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Budget 2020

Don’t blame it on the sunshine
Don’t blame it on the moonlight
Don’t blame it on good times
Blame it on Brexit

With the 31 October Brexit deadline just over three weeks away, Budget 2020 has been dubbed the “Brexit Budget”. With the prospect of a no-deal, the Minister has announced a contingency package of €1.2 billion (excluding EU funding) to respond to the challenges Brexit presents. There have been no significant giveaways because of the B word. So Brexit seems to be blame for everything. In fact I heard a story recently about a young boy who blamed Brexit for been unable to complete his homework. It truly is seeping into all areas of our society.

From a business perspective there have unfortunately been no improvements to capital gains tax entrepreneur relief and the lifetime threshold remains at €1m. This is surprising considering it is a “Brexit Budget” as it is one area where the UK continues to have a significant advantage over the ROI.

The enhancements to the Employment and Investment Incentive and the Key Employee Engagement Programme were not as expected albeit a move in the right direction. 

There has been a smaller €15,000 increase in the Group A tax-free threshold for Capital Acquisitions Tax.

 

Click to read our budget 2020 guide

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Joe Cunnane Practice Owner TRA Professional Services       Qualifications:  FCA Chartered Accountant & AITI Chartered Tax Advisor Joe has over 20 years experience working in both private practice and industry ... Read More »