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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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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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EU Mandatory Disclosure: Crunch Time for DAC 6 Filings (Irish Tax Review 2020 Issue 4)

Irish Tax Review Julie Burke David Fennell
2020-12-14
Although one might expect UK guidance to carry significant weight, given that it is the European jurisdiction with most practical experience of mandatory reporting, there is less post-Brexit enthusiasm for following UK guidance than hitherto. Nevertheless, intermediaries and relevant taxpayers could take cognisance of practical guidance provided by HMRC where it does not rely on UK-specific implementing legislation. … Thus, post-Brexit, a UK-resident adviser with no other connection to a Member State will not be an intermediary. Pre-Brexit, a UK adviser may be an intermediary, which has important filing implications for other advisers and relevant taxpayers. … ...entity. On foot of the advice received, the Irish parent gives direction to the UK subsidiary on the transaction’s implementation. The Irish law firm will be regarded as a category 2 intermediary (service provider), whereas the Irish parent company will be a category 1 intermediary. Post-Brexit, a different conclusion might be reached. … Where there is no intermediary (category 1 or 2) – and this applies where an intermediary has no EU nexus (particularly relevant post-Brexit) – the reporting obligation falls on a relevant taxpayer. This is also the case where legal professional privilege applies (unless waived). Legal professional privilege may have different meanings throughout the EU.
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Policy and Representations Monitor (Irish Tax Review 2022 Issue 3)

Irish Tax Review Julie Burke Lorraine Sheegar
2022-10-06
Brexit: UK announces Bill to amend Northern Ireland Protocol … On 17 May the UK Foreign Secretary, Liz Truss MP, updated the House of Commons on the UK Government’s intention to introduce legislation to make changes to the Northern Ireland Protocol. After the announcement, the Vice-President of the European Commission for Interinstitutional Relations and Foresight, Maroš Šefčovič, made a statement noting that the European Commission stands ready to continue
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Legislation & Policy Monitor (Irish Tax Review 2020 Issue 3)

Irish Tax Review Julie Burke Lorraine Sheegar
2020-09-22
Brexit update … The second meeting of the EU–UK Joint Committee under the Withdrawal Agreement took place on 12 June 2020. The UK confirmed that it will not consider an extension of the Brexit transition period. The transition period will therefore end on 31 December 2020, in line with the provisions of the Withdrawal Agreement. The EU remains open to an extension. The EU–UK Joint Committee plans to meet again in early September. … On 2 July Michel Barnier, the European Commission’s Chief Negotiator on Brexit, issued a statement after the restricted round of negotiations for a new partnership between the EU and the UK. He noted that the aim was to get negotiations “successfully and quickly on a trajectory to reach an agreement” but that serious divergences remain. The EU’s position... … Mr Barnier addressed the Institute of International and European Affairs on 2 September, noting the impact that the coronavirus pandemic has had but stating that “the pandemic does not stop the Brexit clock from ticking”. He indicated that a final agreement must be reached by the end of October in order to have a new partnership in place by 1 January 2021. Mr Barnier also noted that Ireland is the Member State most affected by Brexit, stating that “[w]e want a close partnership with the UK. Provided the conditions are right. This is in everybody’s interest. And in Ireland’s interest in particular. So far, the UK has not engaged constructively on those conditions.” The eighth round of negotiations...
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Ireland’s 2020 Economic Outlook (Irish Tax Review 2020 Issue 1)

Irish Tax Review Julie Burke Martina Lawless
2020-03-23
...It is very tempting to headline a piece on the economic outlook for the year ahead with a play on 20–20 vision, but perfect (fore)sight is a rare commodity in economics and the current outlook for the Irish economy is particularly fraught with uncertainties. Risks surrounding the Brexit withdrawal agreement and the threat of a disorderly exit of the UK from the EU without a withdrawal agreement in place overshadowed much economic commentary last year. Although that particular risk did not come to pass, uncertainty about the international environment is likely to continue to dominate economic concerns... … Coverage of economic issues tends to be largely dominated by a focus on external risks such as Brexit and the areas of the economy, such as housing and the health sector, that are generating concerns in terms of activity and funding. Those issues should not detract from highlighting that the measured performance of the Irish economy over recent years has been little short of remarkable. The... … Brexit … Brexit remains another external source of uncertainty. After three years of exit negotiations, the UK is officially no longer a member of the EU from 31 January 2020. After all of the drama of the withdrawal negotiations, some may be surprised that this date is far from the end... of the process and marks just the end of the beginning. Immediately, a new phase of negotiations will start to decide the longer-term relationship between the UK and the EU. Brexit stage 2 is therefore likely to dominate headlines for the year ahead. The agenda for these talks is going to be packed and will include tariffs, product standards, market access for financial services, data protection and fishing rights, among others.
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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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Central Register of Beneficial Ownership of Trusts: The Irish UBO Register (Irish Tax Review 2022 Issue 1)

Irish Tax Review Julie Burke Aileen Keogan
2022-04-07
It should be noted that there is no Brexit or other derogation for trusts registered on the equivalent UK register. Therefore, a trust registered in the UK under its system of trust registrations may also need to be registered in Ireland.

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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VAT Cases & VAT News (Irish Tax Review 2021 Issue 1)

Irish Tax Review Julie Burke Gabrielle Dillon
2021-04-19
Revenue eBrief 237/2020 was released on 23 December 2020 and covered the new postponed accounting regime that will apply post-Brexit. The TDM covering the guidelines for VAT registration now includes detailed guidance on the postponed accounting procedures that will apply not just to imports from the UK but also to imports from all non-EU countries. A new VAT number verification facility has also been released, and it... … Revenue eBrief 244/2020 was published on 31 December 2020 in relation to the VAT56 procedure. There have been some legislative changes implemented to take account of the end of the Brexit transition period. The TDM on s56 zero rating of goods and services has therefore been updated.
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