Advanced Direct Tax: Domestic
- 1. Groups
- 2. Capital Gains Groups
- 2.1 Define a “capital gains group”
- 2.2 Explain and apply the group relief available for capital gains
- 2.3 Illustrate how the relief applies to disposals outside the group
- 2.4 Apply any restrictions on relief where a company joins a group with existing capital losses
- 2.5 Describe and apply the implications of a company ceasing to be a member of the group
- 2.6 Calculate the capital gains group relief available
- 3. Corporation Tax Groups
- 3.1 Define a group/consortium for corporation tax purposes
- 3.2 Identify and apply any group reliefs available for corporation tax purposes
- 3.3 Explain the interaction of group relief with other reliefs
- 3.4 Describe and apply the reliefs in various situations including:
- 4. Stamp Duty Groups
- 4.1 Define “associated companies”
- 4.2 Explain how associated companies relief operates
- 4.3 Apply the restrictions on associated companies relief
- 4.4 Calculate the associated company relief available
- 5. Comparison of Group Relief for Corporation Tax, CGT and Stamp Duty Purposes
- 6. Raising, Reduction or Reorganisation of Share Capital
- 6.1 Apply the tax, legal and accounting implications which arise for a company on raising capital through various means including through the Employment Investment Incentive
- 6.2 Describe the legal process by which reduction or reorganisation of share capital takes place
- 6.3 Describe and apply any reliefs available on reorganisations of share capital
- 6.4 Explain and apply the taxation implications of a company buying its own shares
- 6.5 Describe and apply any reliefs available on share buy-backs
- 7. Reorganisations Involving a Sale of Company
- 7.1 Describe and apply any reliefs available on the transfer of a business to a company
- 7.2 Apply company reconstructions and amalgamations including
- Some practical advice on dealing with a reconstruction or amalgamation
- Case law on reconstructions and amalgamations
- A share for share exchange
- A share for undertaking two-party swap
- A share for undertaking three-party swap
- Stamp Duty relief
- 7.3 Compare the reliefs available for reorganisations and amalgamations
- 7.4 Outline the Irish and EU law surrounding company arrangements and reconstructions
- 7.5 Describe how company reconstructions and amalgamations take place
- 7.6 Describe the legal processes involved in company reconstructions and amalgamations
- 7.7 Awareness of the legal issues surrounding reorganisations involving a sale of a company including prohibitions and exclusions to financial assistance
- 7.8 Apply the CGT participation exemption on the disposal of shares and on certain assets related to shares
- 7.9 Apply valuation techniques to shares in a number of different case studies
- 7.10 Describe and apply the taxation of earn-outs
- 8. Shares and Share Options
- 8.1 Understand why share options and share awards are used in practice and distinguish between them
- 8.2 Outline the advantages and disadvantages for both employee and employer when share options or share awards are entered into
- 8.3 Describe the events that occur in the life of an option: grant; exercise; forfeiture; abandonment and sale
- 8.4 Explain the taxation of unapproved employment share options and advise on the Key Employee Engagement Programme (KEEP)
- 8.5 Calculate any Irish income tax and CGT liability arising on an unapproved share option
- 8.6 Describe the filing requirements for both employer and employee, and any relief available to the employer
- 8.7 Critically compare the use of approved profit sharing schemes, restricted shares (“clogs”), forfeitable shares, convertible shares and restricted stock units as a means of rewarding employees. In relation to each, identify any relief available for the employer, describe the employer and employee filing requirements and calculate any related Irish income tax and CGT liabilities
- 8.8 Explain the taxation of gains made where an employee disposes of shares acquired under these schemes and their employer allows them to sell the shares for more than market value
- 9. Sale and Purchase of a Business
- 9.1 Describe an acquisition transaction in overview, identify issues relevant to transaction structuring and describe the due diligence process and other preliminary issues
- 9.2 Evaluate the financial statements of a business identifying potential tax due diligence issues
- 9.3 Identify and interpret the key provisions of share purchase agreements and asset purchase agreements
- 9.4 Describe the purpose of warranties/indemnities seen in share purchase agreements and asset purchase agreements, the relevance of the disclosure letter, and the principal features of the tax deed
