Pearse Trust Blog



FATCA – An Update For The UK & Ireland

Posted by Pearse Trust on Wednesday, Aug 27, 2014

 

Further to our previous blog on FATCA wherein we observed the postponement of the implementation dates for FATCA, the regime has now been implemented since July 2014.

Jurisdictions across the world are producing local legislation and guidance in order to implement FATCA on their home soil.

 

Read More

Tags: Ireland, Legal, United Kingdom, Tax, USA

Transferring Assets Between Companies Of The Same Group – UK Rules

Posted by Pearse Trust on Wednesday, Jul 23, 2014

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. 

Read More

Tags: Legal, United Kingdom, Tax

Filing Financial Statements For Irish Companies Through ROS In iXBRL

Posted by Pearse Trust on Wednesday, Jul 09, 2014

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.

Read More

Tags: Ireland, Tax

4 Important Tax Issues To Remember For Irish Close Companies

Posted by Pearse Trust on Monday, Jun 30, 2014

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.

Read More

Tags: Ireland, Tax

UK Royalty Companies

Posted by Pearse Trust on Wednesday, Jun 18, 2014

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

Read More

Tags: United Kingdom, Tax, Royalty Company

Irish Corporation Tax Payment & Filing Deadlines

Posted by Pearse Trust on Wednesday, Jun 11, 2014

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:

Read More

Tags: Ireland, Tax

Controlled Foreign Companies – UK Perspective, An Overview

Posted by Pearse Trust on Wednesday, Jun 04, 2014

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.  

Read More

Tags: Legal, United Kingdom, Tax

Home Renovation Incentive Scheme

Posted by Pearse Trust on Monday, May 05, 2014

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.

Read More

Tags: Ireland, Tax

Mutual Administrative Assistance In Tax Matters – UK Crown Dependencies

Posted by Pearse Trust on Wednesday, Apr 23, 2014

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.

Read More

Tags: United Kingdom, Tax

OECD Plans For The Automatic Tax Information Exchange Worldwide

Posted by Pearse Trust on Monday, Mar 31, 2014

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.

Read More

Tags: Tax, EU, Economy