Help Clear search
Sort by
Show

Post-Brexit: Practical Business and Direct Tax Issues to Consider (Irish Tax Review 2022 Issue 2)

Irish Tax Review Julie Burke Nathan Doherty Robert Henson
2022-07-15
Post-Brexit: Practical Business and Direct Tax Issues to Consider … Brexit brought some unprecedented changes to how groups conduct business and their supply chains. The UK is the only sovereign country to have left the EU, of which it had been a Member State (of the Union and its predecessor – the European Communities) since 1 January 1973.... 18 months we have now seen the practical impacts of Brexit. The purpose of this article is to highlight some of the business direct tax impacts that we have come across based on client experiences. …  articles (see Aidan Meagher and Claire Fitzgerald, “Brexit: Potential Direct Tax Effects in Ireland”, , 30/3 (2017)) highlighted selected tax provisions that could be impacted by Brexit. Recent Finance Acts have sought to address the Brexit impact by containing a number of helpful amendments to Irish tax legislation that extend certain reliefs and benefits to UK-tax-resident companies, including: … Let’s consider some of the headline reliefs that are no longer available to UK-tax-resident companies as a result of Brexit.
...

Brexit: The Other Matters to Consider (Irish Tax Review 2021 Issue 1)

Irish Tax Review Julie Burke Kim Doyle Lorraine Nelson
2021-04-19
Brexit: The Other Matters to Consider … During the last four-and-a-half years Brexit has been ingrained in any business discussions and decisions, often with a large degree of uncertainty. Most of the focus was on how the UK’s leaving the EU would impact on trade, customs tariffs, VAT and logistics, particularly on the island of Ireland. However, contained... … Both Directives continued to apply to the UK during the Brexit transition period, which ended on 31 December 2020. This means that some payments between UK- and EU-resident associated companies will now be subject to withholding taxes. … Before the UK left the EU and during the Brexit transition period, EU regulations provided that workers temporarily moving between EU Member States for work purposes could pay social security in a single country, which is usually their normal country of residence. With the current global Covid-19 restrictions and the movement of employees limited, there could be...
...

VAT Implications of Brexit (Irish Tax Review 2021 Issue 1)

Irish Tax Review Julie Burke John Stewart
2021-04-19
VAT Implications of Brexit … The media attention after the end of the Brexit transition period has quite rightly focused on the practical difficulties in transporting goods cross-border and the additional paperwork for businesses as the most tangible evidence of Brexit. Less apparent are the VAT consequences that flow from the UK becoming a non-EU Member State, or “third country”, for EU VAT purposes with Northern Ireland (NI) effectively remaining in the EU for transactions involving goods but not services. The greatest impact will be on... the VAT treatment of supplies of goods that move between Ireland and the UK. In this article I consider the main VAT Brexit issues, including the VAT treatment of supplies of goods and services, the non-application of certain VAT simplifications, VAT on imports and recovery of VAT. … Pre-Brexit … Post-Brexit
...

Brexit: An Agreement But It’s Not All Frictionless (Irish Tax Review 2021 Issue 1)

Irish Tax Review Julie Burke John O’Loughlin Paul Rodgers
2021-04-19
Brexit: An Agreement But It’s Not All Frictionless … As Santa Claus was busy preparing to arrive on Irish shores and deliver much-needed joy and happiness to the children of Ireland for what was a challenging 2020, the EU and UK negotiating teams were busy putting their final touches to the “Brexit Agreement” on Christmas Eve, 24 December. To many, it may have been what they had asked for; but for others, it was the dreaded lump of coal in their Christmas stocking. So what is contained in the EU–UK Trade and Cooperation Agreement (“the TCA”... ), what does it mean from a customs and trade perspective, and what will companies need to do to avail of 0% tariffs for trade between the EU and the UK in a post-Brexit world? … How to Maximise Brexit and TCA Readiness … As companies come to terms with the new normal, it is important that they have the appropriate structures in place to ensure continuity of trade in a post-Brexit world. Although many have taken action, the first post-Brexit weeks have demonstrated that not all companies are adequately prepared for managing cross-border trade. Therefore we set out below the minimum actions that companies should take to ensure operational continuity:
...

