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Archive for Claire McNamara

Ireland Minister For Finance Proposes 2017 Budget

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Today, the Minister for Finance Michael Noonan T.D. delivered Budget 2017.

Until the Brexit negotiations begin, it is impossible to know the impact for Ireland. However today’s budget gave Minister Noonan the opportunity to affirm the stability of Ireland’s tax policies while at the same time introducing measures to promote economic growth.

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TRUST—Tax Heads to Keep in Mind at FAE Level

Claire McNamara

Income Tax

 

The tax residence of the trustees is what determines the extent of their liability to Irish income tax. When reading an exam question, always pay attention to the residency of the individuals named as trustees. If you are told that all the trustees in the exam question are Irish resident then they are liable to Irish income tax on the worldwide income of the trust from all sources.

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Tax Credit for Research & Development (“R&D”) Expenditure – Ireland

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A company and not a sole trader is entitled to a tax credit equivalent to 25% of qualifying R&D expenditure incurred in a particular accounting period which can be offset against the corporation tax liability.

For accounting periods beginning on or after 1st January 2015, the base year restriction has been removed which means the credit is now available on a volume basis as opposed to an incremental basis. Read more

AGRICULTURAL RELIEF – IRELAND

Claire Mc

As Tax Advisers, we’re frequently asked to advise business owners stepping down from running their businesses; individuals passing the farm or business to one or more family members or providing for the next generation with assets other than business assets. To provide the most accurate, relevant and comprehensive advice possible, it is Read more

Planning On Preparing Your Own 2015 Tax Return In Ireland?

Claire McNamara

For all those individuals currently preparing his/her own 2015 Tax Return, please be aware of the significant changes in Finance Act 2014, especially in the areas of:

1. Research & Development Tax Credits

2. Capital Allowances for the Provision of Specified Intangible Assets

3. Three Year Relief for Start-up Companies

4. Employment and Investment Incentive (EII)

5. Company Residence

R&D Tax Credit

Up to 1st January 2015, Section 766 TCA 1997 provided that the Read more

Exposure To UK CGT For Non-Residents

Claire McNamara1

When faced with a large tax bill and the administrative burden of having to file Tax Returns in two jurisdictions, people always regret not getting professional taxation advice BEFORE they completed the transaction.

Over the past number of years I’ve been contacted by several Irish citizens returning home from the UK where they’ve lived and worked for a number of years.

In the majority of cases, these individuals have had difficulty selling their UK homes and, as a result, may have rented them out for a number of years until a suitable buyer was found.

Their main question they asked was “Do I have an Irish and a UK Capital Gains Tax Read more

Are You Providing Digital Services To Japan?

Claire McNamara

If you’re a provider of digital services to customers in Japan, please be aware that the changes being introduced on 1st October 2015 may affect you.

Old Rules

Under the Consumption Tax Act (Act No. 108 of 1988), a service rendered in Japan is subject to Consumption Tax which is equivalent to VAT (i.e. Value Added Tax).

The criteria for determining whether a service is rendered inside or outside Japan varies depending on the nature of the service.

Under the current rules (i.e. pre October 2015), the tax treatment relating to the provision of e-commerce services, such as e-books, online games, internet delivery of music, etc. is Read more

Revenue Guidance Documents Following Finance Act 2014 (Ireland) – Part VI (Final)

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A number of Revenue Guidance Documents have been introduced following Finance Act 2014 being signed into law on 23rd December 2014.

6. Capital Gains Tax – Finance Act 2014 – Vodafone Shareholders – eBrief no. 107/14 (24th December 2014).

On 14th May 2014 the Irish Revenue Authorities issued a detailed Tax Briefing outlining the tax treatment of the Vodafone Return of Value to its Shareholders. I wrote an Explanatory Blog, which was published on this site on 16th May 2014, outlining the comprehensive guidance on the calculation of the base cost for Capital Gains Tax purposes. In my Blog, I discussed the Income Tax Treatment for shareholders who opted for “C Shares”: Read more

Revenue Guidance Documents Following Finance Act 2014 (Ireland) – Part V

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A number of Revenue Guidance Documents have been introduced following Finance Act 2014 being signed into law on 23rd December 2014.

5. Relevant Contracts Tax – Revised Penalties from 1st January 2015 for the failure of a Principal Contractor to operate R.C.T. correctly on relevant payments to a contractor – eBrief no. 110/14 (24th December 2014)

Before we examine this guidance document, I will briefly explain the Relevant Contracts Tax system in Ireland.

What is Relevant Contracts Tax (R.C.T.)?

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Revenue Guidance Documents Following Finance Act 2014 (Ireland) – Part IV

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A number of Revenue Guidance Documents have been introduced following Finance Act 2014 being signed into law on 23rd December 2014.

4. Guide to the Capital Acquisitions Tax Treatment of receipts by children from their parents for their support, maintenance or education – eBrief no. 109/14 (24th December 2014).

As you are all aware, Capital Acquisitions Tax is the tax levied on gifts and inheritances received by individuals where the value of the gift/inheritance exceeds that individual’s lifetime tax free threshold amount.

Section 82(2) of the Capital Acquisitions Tax Consolidation Act exempts from tax “normal Read more

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