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Brexit: The Vote Is In (Irish Tax Review 2016 Issue 3)

Irish Tax Review Julie Burke Amanda-Jayne Comyn
2016-09-29
Brexit: The Vote Is In … ...percentage margin makes the result look a far closer call than the numbers – with some 17.4m voters (a majority of 1.25m) in favour of leaving the EU. Given these numbers and the fact that the new UK Prime Minister, Theresa May has clearly stated that “Brexit means Brexit”, it appears to be a very remote possibility that the vote will be put back to the people or indeed that the UK Parliament will seek to overturn the view of the electorate. … The ultimate effect of Brexit will remain unknown until alternative arrangements have been negotiated. In the interim, contingency planning is made difficult in the absence of any clarity around the timescale or precise arrangements for the UK’s exit from the EU or what the new relationship between the UK and EU will be... … ...Article 50 would be invoked in early 2017, however, according to recent newspaper reports, Ministers are now suggesting that there will be no movement on invoking Article 50 until at least autumn of 2017. The delay is thought to be due to the fact that the UK’s Brexit and international trade departments will not be ready to begin negotiating any earlier and with the upcoming presidential elections across Europe the UK would like clarity as to who will be sitting at the table to lead negotiations on behalf of the EU.
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Ireland’s Legislature and Its Ability to Deliver Swift Policy and Legislative Response (Irish Tax Review 2019 Issue 4)

Irish Tax Review Julie Burke Brian Hunt
2019-12-09
With the prospect of a no-deal, crash-out Brexit now seeming unlikely, the air of impending doom has eased, for now at least. As we lived through each news bulletin revealing the day’s twists and turns of Brexit, it was easy to forget that we were in the midst of what the late Professor Ronan Fanning described as “Ireland’s biggest policy test since World War II”. Although, as he said, there was no threat of war, Professor Fanning saw Brexit as a great European crisis with global ramifications. … In Ireland, the threat of a no-deal Brexit forced the Government, businesses and wider society to assess the likely impact that a Brexit crash-out scenario would have had. In one sense, the prospect of Brexit was a real-life rehearsal of the State’s ability to adapt to and cope with a very significant crisis situation. … From a policy and legislative perspective, the Government’s response to Brexit has been multi-faceted. Brexit preparations were underpinned by two Contingency Action Plans, which provided focus and impetus to many of the preparatory steps that had to be taken. Legislative measures are a core part of the State’s response to Brexit. … However, in fairness to the current Government, the approach to tackling Brexit has had many dimensions – with legislation forming only part of the response.
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Finance Act 2019: Key Changes to the R&D Tax Credit Regime (Irish Tax Review 2020 Issue 1)

Irish Tax Review Julie Burke Ken Hardy Ronan Moore
2020-03-23
The enhancements for small and micro companies are positive, and an extension to include medium sized enterprises in the future would be welcomed. It is worth noting with Brexit in mind that the UK has a competitive R&D regime for SMEs that includes medium sized companies.(medium companies have fewer than 500 employees, an annual turnover of €100m and balance sheet total of under €86m) With a headline rate similar to Ireland’s 25% rate...
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Social Welfare, Pensions and Civil Registration Act 2018 (Irish Tax Review 2019 Issue 2)

Irish Tax Review Julie Burke Olive O’Donoghue
2019-06-20
Impact of Brexit on Reciprocal Social Security Arrangements … ...of the EU, individuals moving between Ireland and the UK and vice versa are covered under these regulations. However, with the UK’s exit from the EU looming, it was unclear what this would mean from a social security perspective, particularly in the case of a “hard” Brexit. … “the Minister for Employment Affairs and Social Protection shall, when complete, share the analysis being conducted by her Department on the impact of Brexit on the reciprocal arrangements for social insurance schemes, social assistance schemes and child benefit between Great Britain, Northern Ireland and the Republic of Ireland”. … ...separate social security agreement was entered into between Ireland and the UK covering those parts of the UK that are outside the EU, i.e. the Isle of Man and the Channel Islands (“SW 123”). It was unclear whether, in the event of a “no-deal Brexit” or a “hard Brexit”, the provisions of the CTA would prevail or the existing bilateral social security agreement would/could be extended to include mainland UK and Northern Ireland.
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Legislation & Policy Monitor (Irish Tax Review 2019 Issue 4)

