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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.
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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
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Policy and Representations Monitor (Irish Tax Review 2023 Issue 4)

Irish Tax Review Julie Burke Lorraine Sheegar
2023-01-02
Amendment to the tax treatment of payments received under the Brexit Voluntary Permanent Cessation Scheme in s669O TCA 1997 relating to the elections made for a deduction of certain amounts of temporary tie-up payments. (See s27 F(No.2)B23)
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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...
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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...
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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:
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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.
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Non-EU Imports and Exports: VAT Considerations (Irish Tax Review 2022 Issue 4)

Irish Tax Review Julie Burke Philip Nolan Emma Galvin
2022-12-21
It has been almost two years since the UK left the EU, and many Irish- and UK-based businesses have adapted to the new legal and customs implications of trading between the UK and Ireland in a post-Brexit environment. However, it is also important to ensure that all businesses continue to focus on the Irish VAT implications of trade with non-EU businesses so that they remain compliant. … In 2021 Revenue processed more than 27.1 million import declarations, compared to just over 1 million in 2020. This significant increase was attributed mainly to Brexit and the increase in online shopping as a result of the Covid-19 pandemic. … As you can imagine, from 1 January 2021 there has been a significant increase in the demand for indirect representatives, as UK businesses that are not established for customs purposes in the EU but that wanted to continue supplying goods on a DDP basis post-Brexit to Irish, and indeed other EU-based, customers required the appointment of an indirect representative. Demand has been high, and the availability of indirect representatives has been a challenge for some businesses. … To alleviate some of the burdens on business as a result of Brexit, Revenue introduced VAT postponed accounting with effect from 1 January 2021. VAT postponed accounting permits a business to account for the import VAT in its VAT return on the reverse-charge basis, i.e. charge itself VAT at the rate of VAT that should apply if the goods...
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Recent Revenue eBriefs (Irish Tax Review 2023 Issue 2)

Irish Tax Review Julie Burke Lorraine Sheegar
2022-07-07
...Finance Act 2022 amendment clarifies the tax treatment of an authorised unit trust where particular conditions are satisfied. The Finance Act 2020 amendment clarifies the interaction of the offshore funds legislation with respect to the migration of Irish securities from the CREST system to Euroclear Bank in March 2021 after Brexit.
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Residence, Domicile and Double Taxation Relief –Recent Case Law Issues (Irish Tax Review 2023 Issue 2)

Irish Tax Review Julie Burke Jeananne McGovern Sara-Jane O’Brien
2022-07-07
Residence, ordinary residence and domicile are cornerstones of personal taxation. However, they should not be underestimated as trite in their application. Policy changes such as the domicile levy and the fallout from Covid-19 and Brexit will continue to add layers of complications for advisers. Increased mobility of workers will remain a feature permeating all of this, along with the influence of international tax law on the application of domestic law. The above has given a legislative overview of these provisions, highlighting some relevant...
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