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. 

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

UK Recession Recedes

Posted by Pearse Trust on Wednesday, Aug 20, 2014

According to the latest media reports, recently released official data from the Office of National Statistics (”ONS”) has confirmed that UK national output has increased to beyond the high-point achieved before the commencement of the financial crisis over six years ago. The occurrence of such an event was previously estimated to occur during the course of 2015.

Notably, Gross Domestic Product (“GDP”) grew by 0.8% in the three months to the end of June, resulting in the UK economy being 0.2% larger than at its height before the recession.

These positive figures from the ONS were released shortly after the International Monetary Fund (“IMF”) forecast that the UK will be the fastest-growing major economy in the world in 2014.

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Tags: United Kingdom, Economy

Annual Compliance Dates For New Zealand Entities

Posted by Pearse Trust on Wednesday, Aug 13, 2014

According to the Companies Act 1993, every company registered at the Companies Office must file an Annual Return with the Registrar each year, except during the calendar year of its incorporation.

Upon incorporation, the Registrar will allocate the company its ‘Annual Return Filing Month’.  The company is then required to deliver an annual return to the Registrar during that allocated filing month i.e. between the first and last day of the month. A company may opt to change its annual return filing month when filing its current annual return.

Failure to file an annual return will result in the Registrar initiating action to remove the company from the Registrar.

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Tags: Legal, Corporate Governance, New Zealand

The Company Secretary: Building Trust Through Governance - Overview

Posted by Pearse Trust on Wednesday, Aug 06, 2014

A recent report published by Henley Business School in collaboration with the ICSA emphasises the importance of the role of the company secretary.

The report, developed from research led by Professors Andrew and Nada Kakabadse, exhibits the significant contribution that effective company secretaries make to strategic leadership and board performance.

The study consisted of obtaining the perspective of over 200 respondents including company secretaries, chairmen, CEOs, NEDs and independent consultants covering board views from FTSE, SME and private, not-for-profit and public sector board-level stakeholders in the UK, Ireland and internationally based organisations.

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Tags: Corporate Governance, Social Responsibility

Attestation - Unwitnessed Deeds Invalidated

Posted by Pearse Trust on Wednesday, Jul 30, 2014

Case Of Briggs & Ors v Gleeds

This blog highlights the importance of ensuring deeds are validly executed. The recent case of Briggs & Ors v Gleeds (Head Office) & Ors [2014] EWHC 1178 (Ch) (15 April 2014) deals with the consequences of the defective execution of 30 salary pension scheme documents over a period of almost 20 years.

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Tags: Legal, Trusts

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. 

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Tags: Legal, United Kingdom, Tax

Overview Of The UK Small Business, Enterprise & Employment Bill

Posted by Pearse Trust on Wednesday, Jul 16, 2014

The Small Business Enterprise and Employment Bill received its first reading in Parliament on the 25 June 2014. The Bill aims to progress a number of Government commitments intended to further the UK’s reputation as a trusted and fair place to do business, and also to improve new opportunities for small businesses to operate and compete.

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Tags: Legal, Incorporation, United Kingdom

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.

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Tags: Ireland, Tax

Reporting Entities In New Zealand Preparing For AML/CFT Report

Posted by Pearse Trust on Wednesday, Jul 02, 2014

Twelve months have passed since the enactment of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 in New Zealand on 30 June 2013. Reporting entities are now preparing to file their first annual report to their AML/CFT supervisor in respect of their first year under the new legislation.

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Tags: Legal, New Zealand, Anti-Money Laundering

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.

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Tags: Ireland, Tax