Trust Taxes

 

The 2024 Autumn Budget announced a series of changes to UK Inheritance Tax.  As you’re aware, in the UK, Inheritance Tax is a tax payable on the value of a deceased person’s estate.  This differs to Irish Capital Acquisitions Tax where the beneficiary pays CAT on gifts and/or inheritances.

 

 

Current Rules

Currently, UK IHT is charged at 40% on the value of an estate above the tax-free allowance i.e. the Nil Rate Band of £325,000. This tax-free allowance can be further increased by a Residential Nil Rate Band of £175,000 providing you leave your home to direct descendants i.e. children, step children, grandchildren, etc.  As a result, this brings up the total tax-free allowance to £500,000 per person.  In certain circumstances, this could potentially equate to £1 million for a couple.  These thresholds were fixed until April 2030 in the Autumn Budget.  If, however, your estate is worth less than £325,000 when you die, then any unused amount up to the threshold limit can be added to the surviving spouse’s/partner’s threshold amount.

 

 

 

New Rules

From 6^th April 2025, the rules for taxing non-UK domiciled individuals will be replaced by a tax residence-based system.  This will apply to long-term residents owning non-UK property who were previously outside the scope of UK Inheritance Tax.  UK assets will always remain within the scope of inheritance tax.  Therefore, from 6th April 2025 onwards, individuals who have held non-domicile status will no longer be exempt from Inheritance Tax on their foreign assets. Instead tax will be based on the individual’s residency status.

 

 

Non-UK assets will be within the scope of UK Inheritance tax if an individual qualifies as a long-term resident.  This means that anyone who has been resident in the UK for ten out of the last twenty years will be subject to Inheritance Tax on their worldwide assets.  This is assessed using the same statutory residence test currently applied for Income Tax and Capital Gains Tax purposes.  It’s important to keep in mind that where an individual ceases to be UK resident after 6th April 2025, there will be an “IHT tail.”  This effectively means that an individual can remain within the scope of UK Inheritance Tax, on their worldwide assets, for a period of up to ten years after ceasing their UK residence.

 

In summary, from 6th April 2025, the concept of domicile will no longer determine exposure to inheritance tax.  Instead, it will be replaced with the concept of a long-term resident.

 

 

 

For further information, please click:

 

https://www.gov.uk/inheritance-tax

 

 

https://www.gov.uk/government/publications/2024-non-uk-domiciled-individuals-policy-summary/changes-to-the-taxation-of-non-uk-domiciled-individuals

 

 

 

 

For all your Irish or cross-border gift or inheritance concerns, please contact us on queries@accountsadvicecentre.ie.

 

 

 

 

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.

 

 

 

 

 

 

Are you aware just how much has changed since 1st January 2020 in terms of Tax compliance, Tax Credits, Personal/Income Tax, Business/Corporation Tax, Capital Acquisitions Tax (CAT), Capital Gains Tax (CGT), Value Added Tax (VAT), PAYE, Stamp Duty, Transfer Pricing, Local Property Tax (LPT), Revenue Compliance, Revenue Audit and Investigation Procedures, etc.?

 

Here are a list of the Revenue eBriefs published in 2020

 

 

JANUARY 2020

 

Revenue eBrief No. 001/20 – Deduction for statutory registration fees paid to the Health and Social Care Professionals Council (CORU) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0012020.aspx

 

 

Revenue eBrief No. 002/20 – Uniform and Clothing Allowances paid to Fire Officers https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0022020.aspx

 

 

Revenue eBrief No. 003/20 – Deduction for Expenses in Respect of Annual Membership Fees Paid to a Professional Body https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0032020.aspx

 

 

Revenue eBrief No. 004/20 – General Rule as to Deduction for Expenses in Employment https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0042020.aspx

 

 

Revenue eBrief No. 005/20 – Certain benefits payable under Social Welfare Acts – increase for qualified adult https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0052020.aspx

 

 

Revenue eBrief No. 006/20 – Provisions and Accruals https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0062020.aspx

 

 

Revenue eBrief No. 007/20 – Taxes Consolidation Act Notes for Guidance – Finance Act 2019 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0072020.aspx

 

 

Revenue eBrief No. 008/20 – Certificates of Income for Non-Revenue Purposes -Self Assessment Cases https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0082020.aspx

 

 

Revenue eBrief No. 009/20 – Pay & File Extension Date – 2020 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0092020.aspx

 

 

Revenue eBrief No. 010/20 – Capital Gains Tax (CGT) Farm Restructuring Relief https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0102020.aspx

 

 

Revenue eBrief No. 011/20 – Guidelines for Phased Payment Arrangements https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0112020.aspx

 

 

Revenue eBrief No. 012/20 – Pensions Manual Updated https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0122020.aspx

 

 

Revenue eBrief No. 013/20 – Stamp duty levies – health insurance levy and bank levy https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0132020.aspx

 

 

Revenue eBrief No. 014/20 – Chargeable Persons https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0142020.aspx

 

 

