Pearse Trust Blog



US Tax Reform: Will It Happen?

Posted by Pearse Trust on Wednesday, May 06, 2015


Lawmakers across the political spectrum in the United States are generally agreed that the tax code is in need of an overhaul. A comprehensive tax reform plan that both parties in Congress can rally around is proving very elusive, however.

A Complex Code

It has been less than 30 years since the last major simplification of the tax code, and the National Taxpayer Advocate says that the total time burden of tax compliance has reached 6.1bn hours. That is the equivalent of approximately 3.05m employees working 40-hour weeks year-round with just two weeks off. The total cost of complying with the tax code is calculated at USD224.3bn a year.

Read More

Tags: Legal, Tax, USA

UK General Election - Taxation

Posted by Pearse Trust on Wednesday, Apr 29, 2015


On 7 May 2015, a General Election will be held to elect the 56th Parliament of the United Kingdom.

Currently, general consensus and polling results suggest that the outcome will be that of a hung parliament with no single party securing the necessary majority required to form the Government. As occurred in 2010, a coalition government of 2 or more parties would be the expected outcome in such an event.

The following represents a short overview of the policies put forward by some of the main parties with regards to taxation and related matters.

Read More

Tags: United Kingdom, Tax, Economy

Northern Ireland's Corporation Tax Bill Explained

Posted by Pearse Trust on Wednesday, Apr 22, 2015


Northern Ireland may be permitted to set its own corporation tax rates by April 2017 should the Corporation Tax (Northern Ireland) Bill (the Bill) be passed.

The Bill, published in January 2015, sets out details of the proposed devolution of tax powers to the Northern Ireland Assembly.

Read More

Tags: United Kingdom, Tax

UK Corporation Tax Rates - An Overview

Posted by Pearse Trust on Wednesday, Apr 15, 2015


This blog provides a summary of the UK corporation tax rates applicable to companies chargeable to corporation tax in the UK. 

Amounts Subject To Corporation Tax

Companies resident in the UK, foreign branch profits of UK resident companies and overseas companies managed and controlled from within the UK are subject to corporation tax in the UK.

Read More

Tags: United Kingdom, Tax

New Zealand Financial Year Ends - What Next?

Posted by Pearse Trust on Wednesday, Apr 08, 2015


­The 2014/2015 financial year came to an end in New Zealand on 31 March 2015. All entities including companies and limited partnerships operating with the standard accounting period ending of 31 March must be aware of their financial and tax reporting obligations.

Standard Balance Date

The tax year in New Zealand runs from 1 April to 31 March each year, with 31 March being referred to as the “standard balance date”. Entities wishing to operate a financial year with a different balance date, referred to as a “non-standard balance date”, must first seek approval from the Commissioner of Inland Revenue.

Read More

Tags: Tax, New Zealand, Finance

UK Charges Registration – Some Key Points

Posted by Pearse Trust on Wednesday, Apr 01, 2015


­A charge is the security which a company gives for a loan and unless specifically excluded, such charges must be registered with Companies House.

Charges which are excluded are as follows:

  • A charge in favour of a landlord on a cash deposit given as a security in connection with the lease of land;
  • A charge created by a member of Lloyds (within the meaning of Lloyd’s Act 1982) to secure its obligations in connection with its underwriting business at Lloyd’s; and
  • A charge that any other act or legislation specifically excludes from registration.
Read More

Tags: Legal, United Kingdom

UK Bribery Act 2010 - Overview

Posted by Pearse Trust on Wednesday, Mar 25, 2015


­The Bribery Act 2010 (“the Act”) came into effect in the UK on 1 July 2011. The Act supersedes previous bribery legislation, including the Public Bodies Corrupt Practices Act 1889 and the Prevention of Corruptions of Acts 1906 and 1916.

The Act was introduced to modernise the law on bribery in order to enhance the effectiveness by which prosecutors and the courts manage anti-bribery cases.

Read More

Tags: Legal, United Kingdom, Economy

Improvements To Ireland’s Special Assignee Relief Programme

Posted by Pearse Trust on Wednesday, Mar 18, 2015


Ireland’s Special Assignee Relief Programme (“SARP”) is a tax relief designed to boost the relocation of key talent to Ireland. The new SARP was introduced in 2012 to assist Irish companies and multinational companies in attracting key employees to Ireland. Where qualifying employees relocate to Ireland, SARP allows income tax relief in the form of a tax deduction from employment income.

The good news is that the Irish Finance Act 2014 has made a number of improvements to the relief which has allowed for the SARP to be available to a larger group of key talent relocating to Ireland since 1 January 2015.

Read More

Tags: Ireland, Tax

The Value Of Intellectual Property

Posted by Pearse Trust on Wednesday, Mar 11, 2015


Understanding the value of your company’s Intellectual Property (“IP”) can be a complex but rewarding process. There are many situations where you may need to ascertain the value of your IP; when selling it, using part of it as security, or where the IP needs to be quantified for the purposes of awarding damages in court proceedings. It is also important to correctly declare the value of your IP when reporting to your local taxation authority.

Read More

Tags: Legal, Intellectual Property

Settlors’ & Protectors’ Control Over Trust Assets

Posted by Pearse Trust on Wednesday, Mar 04, 2015


This blog examines the powers that settlors and protectors may wish to retain over assets vested in a trust. However, as most trust professionals are aware, the extensive transfer of powers to a settlor or a protector has a downside. To give substance to a trust, it is essential that the trustee is able to perform its fiduciary duties, honestly and in good faith for the benefit of the beneficiaries.

Read More

Tags: Legal, Trusts