Personal Tax Services

Personal Tax

Nathan Trust have a dedicated Tax Team who have the expertise and experience to provide an expert and friendly service to our Irish and international clients.

Our services include:

• Preparation and filing of annual income tax returns
• Ensuring that all available tax credits, reliefs and exemptions are applied
• Dealing with all Revenue queries
• Provide advice on pension relief and pension payments
• Provide advice on inheritance tax, estate planning, family partnerships and trusts
• Provide advice on tax residence and non-domicile tax status
• Tax advice on ETFs

Capital Gains Tax Services (CGT)

Under the Irish CGT provisions, an individual is taxed on the difference between the sale proceeds and the base cost of an asset (increased by an index based on inflation).

In other words, it is the chargeable gain of an asset which is the difference between:

The amount you received it for (sale price) – the amount you paid for it (purchase price)

Deductions are allowed in respect of the incidental costs of acquisition and disposal (e.g. stamp duty, legal and auctioneers’ fees, advertising, etc.).

The rate of CGT is 33% for most gains. The first €1,270 of a gain is exempt from Capital Gains Tax for each individual.

To know more about how to calculate CGT, visit the Irish Revenue page.

Foreign Currency

Under Irish rules, proceeds and costs denominated in a foreign currency must be converted into Irish currency at the exchange rate applicable (spot rate) to determine the appropriate chargeable gain.

Payment of Capital Gains Tax and reporting requirements

Capital Gains Tax arising in respect of disposals made in the period from 1 January to 30 November is due for payment by 15 December of that year. Capital Gains Tax arising on disposals made in the period from 1 December to 31 December is due for payment by 31 January in the following year.

CGT and Non-Doms

A non-Irish-domiciled individual who is resident or ordinarily resident is liable to capital gains tax on the following:

• Gains arising on the disposal of chargeable assets situated in Ireland at the time of the disposal

• Remittances into Ireland of proceeds of gains from the disposal of assets situated outside of Ireland.

Where an individual is a non-resident and non-ordinarily resident, they are only liable to capital gains tax on gains arising on the disposal of specified Irish assets. Specified Irish assets include land and buildings situated in Ireland and assets situated in Ireland which at the time of disposal or earlier were used for the purposes of a trade-in Ireland.

Capital Acquisitions Tax (CAT)

Capital Acquisitions Tax (CAT) is a charge on both inheritances & gifts over certain limits.

Whether you have accumulated personal wealth, or it is tied up in your business, there are various reliefs and areas of planning you can implement to ensure that as much of that hard-earned wealth remains in your family.

A CAT liability of 33% may apply where:

• The beneficiary is Irish resident

• The disponer (person gifting or leaving a benefit) is Irish resident

• The gift or inheritance consists of Irish property e.g. Irish property or land

Gifts or inheritances of Irish-situated property remain within the charge to CAT regardless of the domicile or residence of the disponer or the beneficiary.

There is an exception to this rule where a non-Irish-domiciled disponer or beneficiary will not be treated for CAT purposes as being resident or ordinarily resident in the State unless:

• The date of the gift/inheritance occurs on or after 1 December 2004

• The person has been resident in the State for the five consecutive years of assessment preceding the year of assessment in which the date falls

• The person is either resident or ordinarily resident in the State on that date.

The pay and file date for CAT is 31 October.

Local Property Tax

Local Property Tax is an annual tax payable in respect of the residential property. The tax is collected by Revenue and is self-assessed.

The Local Property Tax will be based on the market value of the residential property on the valuation date of 1 May 2013 for years of the assessment until 2017. There are some properties that are exempt from Local Property Tax, including residential property that is used wholly as a dwelling liable to commercial rates.