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On a point of clarification the Revenue have issued guidance that anybody who opts for the Capital Payment option in the share offer will not be subject to Capital Gains Tax as they are already sitting on losses from the Eircom Flotation.
Issue: Could the new tax relief scheme for home improvements be unworkable?
Comment: For the first time in many years the Government announced in last year’s budget a new Tax Relief Scheme for home improvements. Recently the procedures on how this scheme will operate were announced.
It appears that only VAT,on any work done at the rate of 13.5% can be reclaimed over a period of 2 years.This exclude any costs attracting a VAT rate of 23%. In order to do this you must get tax clearance documentation from the contractors you use, prior to the work commencing. The difficulty arises, I believe, in claiming back the tax rebate. It appears that the contractor has to make the application to the Revenue on your behalf and this complex procedure could end up with the scheme becoming unworkable for a lot of people.
Issue: Changes necessary to Personal Insolvency Procedures after only 3 months.
Comment: The Personal Insolvency bill was drafted and enacted last year. It is the most complex piece of legislation we have seen for many years and has attracted a lot of criticism. Now it appears that only 3 months into the operation of the bill, a revision of the procedures involved is about to take place.
Most financial professionals warned that this would happen and that the process should have been based on the British model, which now appears to be the route that will be introduced. One of the areas that is causing concern is the cost of dealing with the Personal Insolvency Practitioner and they have said that this will be addressed.
It remains to be seen, how effective in practice, these changes will be.