December 2019 Tax Newsletter

This series of articles will provide you with an update on tax developments that impact organisations in Ireland and those that do business with Ireland.

Planning for retirement and business sales

If you are considering selling your business, passing it on to the next generation or retiring from your business, a summary of some of the tax reliefs that can be availed of is outlined below. Although no changes were made to the main reliefs from capital gains tax (CGT) in this year’s Finance Bill for entrepreneurs either selling their trading businesses to third parties or passing it on to the next generation, the outcome of the recent review of Entrepreneurial Relief is to be considered with the aim of better supporting entrepreneurs and entrepreneurial activity.

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Farm Taxation

We examine how Budget 2020 impacted the agriculture sector and review a recent Tax Appeals Commission case which involved loss relief claimed by a part time farmer.

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Pre-Year-End Tax Planning

As we approach the end of 2019, we have outlined some pre-year-end private client tax planning tips which one should bear in mind, including tax refunds, pension contributions, exemptions etc.

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Key Employee Engagement Programme (“KEEP”) amendments

The Key Employee Engagement Programme (“KEEP”) is a tax-advantaged share option scheme which was introduced on 1 January 2018 with the objective of supporting Irish SMEs in the recruitment and retention of key employees. Some changes are being introduced to improve the operation of the scheme.

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Understanding the EU Directive on Cross-Border Tax Arrangements (“DAC6” or “EU MDR”)

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The EU Council Directive 2011/16 about cross-border tax arrangements known as DAC 6 has been in effect since 25 June 2018. DAC6 introduces an obligation on companies and reporting intermediaries to disclose potentially aggressive cross-border tax planning arrangements and on Tax Authorities to exchange all information with their counterparties. DAC6 mirrors many of the concepts and principles of the domestic mandatory disclosure reporting requirements introduced by the Finance Act 2010. The deadline for reporting to Revenue is 31 August 2020.

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