Taxation of Property Transactions 2022 webinar

Individuals: renting, investing, trading

• 1. Investing or trading?
  • What is trading?
  • Land transactions - investing or trading?
  • The badges of trade
  • Stamp duty -multi-unit purchases - s 31E, 83D, 83E, 83F
  • Local property tax (LPT)
  • Residential Zoned Land Tax (RZLT)
  • Case study
• 2. Investing in property
  • Rental income
    • Calculation - interest - unpaid interest
    • RTB - Section 23/50 - 372AP(8)
    • Pre-letting expenses
    • Premiums on leases
    • Wear and tear allowances - What is plant? What are repairs? What are improvements?
    • Farm land leasing exemption
    • Rent-a-room relief
    • Acquiring through pension fund
    • Non-resident landlord - authorised agent
    • CAT -CGT offset
    • Transfer of site from parent to child
  • CGT
    • Disposal, part disposal, capital sum derived from asset
    • Proceeds - Acquisition cost - Indexation - Time of disposal
    • Market value rules - Enhancement expenditure - Losses
    • Compulsory purchase - Compensation and insurance
    • Seven year exemption - Residence exemption
    • Development land - Capital allowances and s 23
    • Leases - Tax clearance - Foreign tax credit
• 3. Trading in land or buildings
  • Build to sell, buy to sell
  • Allowable deductions
  • Commencement rules
  • Transfers to and from trading stock
  • Valuation on cessation
  • Profits from land dealing
  • Debt forgiveness
  • Case study
• 4. VAT fundamentals
  • Property development - no registration threshold
  • Sale of property - checklist - when does VAT apply?
  • Development of immovable goods - checklist
  • Fixtures and fittings - VAT
  • Lettings - Option to tax (OTT)
  • Capital Goods Scheme (CGS)
  • Case study

Companies: renting, investing, trading

• 5. Incorporating a rental portfolio
  • CGT - possible solutions
  • Transfer of business to a company
  • IREF, REIT structures
  • Case study
• 6. Rental v trading income
  • Avoiding rental surcharge
    • Undistributable income
    • s 434(3A) election
  • Group relief
  • Trading income - hotels, B&B, AirBNB
  • Provision of emergency accommodation
  • Chargeable gains - allowable losses
  • 10% CGT rate
  • HoldCo exemption - s 626B
  • Stamp duty - group (s 79) and reconstruction (s 80) relief
• 7. Trading in property
  • Transfers to and from trading stock
  • Profits from new build property - 12.5% rate
  • Sale of non-fully developed property - 25% rule
  • Relevant contracts tax (RCT) - conditions, tips and traps
  • Case study
• 8. VAT - Practical issues
  • Transfer of business relief (TOB)
  • Receivers, liquidators and mortgagees in possession
  • Joint option to tax - right thing to do?
  • Waiver of exemption - timing
  • Pre-contract VAT enquiries (PCVE)

Q & A session with the panel

Speakers:

• Alan Moore from Tax World Ltd
• Jimmy Rynhart - VAT consultant - RCR Business Services
• Gary O'Mahony - Managing Partner with O'Hara Dolan & Co.