Help Clear search
The phrase "BREXIT" was automatically detected. Click here to run the search without automatically detecting phrases.
Sort by
Show

Brexit: Where Do We Stand Now? (Irish Tax Review 2020 Issue 3)

Irish Tax Review Julie Burke Carol Lynch Ben Twomey (not pictured)
2020-09-22
Brexit: Where Do We Stand Now? … The position on Brexit from a customs and trade perspective is now two-fold: … We would always recommend drafting a Standard Operating Procedure (SOP), to cover all aspects of customs. This will ensure compliance and support the ongoing management of customs – a critical issue in the post-Brexit world. This manual should also sit within your tax procedures and rules for interacting with Revenue. We would also recommend that the manual provide for completing internal audits on a weekly/monthly basis to ensure the accuracy of the information being provided … In addition the Irish Government have published their Brexit Readiness Action Plan to support companies in preparing for the End of the Transition Period. Communications and Webinars will be taking place from Revenue and a full on-line Customs Information session will take place on 5th and 6th October.
...

Finance Act 2019: Climate Change, Brexit, Tax Appeals and Other Measures (Irish Tax Review 2020 Issue 2)

Irish Tax Review Julie Burke Paul Nestor
2020-07-07
Finance Act 2019: Climate Change, Brexit, Tax Appeals and Other Measures …  Brexit measures, … Brexit Measures … Several Brexit-related measures are provided for in Finance Act 2019 and, in general, the benefits of the measures will apply during the transition period of the UK’s exit from the EU until such time as the Commencement Orders for the measures, where relevant, are signed into law.
...

Relationship Breakdown: Tax Implications (Irish Tax Review 2020 Issue 4)

Irish Tax Review Julie Burke Amanda-Jayne Comyn
2020-12-14
The Family Law Act 2019 also provided for the recognition of all foreign divorces granted in the European Union (to include Britain and Gibraltar after Brexit). Previously, foreign divorces were valid in Ireland only if they were recognised here under the Domicile and Recognition of Foreign Divorces Act 1986. An application to court can be made to have a foreign marriage or divorce recognised in Ireland.
...

Corporate Debt Restructuring (Irish Tax Review 2020 Issue 3)

Irish Tax Review Julie Burke Colm O’Callaghan Danielle Grant
2020-09-22
The Covid-19 pandemic, combined with the looming prospect of a hard Brexit, have led to unprecedented levels of uncertainty for most, if not all, Irish businesses. From the shorter-term impact felt on cash-flow (due to the recent lockdown) to the longer-term impact of a likely reduction in demand due to an almost inevitable global recession,...
...

EU VAT Landscape 2020: The Winds of Change Are Upon Us (Irish Tax Review 2020 Issue 4)

Irish Tax Review Julie Burke James Fox Ben Kelly
2020-12-14
...1 January 2020. No one could have foreseen how the next 12 months would play out, such that the practical extent of how the VAT “Quick Fixes” have been implemented remains to be seen at the time of writing, in many cases. Furthermore, the continued uncertainty around Brexit and the increasing likelihood (again, at the time of writing) of a “no deal Brexit” have added to the feeling of uncertainty in practice. Businesses should be (and in many cases are) reviewing their supply chains from end to end and considering the impact across a range of considerations – systems requirements, invoicing and cash-flow, contractual requirements etc. … ...and refer readers to the previous article. However, almost 12 months from the introduction of the “Quick Fixes”, we focus in this article on what has changed from a VAT reporting perspective, as well as some key points on what is expected to change on foot of Brexit. We will do so by examining the requirements regarding cross-border supplies of goods from a VAT compliance and a statistical reporting standpoint. … We cover the penalties for non-compliance below, as well as the impact of Brexit (from an Irish and a UK standpoint). … We also cover below some of the key VAT reporting requirements on foot of the expected Brexit changes (at the time of writing) as we move into 2021.
...

The UK Tax Life Cycle for Irish Owners of UK Property (Irish Tax Review 2020 Issue 3)

Irish Tax Review Julie Burke Patrick Harney Nicola Simmons
2020-09-22
Brexit notwithstanding, the UK remains a stable investment environment and is likely to continue to be popular for Irish investors. The free base-cost uplifts of April 2015 and 2019 for UK residential and commercial property, respectively, represent potential planning opportunities for Irish taxpayers who are long-term holders...
...

