Taxation Master - Assignment Example

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Saving of Lease Tax payable on lease agreement in case the building is bought in the name of X Ltd. Rate of lease tax is applicable @ 1% on average annual rent, if the lease term is for 35 years or less.
If the property is bought in individual name and then let out thereby tax on rental income would arise which would be payable at 20% and a saving in the hands of X ltd., towards taxes saved @ 12.5%…

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Subject: Miscellaneous
Type: Assignment
Level: Masters
Pages: 4 (1000 words)
Downloads: 2
Author: qmcdermott

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There would still be net tax outflow @ 7.5% (20% - 12.5%). In case if the individual income attracts higher tax rate, then 40% income tax would be applicable thereby increasing the loss on account of net tax outflows to 27.5% (40% - 12.5%). Thus I would buy the building in the name of X Ltd as the rate of tax is much lower for X Ltd than for me as an individual and I would have to pay high tax on account of income if form property if bought in my name. AILO- http://www.ailo.org/downloads/Ireland.

pdf web 20 December 2009Revenue Irish Tax and Customs - http://www.revenue.ie/en/about/foi/s16/income-tax-capital-gains-tax-and-corporation-tax/part-02/ web 20 December 2

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