- 9.5 Outline the deferred tax requirements under IFRS surrounding the acquisition of a business
- 9.6 Contrast the taxation implications on the sale of shares to the sale of assets
- 9.7 Contrast the implications of raising finance for a business acquisition through cash, debt or equity
- 9.8 Awareness of how dividends out of pre-acquisition profits are treated as a repayment of capital
- 10. Liquidation/Examinership/Receiverships
- 10.1 Understand why a receiver, examiner or liquidator may be appointed and compare when each may be appointed including the process involved
- 10.2 Summarise the taxation implications of liquidating/winding up a company
- 10.3 Summarise the taxation implications of the liquidation of a family company and analysis of the availability of retirement relief
- 10.4 Outline how CGT applies on the appointment of a liquidator
- 11. Distressed debt management
- 11.1 Apply the Irish taxation implications for individuals and companies arising on the write off of a debt by a lender
- 11.2 Outline the tax implications for individuals and companies acquiring debt/loan books and funds, including analysing the availability of an interest deduction and distinguishing the asset from the loan book
- 11.3 Understand the tax implications for individuals and companies where guarantees are called into effect
- 12. Taxation of Trusts
- 12.1 Contrast the different types of trusts and understand commercially why they may be used in practice including the special rules that apply for permanently incapacitated individuals
- 12.2 Summarise and apply the charge to income tax, CGT and stamp duty in relation to assets settled on a trust
- 12.3 Summarise and apply the income tax and CGT rules that apply to trustees on the taxable profits and gains arising from the trust property
- 12.4 Calculate the taxable profits and gains of a trust
- 12.5 Describe the distributions that may be received from a trust and explain the income tax and CAT treatment of beneficiaries of a trust
- 12.6 Describe and identify the anti-avoidance rules that can arise
- 12.7 Summarise the tax implications for the settlor/beneficiaries of a capital distribution from a trust
- Appendix I Decision tree for the taxation of trust income
- 13. Wealth Planning: on-going and in preparation for death
- 13.1 Advise on how to manage an individual’s tax affairs in a tax efficient manner focusing on Employment and Investment Incentive (EII) and other tax incentives. Calculate the tax arising based on the advice provided
- 13.2 Understand why family partnerships are used and advise on the issues surrounding the holding of assets through a family partnership
- 13.3 Outline Stamp duty relief for farm consideration
- 13.4 Compare the income tax, CGT and CAT rules which apply in the year of death
- 13.5 Determine the residency of an estate
- 13.6 Apply the income tax and CGT treatment of personal representatives and executors
- 13.7 Outline the income tax treatment applicable to payments of income during the course of administration
- 13.8 Advise individuals using common estate planning techniques on how to manage their affairs
- 14. Pensions
- 14.1 Evaluate what a pension strives to achieve and compare the pension options available including managed pension schemes and self-administered schemesxs
- 14.2 Compare the pre-retirement pension scheme options
- 14.3 Evaluate the options available on retirement and the post-retirement scheme options
- 14.4 Understand other pension tax considerations
- 14.5 Compare the taxation of managed pension schemes to the taxation of self-administered pension schemes and other options available including investing in property
- 14.6 Compare a self-employed individual making a pension contribution to a company making contributions for an employee’s benefit
- 14.7 Evaluate alternative retirement plans and potential solutions and identify optimal outcomes to avail of tax reliefs available
- 15. Legal Framework Surrounding Relationship Breakdown
- 15.1 Outline the main provisions of the law surrounding separation and divorce and contrast a legal separation and a divorce
- 15.2 Compare voluntary maintenance payments to those under a deed of separation or a maintenance pending suit order
- 15.3 Evaluate a set of circumstances and apply the law surrounding divorces in Ireland to determine whether the facts presented represent a legally enforceable divorce settlement or a voluntary settlement
- 15.4 Analyse, compare and advise on the various tax issues associated with separation and divorce in the year of separation/divorce and thereafter including the impact on the family home, the family business and succession planning
- 15.5 Communicate the tax implications of foreign divorces and remarriage
- 15.6 Contrast the taxation of married persons with civil partners and cohabitants