Pearse Trust Blog

UK Consultation - Criminal Facilitation of Tax Evasion

Posted by Pearse Trust on Wednesday, May 25, 2016

On 17 April 2016, HMRC published a consultation document titled ‘Tackling tax evasion: a new corporate offence of failure to prevent the criminal facilitation of tax evasion’.

This follows an earlier related consultation in July 2015 and the response document of December 2015 which contained a first draft of the legislation. In their latest consultation, HMRC is inviting feedback on the wording of the new corporate criminal offence and how this policy is best expressed in statute and guidance.

Additionally, this consultation seeks stakeholder views to ensure that the offence is both effective at meeting the stated objectives, and not unduly burdensome.

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Tags: Legal, United Kingdom, Tax

Voluntary Strike Off of a UK Limited Company

Posted by Pearse Trust on Wednesday, May 11, 2016

When a UK Limited Company has ceased activity, it can be dissolved. In certain circumstances, the most efficient and cost effective way to dissolve a company is a voluntary strike off.

New regulations introduced as part of the Small Business Enterprise and Employment Act 2015 mean that companies which apply to be struck off after the 10th of October 2015 should be removed from the register not less than two months after the publication of the Gazette notice, instead of three months which was the previous timeframe.

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Tags: Legal, Corporate Governance, United Kingdom

New UK Dispute Regulations: Registered Offices & Directors

Posted by Pearse Trust on Wednesday, May 04, 2016

New procedures regarding UK dispute regulations, including registered office address disputes and director disputes for UK companies and limited liability partnerships under the Small Business, Enterprise and Employment Act 2015, have come into force from 6 April 2016.

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Tags: Legal, Directors, United Kingdom

Upcoming Changes to the UK VAT Grouping Rules

Posted by Pearse Trust on Wednesday, Apr 27, 2016

The United Kingdom Government is currently consulting taxpayers on proposed changes to value-added tax rules that could have an impact on companies operating a VAT group structure. 

VAT grouping provisions are included in both European Union and UK legislation.

Article 11 of the EU VAT Directive allows member states to treat two or more businesses established in the territory of that member state as a single taxable person (a VAT group) if the businesses have close economic, financial, and organizational links.

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Tags: Legal, United Kingdom, Tax, VAT

Regulatory Enforcement and Corporate Offences in Ireland

Posted by Pearse Trust on Monday, Apr 25, 2016

Ireland’s Law Reform Commission (LRC) has published an Issues Paper addressing regulatory questions arising from the international financial collapse of 2008.

Part 1 of the Issues Paper considers whether the supervisory and enforcement powers of Ireland’s main financial and economic regulators are adequate or need to be bolstered by civil financial sanctions and more effective co-ordination between regulators. 

Part 2 concerns gaps in the Irish criminal law and considers whether the law deals sufficiently with serious wrongdoing by corporate bodies, in particular current fraud legislation and the general rules for attributing criminal liability to corporate bodies. 

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Tags: Ireland, Legal

UK Company Administrative Restorations

Posted by Pearse Trust on Monday, Apr 18, 2016

In the UK, it is possible under certain circumstances to restore a dissolved company to the register. 

Under section 1028(1) of the Act, a company that is restored to the register by the administrative procedure is deemed to have continued in existence as though it had not been dissolved or struck off.

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Tags: Legal, United Kingdom, Limited Companies

New Residence & Ownership Rules For New Zealand Companies

Posted by Pearse Trust on Wednesday, Apr 13, 2016

This blog sets out the key changes to residency and overseas ownership rules affecting New Zealand companies and Limited Partnerships.

During the last 12 months, legislation came into effect in New Zealand which introduced new residency and ownership rules for corporate entities.

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Tags: Legal, Corporate Governance, New Zealand, Limited Partnerships

Pre-Incorporation Contracts – An Overview

Posted by Pearse Trust on Monday, Apr 11, 2016

Section 45 of the Companies Act 2014 replaces, with very similar wording, Section 37 of the Companies Act 1963.  It deals with “pre-incorporation contracts”. These are contracts entered into on behalf of a company prior to the date of its incorporation.

Such a contract may be ratified by the company subsequent to its incorporation.  If so ratified, the company becomes bound by it and is entitled to the benefit of it as if the company had been in existence at the date of the contract and had been a party to it.

Prior to, or in default of ratification, the person or persons who purported to act in the name of, or on behalf of the company are personally bound by the contract and are entitled to the benefit of it, unless there is express agreement to the contrary.

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Tags: Ireland, Legal, Corporate Governance, Incorporation

UK Company Share Transfers

Posted by Pearse Trust on Wednesday, Apr 06, 2016

Further to our blog on Share Capital and Share Classes for UK Companies, here we focus on the process of transferring the shares of a company limited by shares. 

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Tags: Legal, United Kingdom, Shareholders, Shares

Doing Business in Ireland: Uncomplicated Corporate Compliance

Posted by Pearse Trust on Wednesday, Mar 30, 2016

Ireland has emerged as the least complicated country in the world for businesses to stay compliant with corporate regulations and undertake commercial operations, according to a new study.

In a recent report ranking 95 countries according to compliance requirements, Ireland was ranked to be the least complicated country in the world in terms of compliance requirements when doing business.

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Tags: Ireland, Legal, Corporate Governance, Economy, Investment