Pearse Trust Blog

The UK Government is progressing its response to the Organisation for Economic Cooperation and Development's BEPS (base erosion and profit shifting) Action Plan, with the advancement of two law amendments intended to tackle hybrid mismatch arrangements and excessive interest deductions. These  changes will impact multinational groups in particular.

Common EU VAT law applies to all countries in the EU but each country can adapt these and set their own VAT policy. The place of supply determines where VAT is charged and hence what rate of VAT is applied.

As Companies continue to move away from physical documents and towards digital solutions, digital document signing has become a more popular option.

There are a number of different digital signing techniques and software available to individuals and Companies alike.

In this blog we will focus on how legislation in the UK has adapted, to allow for and regulate a modern Company’s needs.

Although the Companies Act 2006 removed the requirement for private companies in the UK to formally appoint a company secretary, the duties, obligations and various tasks previously undertaken by the company secretary still exist. Given this, it is common for large companies to appoint an in-house chartered secretary to fulfil the role. However many small and medium size enterprises (SMEs) are unable to employ a chartered secretary due to the high cost involved. For such companies it can often be more cost effective and practical to engage a company secretarial service provider to undertake the tasks as and when required.

For those establishing a trust, one of the first things to consider is who to appoint as trustee. Some might consider a trusted advisor or a professional trust and services company. Others might consider establishing a private trust company (PTC). This article with discuss PTCs. 

The EU (Anti Money Laundering:  Beneficial Ownership of Corporate Entities) Regulations 2016 (SI 560 of 2016) (“the Regulations”) were commenced on 15 November 2016.  Their purpose was to transpose Article 30(1) of the EU Fourth Money Laundering Directive (MLD4) into Irish law. 

New legislation introduced in the Irish Finance Act 2016 and signed into Irish law by the President at the end of December 2016, provides for a new tax regime for Irish Real Estate Funds (IREFs).

While the details remain sketchy, here we look at how the new tax may impact property fund investors.

Favourable Irish tax treatment exists with regard to the transfer of shares in Irish companies between non-Irish residents.

Where carefully structured, no Irish Capital Gains Tax (“CGT”) will arise on the disposal by a non-Irish resident individual or corporate of the shares in the Irish company.  

Also, depending on the market value of the shares in the Irish company or whether any relief is possible under Irish tax law, no Irish stamp duty may arise on the acquisition by a non-Irish resident individual or corporate of a shareholding interest in an Irish company.

The United Kingdom’s Enterprise Investment Scheme is a tax-based Venture Capital Scheme designed to help smaller, higher-risk trading companies raise finance. According to recent figures, the scheme encouraged taxpayers to invest almost £2bn in 2014-15.

A proxy is a person who is designated by a member of a company to attend a general meeting and vote in place of that member.

Section 136 of Companies Act 1963 provides that any member of a company entitled to attend and vote at a meeting of the company shall be entitled to appoint another person (whether a member or not) as his/her proxy to attend and vote instead of him/her. A proxy so appointed shall have the same right as the member to speak at the meeting and to vote on a show of hands and on a poll.