VAT

The Minister has increased the standard rate of VAT from 21% to 21.5% with effect from the 1st of December 2008.

STAMP DUTY

Commercial Property: The top rate of stamp duty on commercial property has been reduced from 9% to 6%. The reduced rate applies in respect of Instruments executed on or after the 15th of October 2008. A rate of 9 % on non residential property over €150,000 was extremely penal, and one of the highest in Europe. The reduction of the rate to 6% must be welcomed.

Extension of stamp duty (young trained farmers relief): The stamp duty relief for young trained farmers (those under 35 years of age with specific agricultural training) which was due to expire on the 31st of December 2008 has been extended for four years and will now apply until the 31st of December 2012.

Extension of Stamp Duty Relief for Farm Consolidation: Relief from stamp duty is available to encourage the exchange of farmland between farmers to consolidate each farmers holding. This should have the effect of reducing fragmentation. The termination date of this relief is now set at the 30th of June 2011.

LOCAL AUTHORITY CHARGE

The introduction of what is effectively a property tax has been introduced in this Budget. The new charge is set at €200 per residence and applies to owners of private residential accommodation, holiday homes and other non principal private residences. It does not apply to new dwellings as yet unsold.

CAPITAL GAINS TAX

The rate of capital gains tax has increased from 20% to 22% from midnight of the 14th of October 2008. In addition to this change, the Minister announced that he was bringing forward the payment dates in respect of disposals made in the 2009 tax year as follows:

Disposal CGT Due Date
1st January 2009-30th November 2009 Mid December 2009
1st December 2009-31st December 31st October 2010

Given that proceeds are not generally received at the date disposal, this could create significant cash flow difficulties.

If you have any queries in relation to the above please do not hesitate to contact one of the following in our Commercial Property Team:

Siona Mooney, Partner → siona.mooney@aclsolicitors.ie
David Lavelle, Partner → david.lavelle@aclsolicitors.ie
Ian Lavelle, Solicitor→ ian.lavelle@aclsolicitors.ie

19 November 2008

    Gillian and all at Augustus Cullen Law, A million thanks for a great job done. Justice for our son at last!!

    Catherine, Liam & William

    Dear Michael, A great result was achieved because of your efforts and we were truly blessed to have you on our side.

    Kathleen, Medical Negligence Client

    Dear Joice…you are and have been very professional, sympathetic and dignified in all of your dealings with us and I put that down to one simple fact. You listened.

    James, Medical Negligence Client

    Geraldine, Thank you most sincerely for all your hard work and commitment to these children.

    Freda McKittrick, Head of Barnardos Beacon Guardian Ad Litem service

    Neil is an absolute gentleman to deal with – kind, tactful and very efficient. We could not praise him highly enough. He brought us through a horrible time.

    Sean, Medical Negligence Client

    Many thanks again for a job well done. We really appreciate all your hard work and practical advice.

    Corporate client in a commercial litigation matter

    Dear Jamie, You and your team in ACL were so professional, diligent and prompt. I have recommended you and the firm, and will continue to do so

    Lorraine McCarthy

    Gus Cullen and the firm’s approach to addressing the key issues was professional, yet personal, efficient yet attentive.

    BB

    The process is a difficult one and when you deal with people who are so professional and yet genuine/real people, it makes it so much easier... so thanks a million.

    Julie

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