Notice of the making of this Statutory Instrument was published in |
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"Iris Oifigiúil" of 6th January, 2015. |
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The Revenue Commissioners, in exercise of the powers conferred on them by section 531AAB of the Taxes Consolidation Act 1997 (No. 39 of 1997), hereby make the following regulations: |
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1. (1) These Regulations may be cited as the Universal Social Charge (Amendment) Regulations 2014. |
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(2) These Regulations come into operation on 01 January 2015. |
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2. The Universal Social Charge Regulations 2011 ( S.I. No. 658 of 2011 ) are amended– |
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(a) in Regulation 15 by substituting the following paragraph for paragraph (2): |
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"(2) The cumulative USC shall be the amount represented by A in the formula– |
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A = (B x 1.5%) + (C x 3.5%) + (D x 7%) + (E x 8%) |
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where– |
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B is the amount (that may be nil) of the cumulative relevant emoluments chargeable to USC at the rate of 1.5% up to and including the rate cut-off point for that rate, |
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C is the amount (that may be nil) of the cumulative relevant emoluments chargeable to USC at the rate of 3.5% up to and including the rate cut-off point for that rate, |
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D is the amount (that may be nil) of the cumulative relevant emoluments chargeable to USC at the rate of 7% up to and including the rate cut-off point for that rate, and |
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E is the amount (that may be nil) of the cumulative relevant emoluments that exceeds the rate cut-off point referred to in the meaning of D.", |
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and |
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(b) in Regulation 21(1) by substituting "column (2) of Part 1 of the Table" for "column (2) of the Table". |
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Given under my hand, |
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24 December 2014. |
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NIALL CODY, |
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Revenue Commissioner. |
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EXPLANATORY NOTE |
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(This note is not part of the Instrument and does not purport to be a legal interpretation). |
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These Regulations amend the Universal Social Charge Regulations 2011 to give effect to the revised rates of USC announced in Budget 2015 and given effect by Finance Act 2014. |
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These changes come into effect from 1 January 2015. |