Pearse Trust Blog

Today we are going to examine the New Zealand Limited Partnership (LP) and the New Zealand Look Through Company (LTC), both of which are particularly distinguished due to their flow through tax status.

1. New Zealand Limited Partnership

The New Zealand LP is a partnership structure similar to those established in overseas jurisdictions and can be used for a variety of purposes such as holding and trading assets worldwide. They enjoy separate legal ownership from their owners, who are referred to as partners.

Read More

The Irish Government has courted international controversy with its proposal for a preferential tax regime for income derived from intellectual property, known as the Knowledge Development Box (“KDB”). This blog post will discuss the outline of the proposal.

Background

The proposed KDB is in line with the commitment contained in the Road Map for Ireland’s Tax Competitiveness, which was published in October 2014 alongside the Irish Government’s Budget for 2015. It was noted in the document that the global economy is evolving and business assets resulting from investment in “knowledge-based capital”, such as intellectual property, are becoming a significant driver of economic growth in OECD economies.

Read More

The New Zealand Look-Through Company is an ideal alternative to a limited partnership structure, such as the New Zealand Limited Partnership, for clients who are looking for a fiscally transparent corporate entity, but prefer the familiarity of a limited liability company.

The Look-Through Company provides investors with the option of benefiting from partnership-style transparent tax treatment by electing to become an LTC, subject to approval by the Inland Revenue Department of New Zealand.

Read More

Can the body of international tax rules, which have developed in such an unruly and illogical fashion since the early 20th century, really be transformed into a coherent whole within the space of a few years? The Organisation of Economic Development and Cooperation (“OECD”) seems to think so. Recent developments however, suggest that the OECD may have bitten off more than it can chew with its BEPS project. Read More

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

On 7 May 2015, a General Election will be held to elect the 56 ^th 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

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

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

­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

Read More