TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Universal Social Charge (USC) and Covenant Income – Revised FAQs

We have clarified with Revenue that the USC should not apply to the covenant income of the covenantee. This is on the basis that the convenantor is not entitled to deduct the covenant income in the calculation of his/her Income Levy/USC liability. Revenue has amended their USC FAQ document which now notes at 1.22 that income receivable by an individual under a Deed of Covenant is not liable to the USC.