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Legislation & Policy Monitor (Irish Tax Review 2021 Issue 3)

Irish Tax Review Julie Burke Lorraine Sheegar
2021-09-22
Revenue has updated the “Customs Staff Manual on Ship’s Stores – Customs Legislation Branch Dublin” to provide further clarification, in light of Brexit, on the declarations required by Revenue from vessels arriving into the State and the required control measures for dutiable products delivered to vessels as ship’s stores. Minor amendments have also been made to the text where necessary. … The changes are technical in nature. They ensure that the status quo regarding eligibility for the allowance or tax credit is retained after Brexit.
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Digital Gaming Tax Credits/Incentives: It’s All in the Game (Irish Tax Review 2021 Issue 3)

Irish Tax Review Julie Burke Ken Hardy Damien Flanagan Stephen Brennan
2021-09-22
The video game development company (VGDC) can claim a tax credit equal to 25% of the core expenditure that is “used or consumed” in the UK (and pre-Brexit, the EEA), to a cap of 80% of total core expenditure. … To receive the VGTC, the video game must pass the cultural test and be considered a British video game. Additionally, at least 25% of the core expenditure must be incurred in the UK (or, pre-Brexit, the EEA). Finally, the game must be intended to be supplied to the general public. Games created solely for advertising purposes or gambling real money are non-qualifying. …  Staffing expenditure included if the staff are qualifying (i.e. resident of the UK or pre-Brexit, an EEA state).
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Legislation & Policy Monitor (Irish Tax Review 2021 Issue 1)

Irish Tax Review Julie Burke Lorraine Sheegar
2021-04-19
...will arise on the migration of the shares. The Institute had sought for these amendments to be reflected in the Bill at Report Stage in a submission to the Department of Finance and Revenue. (See also article by Rachel Fox & Caitriona Moran, “Finance Act 2020: Post-Brexit Share Migration”, in this issue.) … Brexit: EU–UK Trade and Cooperation Agreement … Revenue has updated the following customs procedures manuals to incorporate changes arising from Brexit and the end of the transitional period on 31 December 2020:
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Finance Act 2020: Key Changes to CAT, CGT and Stamp Duty (Irish Tax Review 2021 Issue 1)

Irish Tax Review Julie Burke David Rodgers
2021-04-19
It is unsurprising, therefore, that the relief is extended, particularly in the context of Brexit, which is likely to lead to disruption in the agri-food sector in the short to medium term.
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International Tax Update (Irish Tax Review 2021 Issue 1)

Irish Tax Review Julie Burke Louise Kelly Emma Arlow
2021-04-19
necessary adjustments to the Austrian VAT Act to reflect the consequences of Brexit after 31 December 2020; … UK DAC 6 changes: HMRC to reduce scope of mandatory reporting in post-Brexit world
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“Brexit”: Potential Direct Tax Effects in Ireland (Irish Tax Review 2017 Issue 3)

Irish Tax Review Julie Burke Aidan Meagher Claire Fitzgerald
2017-10-05
“Brexit”: Potential Direct Tax Effects in Ireland … Much of Ireland’s direct tax landscape is likely to remain unaffected by Brexit negotiations. Tax laws in Ireland have been developed to avoid fiscal obstacles to trade (e.g. withholding taxes) where the overseas party is a member of the European Union (EU) or, like the UK, has a double taxation agreement (DTA) with Ireland. For example,... when the UK officially leaves the EU in 2019, dividends paid to a company based in the UK will continue not to attract withholding taxes as a result of Ireland’s DTA with the UK. Although Brexit is not a tax event, some of its most obvious and quantifiable effects are likely to be tax ones. … In this article we will examine the potential impact of Brexit on the direct tax system in Ireland, with a particular focus on businesses that have a close relationship with the UK, and outline the key considerations as we look ahead and seek to establish a new alliance with the UK outside of the EU. … Direct taxes are an area of solely national competency, which must be exercised only in accordance with EU treaties. One of the main difficulties in determining the implications of the UK’s leaving the EU hinges on the nature of the Brexit negotiations (i.e. “soft” versus “hard” Brexit). These negotiations will take at least two years, so there is no immediate impact, as EU laws and treaty obligations continue to have effect during this “divorce” process. However, as most indirect taxes (e.g. VAT and customs duty) are EU based, it is...
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Finance Act 2020: Encashment Tax, PSWT Modernisation and Share Reporting Requirements (Irish Tax Review 2021 Issue 1)

Irish Tax Review Julie Burke Anna Holohan
2021-04-19
The backdrop to Finance Act 2020 was considerable economic uncertainty as a result of both Brexit and the Covid-19 pandemic. The Finance Act 2020 provisions do not contain detailed provisions in respect of Brexit. However, measures to deal with some of the uncertainty created by Brexit have been provided for separately under “Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Act 2020”. Therefore, a significant focus of Finance Act 2020 is on provisions to support those impacted by Covid-19. Such measures include a reduction in the VAT rate... … These amendments, though unexpected, provide greater clarity, in particular in the context of certain financial institutions that may be moving to Ireland as a result of Brexit and may now be within the remit of encashment tax.
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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...
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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.
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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.
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