BUDGET 2010
SIGNIFICANT CUTS TO PERSONAL TAX RATES
- Top tax rate of 38% abolished
- GST increased to 15%
- Cuts to all personal income tax rates
- Above changes effective 1st October 2010
PROPERTY
- Depreciation claims on buildings (residential & commercial) no longer allowed
- Changes to Qualifying Companies and Loss Attributing Qualifying Companies
- Above changes effective 1st April 2011
OTHER CHANGES
- Cut to company tax rate to 28% (from 1st April 2011)
- Tightening of eligibility for Working For Families
- Cuts to tax rates on investment vehicles (eg PIEs) to 28%
- End to accelerated depreciation on new asset purchases
20.5.2010