Revenue eBrief No. 015/20 – Rates of stamp duty – Finance Act 2019 changes https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0152020.aspx

 

 

Revenue eBrief No. 016/20 – The tax treatment of rental income (Case V) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0162020.aspx

 

 

Revenue eBrief No. 017/20 – Home Carer Tax Credit https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0172020.aspx

 

 

Revenue eBrief No. 018/20 – Tax treatment of legal fees https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0182020.aspx

 

 

Revenue eBrief No. 019/20 – Electronic Tax Clearance https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0192020.aspx

 

 

Revenue eBrief No. 020/20 – General Rule as to Deduction for Expenses in Employment https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0202020.aspx

 

 

Revenue eBrief No. 021/20 – Charities VAT Compensation Scheme – Guidelines https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0212020.aspx

 

 

Revenue eBrief No. 022/20 – Universal Social Charge https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0222020.aspx

 

 

Revenue eBrief No. 023/20 – Schedule E expense deductions for employed consultants and non-consultant hospital doctors (NCHDs) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0232020.aspx

 

 

Revenue eBrief No. 024/20 – Dividend Withholding Tax Manual 06-08a-01 updated in accordance with Finance Act 2019 changes https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0242020.aspx

 

 

Revenue eBrief No. 025/20 – Administration of Form S.110 – Notification of ‘qualifying company’ and Form S.110W – Withdrawal of notification of ‘qualifying company’ https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0252020.aspx

 

 

Revenue eBrief No. 026/20 – Average market mid-closing exchange rates and Lloyds sterling conversion rates https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0262020.aspx

 

 

Revenue eBrief No. 027/20 – Anti-Tax Avoidance Directive (ATAD) – Exit Tax https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0272020.aspx

 

 

Revenue eBrief No. 028/20 – Amendment of Certain Tax Exemption Provisions https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0282020.aspx

 

 

 

FEBRUARY 2020

 

Revenue eBrief No. 029/20 – “Main purpose” tests https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0292020.aspx

 

 

Revenue eBrief No. 030/20 – Tax treatment of income arising from the provision of short-term accommodation https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0302020.aspx

 

 

Revenue eBrief No. 031/20 – Prohibitions and Restrictions concerning Endangered Species and Wildlife https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0312020.aspx

 

 

Revenue eBrief No. 032/20 – Tax treatment of foster care payments and certain other payments made or authorised by the Child and Family Agency https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0322020.aspx

 

 

Revenue eBrief No. 033/20 – Tax treatment of certain education related payments https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0332020.aspx

 

 

Revenue eBrief No. 034/20 – Revenue National Employer Service https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0342020.aspx

 

 

Revenue eBrief No. 035/20 – 2019 Form ESS1 – Return of Information by the Trustees of an Approved Profit Sharing Scheme (APSS) is now available on ROS https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0352020.aspx

 

 

Revenue eBrief No. 036/20 – Earned Income Tax Credit https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0362020.aspx

 

 

Revenue eBrief No. 037/20 – Living City Initiative https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0372020.aspx

 

 

Revenue eBrief No. 038/20 – iXBRL – Guidance for voluntary strike-offs and other amendments https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0382020.aspx

 

 

 

MARCH 2020

 

Revenue eBrief No. 039/20 – Mitigation and Application of Fines and Penalties https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0392020.aspx

 

 

Revenue eBrief No. 040/20 – Case V Capital Allowances https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0402020.aspx

 

 

Revenue eBrief No. 041/20 – Surcharge for late returns: Due dates when starting a business https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0412020.aspx

 

 

Revenue eBrief No. 042/20 – Farming – Tax treatment of payments made under Rural Environment Protection Scheme (REPS) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0422020.aspx

 

 

Revenue eBrief No. 043/20 – Case V Capital Allowances and Losses forward for USC Purposes https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0432020.aspx

 

 

Revenue eBrief No. 044/20 – Revenue to operate Employer COVID-19 Refund Scheme on behalf of DEASP https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0442020.aspx

 

 

Revenue eBrief No. 045/20 – e-Working and Tax https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0452020.aspx

 

 

Revenue eBrief No. 046/20 – Advice and information to assist taxpayers and their agents during the COVID-19 pandemic https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0462020.aspx

 

 

Revenue eBrief No. 47/20 – Revenue to operate Temporary COVID-19 Wage Subsidy Scheme https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0472020.aspx

 

 

Revenue eBrief No. 48/20 – Temporary COVID-19 Wage Subsidy Scheme – Transitional Phase https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0482020.aspx

 

 

Revenue eBrief No. 049/20 – Taxation of Deposit Interest https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0492020.aspx

 

 

Revenue eBrief No. 50/20 – Important customer notice regarding Revenue services https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0502020.aspx

 

 

Revenue eBrief No. 051/20 – Customs Value Authorisation (CVA) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0512020.aspx

 

 

Revenue eBrief No. 052/20 – Guidance Manual on Customs Warehousing https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0522020.aspx

 

 

Revenue eBrief No. 053/20 – VAT Groups https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0532020.aspx

