USC Increase – How will it effect you?

USC is payable at 7% on income over €16,016 whereas the Income Levy in 2010 was payable at 2% on income up to €75,036 which results in an increase in  tax payable of €2,951, on an income of €75,036.

Self-employed individuals with income in excess of 100k will pay 10% USC on the excess. This does not apply to persons subject to PAYE.

There is no relief from the USC for claims against income for tax based capital allowances and losses .

This will therefore result in increased taxation liabilities for the majority of taxpayers.

Contact Mark Butler or Maura Duffy for more infomation.

 

Join our Newsletter
Be first to hear the latest news and events.