Finance Act 2020: Post-Brexit Share Migration (Irish Tax Review 2021 Issue 1)

Irish Tax Review Julie Burke Rachel Fox Caitríona Moran
2021-04-19
Finance Act 2020: Post-Brexit Share Migration … As a result of Brexit, the Irish Government passed legislation in 2019 to facilitate a market-wide migration of shares in Irish companies, listed and traded on Euronext Dublin and the London Stock Exchange, from the existing CREST settlement system, operated by Euroclear UK & Ireland Limited (EUI), to the central... … As EUI is incorporated in the UK, it has ceased to be an authorised CSD under these EU regulations as a result of Brexit. An extension to 30 June 2021 was approved by the European Securities and Markets Authority for EUI to act as a “third country CSD” on a temporary basis. Consequently, Irish issuers whose shares were held directly in the CREST system needed to migrate to a new CSD...
...

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.

Brexit Relocation: Immigration and Tax Considerations (Irish Tax Review 2018 Issue 3)

Irish Tax Review Julie Burke Amanda-Jayne Comyn Aoife Gillespie
2018-09-28
Brexit Relocation: Immigration and Tax Considerations … The only thing that can be said with certainty about Brexit is that the UK wants to leave the EU. How it will do this, what the consequences will be and how it will affect the rest of Europe remain unknown. In fact, the post-Brexit landscape is currently as littered with uncertainties as the constantly changing UK Government policies and Cabinet members tasked with navigating the UK’s exit. This has not stopped the so-called “Brexodus”, which is well under way – immigration has fallen across the whole of the UK,... … For UK citizens in Ireland there is a general expectation that the Common Travel Area (CTA) will be maintained after Brexit – thus protecting the currently unrestricted rights of UK nationals to live and work in Ireland. However, the reality is that maintenance of the CTA (by which Ireland treats UK nationals more favourably than EU nationals) has been part and parcel of the negotiations between the EU and... the UK to date and was expressly provided for in the draft Withdrawal Agreement. If the UK “crashes out” of the EU with absolutely no deal (and no Withdrawal Agreement), concern has been expressed about whether the CTA can continue unaffected post-Brexit. Although unlikely, this arguably raises the risk that UK nationals in an absolutely no-deal Brexit may find themselves treated as “third-country nationals” without an automatic right to live and work for Irish immigration law purposes. … ...seeking to satisfy the “50:50 rule” when applying for or renewing employment permits for their non-EEA staff. The 50:50 rule requires that at least 50% of the employees of such companies are EEA nationals. A company’s ratio may be drastically altered if, post-Brexit, its UK nationals morph into non-EEA nationals for the purposes of determining compliance with this rule. This will affect companies as well as their non-EEA staff reliant on employment permits.
...

“Trusted Trader Status” as a Post-Brexit Solution? (Irish Tax Review 2018 Issue 2)

Irish Tax Review Julie Burke Mark Brennan John O’Loughlin
2018-06-22
“Trusted Trader Status” as a Post-Brexit Solution? … In recent months and in the context of Brexit there has been increasing use of the term “trusted trader status”. This has formed the backdrop to many Brexit editorials, industry briefings and commentaries. However, probably more relevantly, it has been mooted by various sources, particularly EU and UK politicians, as a potential solution to mitigate knock-on border delays resulting from Brexit. This would ensure that post-Brexit trade between the EU and the UK is as frictionless as possible when goods are crossing borders from one customs territory to another. The frequency with which EU and UK politicians have referred to such solutions might lead some to consider that their implementation is straightforward and a matter... of a simple application. However, such commentary belies the reality of the application process. Furthermore, it may lead companies into mistakenly believing that such schemes are a panacea for all of their Brexit border ills. … Below we set out further background detail to trusted trader schemes, explore the commercial realities involved in their implementation today in the EU and assess their viability as a Brexit border solution. … EU, AEO and Brexit
...

Brexit: The People Implications (Irish Tax Review 2017 Issue 2)

Irish Tax Review Julie Burke Sarah Connellan Marie Caulfield
2017-06-09
Brexit: The People Implications … Impact of Brexit on Ireland? … There has been a great deal of speculation and uncertainty about how the post-Brexit landscape will look – especially in the context of the Republic of Ireland. Our shared land border, history, culture and language commonalities have led to a unique relationship between the two countries. This relationship is set to change fundamentally – for better or worse! … There are a number of issues relating to people that are likely to be affected by Brexit, including immigration and workforce mobility, pensions and social security. Although Brexit poses a threat to Ireland, it also could represent an opportunity for us in terms of attracting businesses and people to our shores. We highlight below some of these areas of consideration.
...