• The standard VAT rate of 21.5% is to be reduced to 21% from 1st January 2010
• Corporation tax rate of 12.5% is maintained
• Mortgage interest income tax relief is extended until 2017
• Introduction of an annual €200,000 domicile levy for non-resident Irish national and domiciled individuals
• Introduction of carbon tax
• Reduction in excise duty and alcohol products
• Capital Allowances scheme for energy efficient equipment to be extended
• Increase in the effective income tax rate for certain individuals benefiting from tax incentive schemes
• Corporation tax holiday for certain starter companies to continue for companies set up in 2010
• No Stamp Duty, Capital Gains Tax or Capital Acquisitions Tax changes

The above bullet points are based on the Budget speech and not on draft legislation which will not be available until the Finance Bill is published.

It is worth noting that the Finance Bill normally includes other measures not detailed in the Budget speech.  Clients should bear this in mind if considering asset transfers.

If you require more detailed advice on the above please contact any of our team members who will be happy to assist you.