Pearse Trust Blog

HMRC's Ability To Recover VAT Repayment Is Limited

Posted by Pearse Trust on Wednesday, Oct 07, 2015

HMRC's Ability To Recover VAT Repayment Is LimitedRecent decisions made by both the First Tier Tribunal and the Upper Tribunal illustrates that HMRC’s ability to recover a VAT repayment is limited where the refund arises under a compromise agreement. 

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Tags: United Kingdom, VAT

Purpose Trusts – When Are They Valid?

Posted by Pearse Trust on Monday, Oct 05, 2015

A purpose trust is a trust which has no beneficiaries and is instead established for a specified purpose. Under common law principles, a purpose trust will be declared void and struck down. This is because only legal persons are capable of possessing rights that attach to a trust, and the lack of beneficiaries of a purpose trust makes it difficult to determine who might be able to enforce equitable rights against the trustees.

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Tags: Trusts

UK Limited Company - Statutory Requirements

Posted by Pearse Trust on Wednesday, Sep 30, 2015

In this second part of our blog series on UK Limited Companies, their uses and compliance requirements, we focus on the statutory requirements for UK Limited Companies as of September 2015.

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Tags: United Kingdom, Limited Companies

Why The New Zealand Trust?

Posted by Pearse Trust on Monday, Sep 28, 2015

New Zealand comprises of two islands, it is very much a part of the ‘onshore’ world.  As a respected OECD and FATF member, it is in the unique position of being a reputable onshore jurisdiction, whilst also offering various tax efficient vehicles, which are increasingly utilised for international tax planning.

The challenges faced by traditional offshore jurisdictions, combined with New Zealand’s tax laws and international reputation have made it a very attractive low-tax jurisdiction.

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Tags: New Zealand, Trusts

The UK Diverted Profits Tax Explained

Posted by Pearse Trust on Wednesday, Sep 23, 2015

First proposed by Chancellor of the Exchequer George Osborne in his 2014 Autumn Fiscal Statement, the United Kingdom’s new Diverted Profits Tax (DPT) is intended to counter the use of “aggressive” tax planning techniques utilised by large multinational enterprises to divert profits from the UK. The Diverted Profits Tax was included in Finance Act 2015 and went into effect on 1 April 2015.

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Tags: United Kingdom, Tax

Creating A Trust - What Are The Requirements?

Posted by Pearse Trust on Monday, Sep 21, 2015

A trust is a private legal arrangement whereby a settlor entrusts specified property and the legal ownership of it to another, known as the trustee. The trustee holds the property for the benefit of one or more beneficiaries. The trustee has a fiduciary obligation to act in the best interests of the beneficiaries and to be diligent in discharging the trust duties. The requirements for creating a trust are as set out below.

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Tags: Trusts

Irish Section 110 Company – An Overview

Posted by Pearse Trust on Wednesday, Sep 16, 2015

Section 110 companies are Irish special purpose vehicles (SPVs) established as ‘qualifying companies’ under section 110 of the Irish Taxes Consolidation Act 1997 (as amended). Provided they meet certain conditions, such companies can conduct their activities and participate in financial transactions on a tax neutral basis. 

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Tags: Ireland, Tax

UK VAT Deduction Rules - Key Change Announced

Posted by Pearse Trust on Monday, Sep 14, 2015

The UK tax authority, HM Revenue and Customs (HMRC), has clarified important changes to the way businesses in the financial industry with operations within and outside the UK calculate value-added tax.

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Tags: United Kingdom, Tax, VAT

Irish Corporation Tax: Filing & Payment Obligations

Posted by Pearse Trust on Wednesday, Sep 09, 2015

Companies which are resident in Ireland are chargeable to Irish Corporation Tax on their worldwide profits and capital gains. In order for such companies to comply with the filing and payment obligations under Irish tax law, all companies are required to file a Corporation Tax Return for each accounting period. 

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Tags: Ireland, Tax

Using An Inter-Vivos Trust For Succession Planning

Posted by Pearse Trust on Monday, Sep 07, 2015

The management of a deceased’s affairs can be a contentious issue. The way in which a deceased’s estate is distributed may divide a family, and disgruntled heirs may even feel compelled to contest a will in Court.

For a person seeking certainty that their affairs will be dealt with efficiently and in a manner that best reflects their personal wishes, they may wish to consider the use of an inter-vivos, or ‘living’ trust for succession planning purposes. This blog will provide a brief overview of the advantages of using an inter-vivos trust for succession or estate planning, and compare it with a testamentary trust.

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Tags: Legal, Trusts