Tax Facts 2013

Income Tax 2013

Standard Rate

20%

Marginal Rate

41%

Standard Rate Band
Single/WidowedNo dependant childrenWith dependant children

€32,800

€36,800

Married – one income

€41,800

Married – two incomes*Increase is lower of €23,800 and income of lower earning spouse.

€41,800

+

€23,800*

Tax Credits
Single Person

€1,650

Married

€3,300

Widowed(no dependant children)

€2,190

Additional Credit for one Parent Family Widowed & Other

1,650

PAYE

€1,650

Blind Allowance

€1,650

Dependant Relative

70

Age Allowance -65 & over

245

Home Carer’s Allowance

810

Exemption Limits
Single/Widowed Married
Aged 65 +

€18,000

€36,000

Universal Social Charge

Income

Employed

Self employed

First €10,036

2%

2%

Next €5,980

4%

4%

Next €83,984

7%*

7%*

Balance(>€100,000

7%

10%

*Individuals who have income from self-employment that exceeds €100,000 in a tax year are subject to a 3% surcharge. A USC rate of 10% therefore applies to any income in excess of €100,000 . USC does not apply where total income does not exceed €10,036 or income that is already subject to DIRT.*rate reduced to 4% if over 70 and income is below €60,000 

 Capital Gains Tax 2013

Rate 33%

Annual Exemption for Individuals €1,270
Retirement Relief €750,000(limit)
Tax Yearexpenditure incurred

Disposal in year ending

31/12/2003 or later tax years

1988/89

1.553

1989/90

1.503

1990/91

1.442

1991/92

1.406

1992/93

1.356

1993/94

1.331

1994/95

1.309

1995/96

1.277

1996/97

1.251

1997/98

1.232

1998/99

1.212

1999/00

1.193

2000/01

1.144

2001

1.087

2002

1.049

Indexation only applies for periods of ownership up to 31/12/2002.

 Corporation Tax Rates 2013

Trading Income

12.5%

Non-Trading Income

25%

 Capital Acquisitions Tax 2013*

Threshold Relationship
€225,000 Child, or, minor child of a deceased child.
€30,150 Brother, sister, child of a brother or sister, lineal ancestor or descendant.
€15,075 Other
Tax Rate 33%
 *Applies with effect from 6/12/2012. All benefits received since 5/12/1991 taken into a/c for threshold. 
Annual Gift Exemption €3,000

 

Tax on Investment Products from 1/1/2013

DIRT                                        

Interest credited at least annually            33%

Interest not credited at least annually     36%

EXIT TAX

Collective Investments                            36%

Corporate Investors                                  25%

Personal Portfolio/Wrappers                 56%

 

Important Tax Dates

Income Tax

Mid November 2013

 –    Return Filing date and Payment of Balance of Income Tax for 2012.- Preliminary Income Tax due for 2013.- Deadline for Online Returns

Capital Gains Tax

15/12/2013

– Payment of CGT on disposals made in the period 1st January 2013 to 30thNovember 2013.

31/1/2014

– Payment of CGT on disposals made in December 2013.

 

 

Disclaimer: Eamon Porter trading as Aspire Wealth Management accepts no responsibility for any of the information contained herein. The information listed above was correct at the time of preparation (February 2013), and is based  on the Budget 2013 Statement – January 2013.

 

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