Wednesday 25 April 2018

Artists' tax cap lowered

ARTISTS have been hit with a reduction on their income tax exemption totalling €14m.

The exemption was dropped from €250,000 to €40,000 in the Budget.

First established in 1969 by former Taoiseach Charles Haughey, there was originally no cap on the amount that could be earned tax-free by artists, writers and musicians.

However, this was changed in the 2006 Budget when a cap of €250,000 was introduced.

Latest figures reveal 2,427 people availed of the artists' exemption scheme in 2007.

The total exemption in that year was €84.9m.

Three people earned between €500,000 and €1m in that period, while seven artists earned over €1m.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business