Taxation Reliefs and Exemptions

These flashcards cover various taxation reliefs and exemptions relevant to income tax, corporation tax, and capital gains tax as discussed in the lecture notes.

Employee Investment Incentive Scheme (E.I.I.S)

A scheme providing income tax relief for investments in qualifying trades to encourage employment.

Start Up Relief for Entrepreneurs (SURE)

Income tax relief aimed at individuals who set up a new venture after leaving employment.

Residency Reliefs (SARP)

Tax relief for employees seconded to Ireland who meet specific residency and income criteria.

Foreign Earnings Deduction (FED)

Income tax reduction for individuals working in emerging markets under specific conditions.

Research and Development (R&D) Tax Credit

Tax relief for companies engaged in qualifying R&D activities, allowing them to claim back a percentage of R&D expenses.

Corporation Tax New Company Exemption

Full relief from corporation tax for new companies established under certain conditions.

Capital Gains Tax (CGT) Entrepreneur Relief

A 10% CGT rate for individuals selling qualifying business assets under specific conditions.

Retirement Relief

Tax relief on the disposal of business assets for individuals aged 55 and older, under certain conditions.

Business Relief for Capital Acquisitions Tax (CAT)

A 90% reduction in taxable value of business assets transferred under specific conditions.

Agricultural Relief

A tax relief providing a 90% reduction in taxable value for agricultural assets under certain conditions.

Stamp Duty Consanguinity Relief

Reduction in stamp duty to 1% for transfers of farmland between blood relatives.

Negligible Value Claim

Claim made for assets that have dropped significantly in value to offset capital gains tax.

Principal Private Residence (PPR) Relief

Exemption from CGT when selling a property used as the main residence for the entire ownership period.

Share Buy Backs

Conditions under which shareholders may qualify for CGT treatment instead of income tax on share buybacks.

Transfer of Business Relief

No VAT charged on the transfer of a business as a going concern under specific conditions.

Corporate Loss Group

A corporate group allowing for the transfer and offset of trading losses among group members.

Holding Company Participation Exemption

Exemption from corporation tax on gains from the disposal of shares if specific conditions are met.

Reorganisations - Share for Share Exchange

No CGT applies if the exchange is for bona fide commercial reasons and meets specific criteria.

Bad Debt Relief

Allows businesses to reclaim VAT on supplies for which payment has not been received under certain conditions.

Qualifying Shares

All classes of new ordinary shares and redeemable preference shares eligible for investment tax relief.

Qualifying Company

A company incorporated and resident in the EEA and unquoted, meeting specific criteria for tax relief.