• CGT Payment Date – If you have disposed of an asset which has given rise to a gain during the period 1^st December to 31^st December 2015, you are obliged to pay Capital Gains Tax on this gain by the 31^st January 2016.
• Payroll Direct Debits – Please be aware that Direct Debits for Wages or Salaries and payment of PAYE to the Revenue may need to be amended from the 1^st January 2016 as a result of changes to USC and PRSI in the most recent budget.
• Earned Income Tax Credit – A new Earned Income Tax Credit has been introduced for 2016 which applies to persons with Self – Employed Income or directors who are not entitled to the PAYE Credit on their Salary Income. This credit amounts to €550 per annum. If the above credit applies to you please review your 2016 tax credit certificate from Revenue to ensure it is correctly included.
• Home Carer’s Credit – This credit has increased to €1,000 per annum in 2016 from €810 in 2015 where a home carer’s income is below €7,200 (Previously €5,080 in 2015). (Note that a wife or husband staying at home minding the children would be considered a home carer). Again, if the above credit applies to you please review your 2016 tax credit certificate from Revenue to ensure it is correctly included.
• Capital Acquisitions Tax Free Thresholds – The lifetime Tax Free Threshold for gifts and inheritance from parents to children has increased from €225,000 to €280,000 and applies to gifts and inheritance taken on or after 14^th October 2015.
• CGT Entrepreneur Relief – Business Owners can now avail of a lower CGT Rate of 20% (Standard Rate 33%) on the chargeable gains that arise from the disposal or part disposal of their business/company. The reduced rate is subject to a lifetime limit of €1m on such gains. This relief is available from the 1^st January 2016.

Should you wish to discuss any of the above further, please do not hesitate to contact the Tax Department on 021-4641400.