled to numerous tax credits and deductions.

The tax credits for 2017 are as follows:

  • €1,650 personal tax credit for single taxpayer
  • €3,300 personal tax credit for married taxpayer
  • €1,650 personal tax credit for widowed taxpayer
  • €1,650 personal credit for single person childcarer
  • €70 for each dependent relative
  • €3,300 for each incapacitated child

The Irish Tax & Customs have more details on tax credits and deductions available to residents.

RENTAL INCOME
Rental income is taxed at the standard income tax rates. Taxable income is calculated as gross rent less income-generating expenses. Allowable deductions include ground rent, rates, maintenance costs, general repairs, insurance, management fees, service charges, advertising, accounting fees, depreciation (wear and tear), building expenditures, and interest.

Stamp Duty on Property Leases

Stamp duty rates on property leases range from 1% to 12%, which is levied on the average annual rent reserved by lease. The applicable rate depends on the length of the lease.

STAMP DUTY ON PROPERTY LEASE

LEASE PERIOD
RATE
Up to 35 years or indefinite 1% of average annual rent
36 years to 100 years 6% of average annual rent
Over 100 years 12% of average annual rent
Source: Global Property Guide

Stamp duty rates range from 0% to 6% on premiums on leases of land and other real property.

CAPITAL GAINS
Capital gains tax is imposed at a flat rate of 33%. Taxable capital gains are generally computed as selling price less acquisition costs, adjusted for inflation, and improvement costs. The first €1,270 of capital gains is exempt from taxation.

Gains from the disposal of a taxpayer’s primary residence are also exempt.

Stamp Duty on Sales of Residential Properties

Stamp duties are levied on sales of residential properties. The rates range from 0% to 9%, the applicable rates depend on the property value, property size, and the status of the property buyer.

STAMP DUTY ON SALES OF RESIDENTIAL PROPERTIES

TAX BASE, €
TAX RATE
Up to €1,000,000
1%
Over €1,000,000
2% on all value over €1,000,000
Source: Global Property Guide

PROPERTY TAXATION

Local Property Tax (LPT)

Local property tax is levied at different rates, depending on the value of the property.

For properties that are valued at least €1,000,000, local property tax is levied at a flat rate of 0.18% on the first €1,000,000, and at a flat rate of 0.25% on the property value exceeding €1,000,000.

LOCAL PROPERTY TAX FOR PROPERTIES WORTH AT LEAST €1,000,000

PEROPERTY VALUE , €
RATE
Up to €1,000,000
0.18%
Over €1,000,000
0.25% on all value over €1,000,000
Source: Global Property Guide

For properties that are valued €50,000 up to €1,000,000, a different local property tax rate system applies.

CORPORATE TAXATION

INCOME TAX

Income earned by companies is subject to corporate income tax at varying rates depending on income classification: 12.5% on trading income and 25% on non-trading income.

CAPITAL GAINS TAX

Capital gains tax earned by companies is subject to capital gains tax at 33%.






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