TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Finance Act 2011

The Finance Bill 2011 has now received Royal Assent and became Finance Act 2011 on 19 July.

Highlights of the Act include:-

  • Corporation tax – the reduction in the main rate of corporation tax to 26% for financial year 2011, to 25% for financial year 2012 and enactment of the small profits rate of 20% for 2011
  • Capital Gains tax – increase in the lifetime limit for entrepreneur's relief to £10 million from 6 April 2011 and an increase in the annual exempt amount to £10,600
  • Controlled Foreign Companies legislation – interim measures designed to improve the regime ahead of new rules to be introduced in 2012
  • Stamp duty land tax relief for multiple dwellings-this applies to transactions where the effective date is on or after 19 July 2011
  • The Act also enacts many measures previously announced including changes to the furnished holiday lettings rules, the reduction in childcare relief for higher rate earners and the annual allowance and lifetime allowance charges for pensions.