Irish Tax Review Julie Burke Clare McGuinness
2019-12-09
Measures are contained in the Bill to alleviate the potential impact of a “no deal” Brexit by retaining the status quo, such as the amendment of
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Farm Taxation: Finance Act 2018 Changes (Irish Tax Review 2019 Issue 1)

Irish Tax Review Julie Burke Joan Hearne Jim McCleane
2019-04-01
It was reassuring to see that the Minister for Finance, Paschal Donohoe TD, did not introduce any measures in the Finance Act 2018 that will disadvantage the farming sector further in light of the current uncertainties faced by this sector due to Brexit. There were the usual extensions of deadlines for stock relief, some relaxation of the rules on income averaging and some changes to the relief from stamp duty for transfers to young trained farmers. But, other than these items, no taxation changes were introduced in the Finance Act... … Brexit … ...the deal negotiated between the EU and Mrs May’s Government and, at the time of writing, it looks doubtful that this position will be reversed before 29 March. Unless there is a dramatic change by either side, the risk that we are facing into a no-deal Brexit appears to be increasing on a daily basis. … Whether or not a deal is agreed, the expected departure of the UK from the EU on 29 March presents a clear threat to the competiveness of Irish agricultural exports, with the potential to undermine the viability of many small businesses. In the face of Brexit, the Minister for Finance announced the launch of the Future Growth Loan Scheme for small and medium-sized enterprises (SMEs) and the agriculture and food sector, which is worth €300m. SMEs provide most of the country’s employment, and additional Government support for this sector is... crucial in preparing for Brexit.
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Revenue’s R&D Guidelines: What’s New? (Irish Tax Review 2019 Issue 2)

Irish Tax Review Julie Burke Laura King Ian Collins
2019-06-20
...’s approach on audit. As per the recommendations above, there are areas where the R&D tax credit could be made more attractive, and the results of the Department of Finance review will be important to assess where Ireland currently sits. In light of the uncertainties presented by Brexit and the political landscape in other European countries and the United States, a robust, transparent and competitive regime must be the key objective in order to incentivise companies to continue to invest in Ireland and to retain their highly skilled roles in this country.
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VAT Compliance 2019 Filings: Types of Returns and Other Considerations (Irish Tax Review 2019 Issue 2)

Irish Tax Review Julie Burke Conor Walsh
2019-06-20
In the event of a “no-deal” Brexit, businesses that are registered for either the Union or the non-Union MOSS scheme in the UK can expect to be automatically de-registered immediately. As part of Brexit preparations, businesses that are registered for the non-Union scheme in the UK have been “moving early”, and Ireland seems to be the destination of choice in most cases. Businesses registered for the Union scheme in the UK (i.e. those established there) cannot move their... MOSS registration before Brexit, in accordance with EU law. After Brexit, if a deal is not agreed, UK businesses will be able to register for the non-Union MOSS scheme in Ireland. … Businesses established in Ireland that currently declare and pay the UK VAT due on supplies of telecommunications, broadcasting and electronically supplied services under the Union MOSS scheme would likely be required to register for UK VAT in the event of a no-deal Brexit.
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UK 2018 Budget: Summary of Announcements (Irish Tax Review 2019 Issue 1)

Irish Tax Review Julie Burke Roger Campbell Mathew Scott
2019-04-01
...being an early adopter of measures to combat base erosion and profit shifting (BEPS). This raises the question of what policies can be introduced not only to attract foreign business but also to retain businesses that already have a significant footprint in the UK – especially in these turbulent Brexit times. … ...inhibit inbound investment, partly due to potential restrictions on the freedom of movement of workers, although the new immigration rules are not yet finalised. In particular, economic growth and inbound investment outside of London may be impacted by the minimum income requirements (£30K) in the proposed post-Brexit immigration system. This requirement may make it more difficult for employers to recruit employees and therefore constrain any expansion plans and inbound investment. … ...announcements should help to spur capital investment by both UK companies and overseas businesses seeking to expand operations. The reform of the intangible degrouping charge will also serve to reduce the barriers and complexities to successful M&A transactions. However, these changes have to be balanced against the general Brexit environment, which is having a much more significant impact on M&A activity. … ...reducing to 17% from 1 April 2020), significant reliefs available for R&D/qualifying patent box expenditure and an attractive dividend/withholding tax exemption – show that the UK is open for business. At the time you are reading this there may even be some clarity over what Brexit means (at least for the transitional period). If so, the impact of the tax measures introduced may have more significance.
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