Legislation & Policy Monitor (Irish Tax Review 2020 Issue 3)

Irish Tax Review Julie Burke Lorraine Sheegar
2020-09-22
Brexit update … The second meeting of the EU–UK Joint Committee under the Withdrawal Agreement took place on 12 June 2020. The UK confirmed that it will not consider an extension of the Brexit transition period. The transition period will therefore end on 31 December 2020, in line with the provisions of the Withdrawal Agreement. The EU remains open to an extension. The EU–UK Joint Committee plans to meet again in early September. … On 2 July Michel Barnier, the European Commission’s Chief Negotiator on Brexit, issued a statement after the restricted round of negotiations for a new partnership between the EU and the UK. He noted that the aim was to get negotiations “successfully and quickly on a trajectory to reach an agreement” but that serious divergences remain. The EU’s position... … Mr Barnier addressed the Institute of International and European Affairs on 2 September, noting the impact that the coronavirus pandemic has had but stating that “the pandemic does not stop the Brexit clock from ticking”. He indicated that a final agreement must be reached by the end of October in order to have a new partnership in place by 1 January 2021. Mr Barnier also noted that Ireland is the Member State most affected by Brexit, stating that “[w]e want a close partnership with the UK. Provided the conditions are right. This is in everybody’s interest. And in Ireland’s interest in particular. So far, the UK has not engaged constructively on those conditions.” The eighth round of negotiations...
...

Impact of Finance Act 2019 on Ireland’s Transfer Pricing Rules (Irish Tax Review 2020 Issue 1)

Irish Tax Review Julie Burke Kevin Ryan Ally McCaffrey Colin Smith (not pictured)
2020-03-23
It is worth noting that although legislation extending the updated transfer pricing rules to SMEs has been included in the Finance Act, the commencement of this extension will be subject to a Ministerial Order. Given the uncertainty that Brexit is bringing to the SME sector, it was decided that it is not appropriate to introduce the rules at this time. The Department of Finance has noted that the execution of a Ministerial Order will be signalled in advance. If introduced, tailored transfer pricing documentation requirements for SMEs...
...

EU Mandatory Disclosure: Crunch Time for DAC 6 Filings (Irish Tax Review 2020 Issue 4)

Irish Tax Review Julie Burke David Fennell
2020-12-14
Although one might expect UK guidance to carry significant weight, given that it is the European jurisdiction with most practical experience of mandatory reporting, there is less post-Brexit enthusiasm for following UK guidance than hitherto. Nevertheless, intermediaries and relevant taxpayers could take cognisance of practical guidance provided by HMRC where it does not rely on UK-specific implementing legislation. … Thus, post-Brexit, a UK-resident adviser with no other connection to a Member State will not be an intermediary. Pre-Brexit, a UK adviser may be an intermediary, which has important filing implications for other advisers and relevant taxpayers. … ...entity. On foot of the advice received, the Irish parent gives direction to the UK subsidiary on the transaction’s implementation. The Irish law firm will be regarded as a category 2 intermediary (service provider), whereas the Irish parent company will be a category 1 intermediary. Post-Brexit, a different conclusion might be reached. … Where there is no intermediary (category 1 or 2) – and this applies where an intermediary has no EU nexus (particularly relevant post-Brexit) – the reporting obligation falls on a relevant taxpayer. This is also the case where legal professional privilege applies (unless waived). Legal professional privilege may have different meanings throughout the EU.
...

Research and Development Tax Credit: Updated Revenue Guidelines, July 2020 (Irish Tax Review 2020 Issue 3)

Irish Tax Review Julie Burke Clare Wardell Ian Collins
2020-09-22
...kilter with the other measures that Revenue introduced to encourage and incentivise small and micro companies to engage with the R&D tax credit regime. Given the uncharted times we face with the Covid-19 pandemic, as well as significant political uncertainty around the globe (not to mention that Brexit is back on the agenda), it is the authors’ view that we cannot be complacent about the attractiveness and competitiveness of our R&D regime and Ireland’s ability to attract investment from both indigenous companies and FDI businesses. In the authors’ view continuing to squeeze the...
...