News
Budget changes for employees hit home
As all employees now know, the changes in taxation policy arising out of Budget 2011 have had a significant impact on their payslip.
Here is a brief outline of the most pertinent changes that were introduced (1);
- Reduction in employee tax credits from €1,830 to €1,650 per annum;
- Health Levy and Income Levy to be replaced by Universal Social Charge at varying rates;
- For public servants, the pension related deduction from earnings will be subject to PRSI and the Universal Social Charge;
- Abolition of tax relief for Trade Union subscriptions;
- Abolition of Patent Royalty Exemption, from 24 November 2010;
- Abolition of exemption from benefit in kind for employer provided childcare;
- Abolition of tax relief on subscriptions to professional bodies;
- Abolition of reliefs in relation to Approved Share Schemes;
- Introduction of a lifetime maximum exemption limit of €200,000 on ex gratia payments to employees;
- Employees to pay PRSI on pension contributions.
Employers and employees should obtain specialist tax advice on how these changes may impact them.
Reference:
- Budget Summary 2011 - Revenue Commissioners
Seeking Employment Law Litigation Advice
For further information and advice regarding your legal rights and entitlements, please contact Malcomson Law by calling 01 8744422 or complete an Online Enquiry Form. Your enquiry will be forwarded to a Solicitor who specialises in Employment Law.
This news section contains stories of interest from publicly available news sources. Where we are representing the clients referred to in the news material we will say so. Where we do not represent individuals or bodies mentioned or quoted, the inclusion of the news story in our news section is not intended nor should it be taken to imply that we act for the individual or body concerned.
Your Comments
If you would like to add a comment to this article, please fill in the form below. Your comment will need to be approved by a moderator before being added to this page.