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Thomas McGibney & Company | ||
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BUDGET 2003Property
Taxes & CGT 2003
Deadlines
for Certain Tax Incentives Schemes The Minister has
confirmed that certain
major tax incentive schemes will expire on 31 December 2004,
and brought forward the expiry date of some other schemes to that
date.. The following schemes are affected
. Capital
Allowances for Hotels and Holiday Homes The special
capital allowance system for hotels is being revised. The current
15% per year writeoff over 7 years is being reduced to 4% per year
over 25 years. Capital
allowances are being abolished for holiday homes. Capital Gains
Tax changes
In future, a preliminary tax payment must be made by 31 October each year in respect of gains made up to 30 September in that tax year. Tax due on gains made over the remainder of that tax year will be paid by the following 31 January.
Stamp Duty on Property Non-Residential
Property The rates of
stamp duty on non-residential property are to be increased. The maximum rate will now be 9%. The threshold limits for all of the existing rates are being increased. The revisions are
as follows:
The new rates apply with immediate effect. There are transitional arrangements to cater for situations where the purchaser has a binding contract in place before 4 December 2002. In these cases, the new rates and thresholds will not apply where the transaction is executed before 1 March 2003.
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