21 December 2017
Quintas Newsletter
Tax & Succession Planning
Tax Updates/Reminders
Tracker Mortgage Scandal – where will it end?
A glimpse at the life of a Trainee Accountant - Childhood dreams becoming reality
Is your business preparing for compliance with the GDPR deadline fast approaching?
Recent News
Heron House,
Blackpool Park,

tel: +353 21 4641400
web: www.quintas.ie

Tax Updates/Reminders
by Jennifer Brosnan

In our final newsletter of 2017 we take this opportunity to highlight some recent tax updates following on from Budget 2018 and remind you of some tax deadlines in early 2018.


Capital Gains Tax

The Capital Gains Tax, 7 year exemption, in respect of land and buildings purchased between 2011 and 2014 has now been reduced to 4 years. If you have purchased land or buildings during this period you can now sell them without paying Capital Gains Tax, once you have owned the land or buildings for at least 4 years.

Stamp Duty

Stamp Duty on shares derived from Land and Buildings has been increased to 6% from mid-December 2017. E.g. If a company is sold for €1million and its only asset is property – pre mid-December stamp duty payable would have been 1%, now a rate of 6% applies

Employer PRSI

Under Classes A & H, employers pay a combined PRSI charge and contribution to the National Training Fund Levy (NTFL). Currently the NTFL contribution for both Class A and Class H employers is 0.7% and the employer PRSI charge is 7.8%. With effect from 1 January 2018, the NTFL contribution for both Classes A and H will increase by 0.1% from 0.7% to 0.8%. There is no increase in the Employer PRSI charge. This increase will affect the rates payable by employers with employees subject to PRSI Classes A and H as follows:


Class A Employer Rate

Weekly Income Band

Old Employer Rate

New Employer Rate

€38 to €376



In excess of €376



Class H (Public Sector) Employer Rate

Weekly Income Band

Old Employer Rate

New Employer Rate

All income






Small Benefits/Vouchers

Employees can be given a small benefit of up to €500 in value, tax free, each year. This benefit must not be in cash. Tax free vouchers or benefits can only be used to purchase goods or services. They cannot be redeemed for cash. If more than one benefit is given in a year, only the first one qualifies for the tax free status.

Capital Gains Tax (CGT)               

If you have disposed of an asset in December 2017 which has realised a gain you must pay Capital Gains Tax on this gain by 31 January 2018. We will be issuing a reminder to clients for this and other tax deadlines via SMS in the New Year.

Local Property Tax (LPT)

The latest date for paying your LPT liability in full by cash, cheque, postal order, credit or debit card is 10 January 2018.

If you are electing to pay your LPT by direct debit instalments these payments will commence on 15 January 2018

If you are paying LPT by annual direct debit or single debit authority this payment will be taken on 21 March 2018

Payment of LPT by way of deduction from source through salary, pension, government payments etc. will commence from 1 January 2018