abolish the artist taxbreak?

97i9y3941

look im sick of this shíte of how short we are on cash in the tax income,so im thinking,why dont they do a uk job and close this fecking loophole on artists getting tax breaks,they arent contributing anything to the country besides from where they are from,now before anyone gets down my neck,im not talking about the small people,im only talking about the likes of U2,Westlife,any irish directors,writers etc,i know we wont see this soon because bertie no doubt will influence them not to do it to save his darling daughters their cash and the westlife cash and of course his own from his book,views please...

thebman

Didn't they do that already? Isn't that why U2 filter their money through Holland now?

Could be mistaken :-/

Dannyboy83

thebman wrote: »

Didn't they do that already? Isn't that why U2 filter their money through Holland now?

Could be mistaken :-/

I think they've tightened up the criteria, but its not been abolished

Gerry Ryan gets tax-free status for his biography
http://www.irishtimes.com/newspaper/ireland/2009/0402/1224243862378.html

The scheme is unique in the world for allowing artists to keep every cent of their earnings, though they do pay PRSI.

It was introduced by the late taoiseach Charles Haughey in 1969 to help struggling artists and to show that the country valued creative people. Thousands of artists have benefited from the scheme which cost the exchequer almost €138 million in the five years from 1998-99 to 2002.

An amendment to the scheme in 2007 confined earnings to a maximum of €250,000 per annum after which income tax becomes due.

ei.sdraob

aint that an epic tax loophole?

lets say i create a "work of art" and my relatives or company buys this for a **** load, what then?

Dannyboy83

ei.sdraob wrote: »

aint that an epic tax loophole?

lets say i create a "work of art" and my relatives or company buys this for a **** load, what then?

The Revenue Commissioners appear to have discretion in determining what is and what is not a taxable artwork.

http://www.revenue.ie/en/tax/it/reliefs/artists-exemption.html

The scheme provides that the Revenue Commissioners can make determinations in respect of artistic works in the following categories only:

a book or other writing;
a play;
a musical composition;
a painting or other like picture, and
a sculpture.

Edit:
I should say *some* discretion to be fair, the rules and regulations are outlined quite specifically in the link attached.

ei.sdraob

Dannyboy83 wrote: »

The Revenue Commissioners appear to have discretion in determining what is and what is not a taxable artwork.

hmm looks (up at the shelf) my thesis is practically a book and i can draw great smiley faces

i need to investigate this further, anyways sleep first have to stop thinking of ways of screwing around with revenue

hairy cake

Fred83 wrote: »

look im sick of this shíte of how short we are on cash in the tax income,so im thinking,why dont they do a uk job and close this fecking loophole on artists getting tax breaks,they arent contributing anything to the country besides from where they are from,now before anyone gets down my neck,im not talking about the small people,im only talking about the likes of U2,Westlife,any irish directors,writers etc,i know we wont see this soon because bertie no doubt will influence them not to do it to save his darling daughters their cash and the westlife cash and of course his own from his book,views please...

I take it you were trying for a Joycean effect here.

Dannyboy83

ei.sdraob wrote: »

hmm, looks up at the shelf, my thesis is practically a book and i can draw great smiley faces

LOL:D

What is it they say?
Beauty is in the eye of the beholder;)

imme

Would that get us €1.3bn?
I don't know how much the taxman forgoes by having the Artists Exemption in place.
I believe the income exempt from tax was capped a few years ago, this is common sense and fair.
When the exemption was introduced in the '60's I think it was for the noblest reasons, to free the artist, to give encouragement to artists.
I don't know that that holds true any more.

seclachi

imme wrote: »

Would that get us €1.3bn?
I don't know how much the taxman forgoes by having the Artists Exemption in place.
I believe the income exempt from tax was capped a few years ago, this is common sense and fair.
When the exemption was introduced in the '60's I think it was for the noblest reasons, to free the artist, to give encouragement to artists.
I don't know that that holds true any more.

No one thing would get us €1.3b, or more to the point, €20b, but if you cut enough of these tax loops and small things out you wouldn't be long in making it up.

They should lower the threshold to €40-50k (which is generous imo), id say fair enough for struggling artists, but once your at that level you not exactly going to be starving.

Kooli

seclachi wrote: »

No one thing would get us €1.3b, or more to the point, €20b, but if you cut enough of these tax loops and small things out you wouldn't be long in making it up.

They should lower the threshold to €40-50k (which is generous imo), id say fair enough for struggling artists, but once your at that level you not exactly going to be starving.

But the problem with that is you could be a musician creating an album for two years, or an artist preparing for a show for three years, or a writer writing for two years, and if they make 50k in that final year a whopping chunk of it would be taken in tax even though it represents 2-3 years work.

Artists work is not as simple as the rest of us PAYE workers.

wilson10

Whatever about artist's tax I can't understand why there's no tax on betting.

Charlie McCreevey still has major influence obviously.

imme

seclachi wrote: »

No one thing would get us €1.3b, or more to the point, €20b, but if you cut enough of these tax loops and small things out you wouldn't be long in making it up.

They should lower the threshold to €40-50k (which is generous imo), id say fair enough for struggling artists, but once your at that level you not exactly going to be starving.

you would need for every Irish citizen to be an 'artist' to get a significant tax windfall from this. why go after the artists, what about all the crazy tax breaks we had in the last 10-years for hotels. How many hotels will have to close because of no guests. It's obviously too late to speculative tax hotel developers (a lot of whom got loans from Anglo), but why go for the artists.

imme

wilson10 wrote: »

Whatever about artist's tax I can't understand why there's no tax on betting.

Charlie McCreevey still has major influence obviously.

didn't the bollox McCreevey say he was doing away with off-course tax to ensure people didn't gamble online, which wouldn't be subject to tax.

seclachi

Kooli wrote: »

But the problem with that is you could be a musician creating an album for two years, or an artist preparing for a show for three years, or a writer writing for two years, and if they make 50k in that final year a whopping chunk of it would be taken in tax even though it represents 2-3 years work.

Artists work is not as simple as the rest of us PAYE workers.

Thats quite true, and something that was nagging at me even as I posted that.

imme wrote: »

you would need for every Irish citizen to be an 'artist' to get a significant tax windfall from this. why go after the artists, what about all the crazy tax breaks we had in the last 10-years for hotels. How many hotels will have to close because of no guests. It's obviously too late to speculative tax hotel developers (a lot of whom got loans from Anglo), but why go for the artists.

Well my point is that there isnt any one massive saving the government can make to get out of this mess, alot of these little concessions that were made down the years for approval boosts will have to be reigned in along with public sector cuts & tax increases.

jimmycrackcorm

If we are going to abolish artists tax breaks then shouldn't we also get rid of agricultural subsidies that only exist to support inefficiencies...

Diarmuid

imme wrote: »

Would that get us €1.3bn?
I don't know how much the taxman forgoes by having the Artists Exemption in place.

€24,401,019 in 2007

Of course, remove the exemption and you could probably expect to take a fraction of that number.

Diarmuid

jimmycrackcorm wrote: »

If we are going to abolish artists tax breaks then shouldn't we also get rid of agricultural subsidies that only exist to support inefficiencies...

And presumable mortgage interest relief.