VAT, Brexit and funds

As the UK completes its exit from the UK in December, many players in the Irish asset management industry now look to surrounding VAT implications. What are some of the key considerations for the asset management industry in navigating the changing VAT landscape?

Gross roll up - more clarity to be welcomed

In August, the Irish Revenue Commissioners published a guidance document on the treatment of the taxation of ‘gross roll up’ as it applies to domestic funds. What are the implications, and does the overall comprehensive guidance document contain any important other findings for Irish funds companies?

Budget 2021

In an unprecedented year for ad hoc tax policy on the corporate and personal taxation fronts, due to Covid- 19, can you summarise some, (circa four) of the most important outstanding areas of clarification regarding the temporary measures that can be expected to crystallise in legislation in the Budget? (This could also make reference to the CCCBA - I Pre Budget submission (see also last issue).

Inclusivity for self employed individuals

In the wake of the July Stimulus (also discussed in last Month’s Irish Tax Monitor) there were a number of clarifications on the operation of Covid tax reliefs, notably in regard to Income Tax Relief for self-employed individuals adversely impacted by Covid-19 restrictions.
What is your assessment of the current guidance on this?

HIIR Guidance

The Revenue Commissioners have recently published renewed guidance on the high-income individuals’ restriction (HIIR) (which is intended to limit the total amount of specified reliefs that can be used by a high-income individual to a maximum amount each year). (In its Tax and Duty Manual Part 15-02A-05). Will the new guidance result in any significant changes in the regime as it has worked up to now?

The new 21% VAT rate

As part of the July Jobs’ Stimulus, Ireland’s standard rate of VAT is temporarily being reduced from 23% to 21% for a six month period starting on 1 September. What are the main considerations for businesses?