Pearse Trust Blog

US Tax Reform - A Progress Report

Posted by Pearse Trust on Thursday, Aug 17, 2017

When President Donald Trump took office in January 2016, sweeping reform of the United States tax code was one of his priorities, to be completed within the first 100 days of the new administration.

However, as watchers of international tax developments – not to mention US taxpayers themselves – will have noticed, the deadline has come and gone, and tax reform is still awaited.

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Tags: Tax, US

An Overview Of Irish CGT Issues For Irish Companies

Posted by Pearse Trust on Monday, Aug 14, 2017

An Irish tax resident company is taxable on its worldwide income and gains. The current rate of Irish Capital Gains Tax (“CGT”) is 33%. The gain is calculated as the difference between the market value of the asset at the date of disposal and the original cost of acquisition together with any enhancement expenditure incurred on the asset, with allowance for any costs of acquisition and disposal.

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Tags: Ireland, Tax

Considerations For Shareholders Agreements

Posted by Pearse Trust on Wednesday, Aug 09, 2017

A shareholders agreement is a contract between some or all of the shareholders in a company and frequently the company itself. The basic purpose is to provide for how the company is to be managed and to prospectively address any issues that might become divisive in the future if not agreed in advance.

Shareholder agreements are practical in companies where there is a minority shareholder whose interests can be ignored by being outvoted by the other shareholders, especially where they hold less than 25% of the shares.

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Tags: Ireland, Legal

An Overview Of The Irish CAT Regime

Posted by Pearse Trust on Monday, Aug 07, 2017

What is Irish Capital Acquisitions Tax (“CAT”)?

Irish CAT is a tax on gifts and inheritances and is generally paid by the beneficiary, (i.e. the person receiving the benefit).

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Tags: Ireland, Tax

UK Tax Burden - Going Up?

Posted by Pearse Trust on Wednesday, Aug 02, 2017

Conservative ministers were loath to say it in the run-up to the June 8 general election, but it looks inevitable that the overall burden of taxation in the United Kingdom will rise in the near future.

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Tags: Tax, UK

Canada's Tax Treaty Anti-Abuse Changes Explained

Posted by Pearse Trust on Monday, Jul 31, 2017

The Canadian Government has explained how it will incorporate into its tax agreements new provisions to counter base erosion and profit shifting (BEPS), having signed the OECD's multilateral instrument on tackling treaty abuse.

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Tags: Canada, Tax Treaties, OECD

UK Accounting Regulations – Update for Qualifying Small Companies

Posted by Pearse Trust on Wednesday, Jul 26, 2017

UK companies are required to file their accounts on an annual basis with Companies House, or for a maximum 18 month period should their accounting reference date be amended.

Any company qualifying as a ‘small’ company could previously file a set of abbreviated accounts with Companies House.

However, for accounting periods commencing on or after 1 January 2016, small companies will no later be able to file abbreviated accounts with Companies House in the UK under The Companies, Partnership and Groups (Accounts and Reports) Regulations 2015 (‘the Regulations). Therefore for many companies with a 31 December year end, the first accounts to fall under this regime will be those made up to the year ended 31 December 2016, which are likely to have an accounts filing deadline with Companies House of 30 September 2017.

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Tags: Accounting, compliance, UK

Micro Companies - An Overview

Posted by Pearse Trust on Monday, Jul 24, 2017

In May 2017, the Companies (Accounting) Act 2017 “the Act” was signed into law. The Act provides for many technical amendments to accounting provisions under the Companies Act 2014 and transposes the EU Accounting Directive 2013/34/EU into Irish Law. One area which will have a significant effect on certain small companies in Ireland is the creation of a new category of “micro company”. The Act provides for more relaxed accounting and disclosure regimes for entities which qualify as micro companies by falling below certain thresholds.

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Tags: Ireland, Accounting, compliance

Migration of UK Tax Residence for UK Incorporated Companies

Posted by Pearse Trust on Wednesday, Jul 19, 2017

Under UK corporate law it is not possible to re-domicile a UK company to a foreign (non-UK) jurisdiction, however, it is possible to migrate its tax residence to a foreign jurisdiction.

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Tags: Incorporation, Tax, UK

Beneficiaries’ Rights To Trust Information

Posted by Pearse Trust on Monday, Jul 17, 2017

The purpose of this article is to provide an overview of the rights of a beneficiary to request and receive information relating to a discretionary trust. It is based on New Zealand trust law and trust case law as New Zealand is one of the world’s leading trust jurisdictions.

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Tags: Legal, New Zealand, Trusts