Schedule D-lll, IV & V

Question 1

Explain schedule D-III

Answer 1

Schedule D-III, foreign income ,must strictly happen outside of ireland.It deals with income from foreign properties,dividends etc

Question 2

Discuss,Schedule D-IV case

Answer 2

Schedule D-IV deals with cases of profit gain and loss including dividends etc.Examples included the following shares in lieu of dividends, unlawful activities,.income gained from offshore accounts and interest related to the tax bracket such as DIRT !

Question 3

Explain the term Allowable Deductions in terms of Schedule D-Case III

Answer 3

Allowable deductions refer to the amount which is allowed to be written off x When it comes to writing off certain expendes it is normally not allowed under cases III ,however the cost of the capital for rentpropertied can be held against each other if there is another property in Ireland.

Question 4

Discus’s UK dividends in relation to Schedule D-Case-III

Answer 4

Schedule D Case-III the uk dividends are calculated on what is received and the uk tax credit is ignored xx

Question 5

Explain the term Schedule D-Case-IV

Answer 5

Schedule D-Case IV refers back toderstanding and dealing with profit and loss on dividends and income.
Examples :
1.Shares in lieu of dividend
2.Dividends and profit on credit union accounts
3.income gained from offshore funds
4.income related to the following taxes DIRT

Question 6

.Explain the term DIRT

Answer 6

The term DIRT stands for Deductable interest retention tax.This tax is charged on dividends earned n depositing money into their account.the current tax rate is 33%.

Question 7

Describe the exception which someone doesn’t have to pay DIRT

Answer 7

The spouse is incapable by physical or mental which stops them from looking after their selves.
Over the age of 65
Charties
Pension funds
Non residents of a state

Question 8

How do we calculate the DIRT ? L

Answer 8

In order to calculate the the dirt,we must find the gross liability and include it in the income tax compulsion for that year.
If the gross deduction comes in a net figure this must be regressed as following
Net dividends x 100/ 33

Question 9

Discuss Schedule D-Case-V

Answer 9

Schedule D-Case-V
Is concerned with Irish property
This is taxed paid my property- where an individual lets out one more houses the taxes has to be done separately one each one xx it is possible to write of certain expense which may arise due to the letting of a house

Question 10

Discuss rental income

Answer 10

Rental income is income from letting out a house ,apartment, office or warehouse etc
It is also income from easements such as advertising and grazing .

Question 11

Rental expenses

Answer 11

These are expenses that are incurred while doing a house up and three expenses may arise from the letting of a house. .The deduction of captal is not allowed such as alternation, improvement on rental property, additions and purchases of fixtures etc.
how ever some cost incurred can be written off such as local pottery tax ,waste costs ,maintain on certain things cost of insurance and the accounting fees etc.