DG International Tax Summary
Personal tax |
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Business Tax |
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Capital Taxes and Stamp Duty |
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VAT |
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Taxation on Savings
From 8 April 2009, the rate of retention tax applying to deposit interest earned is increased from 23% to 25% whilst the rate of tax applying to life assurance policies and investment funds is increased from 26% to 28%.
Mortgage Interest Relief
From 1 May 2009, mortgage interest tax relief will be discontinued for any mortgage after 7 years.
Interest Relief on Rented Residential Property
With immediate effect, the level of tax relief investors can claim in respect of loan interest on residential rental properties is being reduced to 75% of the interest incurred. Commercial properties are not affected.
The 20% rate applied to trading profits from dealing in or developing residential land is abolished. New rules for the treatment of losses will be introduced.
Property Tax
The Minister announced a number of potential taxation measures which may be introduced in the December 2009 Budget including a Property Tax, Carbon Tax and Child benefit to be means tested.