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Transferring Assets Between Companies Of The Same Group – UK Rules

 
Transferring Assets Between Companies Of The Same Group – UK Rules

Where one company transfers an asset to another company when both are members of the same group, then subject to certain conditions being met, the consideration on transfer will be deemed automatically to be of such an amount that the capital gains tax computation gives neither a gain or a loss. 

Filing Financial Statements For Irish Companies Through ROS In iXBRL

 
Filing Financial Statements For Irish Companies Through ROS In iXBRL

What Is iXBRL Filing All About?

Legislative changes in the Finance Acts 2012 and 2013 extended the definition of a Corporate Tax Return to encompass financial statements. Revenue requires mandated companies to submit these financial statements through ROS in iXBRL.

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4 Important Tax Issues To Remember For Irish Close Companies

 
4 Important Tax Issues To Remember For Irish Close Companies

Almost all companies in Ireland are “close companies”. The provisions concerning close companies were introduced in an attempt to counter the tax advantage that could be obtained by the retention of profits in closely held companies, where they attracted tax at a lower rate than the higher rates of personal tax to which those profits would be subject if distributed as dividends to shareholders.

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UK Royalty Companies

 
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UK resident companies may be used for the purposes of exploiting and receiving overseas royalties in a tax efficient manner.

Irish Corporation Tax Payment & Filing Deadlines

 
Irish Corporation Tax Payment

Corporation Tax Payments - Preliminary Corporation Tax

Preliminary Corporation Tax (“PCT”) for “large companies" i.e. companies with a liability greater than €200,000 in the preceding accounting period (“AP”), is due in two instalments:

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Controlled Foreign Companies – UK Perspective, An Overview

 
Controlled Foreign Companies – UK Perspective, An Overview

The controlled foreign company (“CFC”) rules are essentially anti-avoidance measures with the designed purpose to prevent a company from artificially moving its profits overseas to a country with more favourable tax rates. The CFC rules apply to accounting periods beginning on or after 1 January 2013.  

Home Renovation Incentive Scheme

 
Home Renovation Incentive Scheme

The Home Renovation Incentive (“HRI”) scheme was introduced for individuals in Finance (No.2) Act 2013. It provides tax relief by way of income tax credit at 13.5% of qualifying expenditure incurred in the period from 25 October 2013 to 31 December 2015. Qualifying expenditure includes repair, renovation or improvement works on an individual’s principal private residence in Ireland using the services of a tax-registered and tax compliant builder/ contractor.

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Mutual Administrative Assistance In Tax Matters – UK Crown Dependencies

 
Mutual Administrative Assistance In Tax Matters – UK Crown Dependencies

Since our July 2013 blog post “UK Calling on Crown Dependencies for Support in Addressing Tax Avoidance”,  there have been many developments on the Mutual Assistance in Tax Matters Act. This blog highlights the guidelines ready for implementation and some of  their possible implications.

OECD Plans For The Automatic Tax Information Exchange Worldwide

 
OECD Plans For The Automatic Tax Information Exchange Worldwide

The Organisation for Economic Co-operation and Development (“OECD”) recently unveiled plans for a new single global standard for the automatic exchange of tax information, following calls from G20 leaders to increase pressure on those evading taxes and to create trust and fairness in the international tax system.

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UK Cross Border Losses Relief

 
UK Cross Border Losses Relief

This blog expands on our earlier post ‘UK Corporation Tax – Trading Losses & Reliefs’ and considers the available cross border relief for losses. 

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