The Institute sought clarification from Revenue on a number of Budget 2012 measures at a meeting of the Main TALC committee last month. While we wait clarification on a number of matters, we have a little more detail on some aspects.

• The household charge of €100 will not be an allowable deduction for Case V purposes. This follows similar treatment for the NPPR charge.
• It is possible that the Assignee Relief Programme, as announced by the Minister as part of Budget 2012, will be a new relief based on an exemption system and will be a substitute for the current SARP.
• Legislation introduced in Finance Act 2011 (section 23 and section 24 of the Act) restricting the use of property based incentives will be repealed and new legislation which will give effect to the measures announced in Budget 2012 will be introduced in Finance Bill 2012. The final economic impact study is expected to be published with the Bill.
• A number of consultations are expected to take place during 2012 of which Revenue, as well as the Institute, will participate.

Revenue have also published a number of information leaflets, http://www.revenue.ie/en/press/budget/index.html, which provide guidance on:

• the standard rate VAT increase,
• Budget 2012 stamp duty measures,
• the property relief surcharge,
• the EII scheme and
• the increased rate of mortgage interest relief.

They also have made available a PAYE Budget calculator (an excellent year for a trial run of this technology), a Budget video and a summary document of Budget 2012 measures. Further news and developments up to the publication of Finance Bill 2012 and beyond will be covered in future issues of tax.point.