 

 

Revenue eBrief No. 054/20 – Benefit-in-Kind – Employer-Provided Vehicles https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0542020.aspx

 

 

Revenue eBrief No. 055/20 – Betting Duty Returns and Payments Compliance Procedures Manual https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0552020.aspx

 

 

 

 

APRIL 2020

 

Revenue eBrief No. 056/20 – Research and Development Tax Credit early payment of the instalment due to be paid in 2020 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0562020.aspx

 

 

Revenue eBrief No. 057/20 – Guidelines for filing ESS1 returns https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0572020.aspx

 

 

Revenue eBrief No. 058/20 – Revenue Online Service – ROS Enhancements https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0582020.aspx

 

 

Revenue eBrief No. 059/20 – Deduction for income earned in certain foreign states (Foreign Earnings Deduction) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0592020.aspx

 

 

Revenue eBrief No. 060/20 – Vehicle Registration Tax – Valuation System for New and Used Vehicles https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0602020.aspx

 

 

Revenue eBrief No. 061/20 – Revised tax treatment of royalty income, with effect from 1 January 2019, under the terms of the Ireland-Lithuania Double Taxation Convention 1997 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0612020.aspx

 

 

Revenue eBrief No. 062/20 – Treatment of Additional Tier 1 Capital – section 845C, Taxes Consolidation Act, 1997 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0622020.aspx

 

 

Revenue eBrief No. 063/20 – Temporary VAT zero rating of supplies of personal protective equipment, ventilators and other medical products https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0632020.aspx

 

 

Revenue eBrief No. 064/20 – Opticians in employment – professional indemnity cover https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0642020.aspx

 

 

Revenue eBrief No. 065/20 – Capital acquisitions tax: dwelling house exemption and ‘same event’ credit for CGT against CAT https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0652020.aspx

 

 

Revenue eBrief No. 066/20 – Late Submission of Corporation Tax Returns – Restriction of Reliefs https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0662020.aspx

 

 

Revenue eBrief No. 067/20 – Tobacco Products Tax Manual https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0672020.aspx

 

 

Revenue eBrief No. 068/20 – Guidelines for Article 9 Correlative Adjustment claims https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0682020.aspx

 

 

Revenue eBrief No. 069/20 – Diesel Rebate Scheme Compliance Procedures Manual https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0692020.aspx

 

 

Revenue eBrief No. 070/20 – Capital Gains Tax – interests in trusts, treatment of shares and securities, etc. https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0702020.aspx

 

 

Revenue eBrief No. 071/20 – Excise Duty Rates on Energy Products and Electricity Manual https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0712020.aspx

 

 

Revenue eBrief No. 072/20 – Tax and Duty Manual Part 15-01-18 – One Parent Family Credit https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0722020.aspx

 

 

 

MAY 2020

 

Revenue eBrief No. 073/20 – Exemption in respect of compensation for certain living donors https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0732020.aspx

 

 

Revenue eBrief No. 074/20 – Special Assignee Relief Programme (SARP) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0742020.aspx

 

 

Revenue eBrief No. 075/20 – Temporary Wage Subsidy Scheme (TWSS) – Operational Phase https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0752020.aspx 

 

 

Revenue eBrief No. 076/20 – Capital Gains Tax – rate of charge, annual exempt amount, computation of companies’ chargeable gains etc. https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0762020.aspx

 

 

Revenue eBrief No. 077/20 – The application of the Capital Goods Scheme and the VAT treatment of Donations or Gifts of goods or meals https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0772020.aspx

 

 

Revenue eBrief No. 078/20 – Tax treatment of the reimbursement of expenses of travel and subsistence to office holders and employees https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0782020.aspx

 

 

Revenue eBrief No. 079/20 – VAT RTD – Introduction of Automated Compliance Measures https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0792020.aspx

 

 

Revenue eBrief No. 080/20 – Horticultural Repayment Relief Guide https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0802020.aspx

 

 

Revenue eBrief No. 081/20 – Importation and exportation of medicinal products and unauthorised or counterfeit medical preparations https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0812020.aspx

 

 

Revenue eBrief No. 082/20 – Service companies surcharge – Provision of medical staff, Guidance from professional bodies, Preparatory work https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0822020.aspx

 

 

Revenue eBrief No. 083/20 – Temporary measures in relation to the close company surcharge https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0832020.aspx

 

 

Revenue eBrief No. 084/20 – Domicile Levy and Capital Gains Tax https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0842020.aspx

 

 

Revenue eBrief No. 085/20 – Solid Fuel Carbon Tax Compliance Procedures Manual https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0852020.aspx

 

 

Revenue eBrief No. 086/20 – Guide to Excise Licences https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0862020.aspx

 

 

Revenue eBrief No. 087/20 – Update – Public Consultation on Dividend Withholding Tax (DWT) – Real-Time Reporting https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0872020.aspx

 

 

Revenue eBrief No. 088/20 – Charities VAT Compensation Scheme – extension to closing date for submitting claims https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0882020.aspx

 

 

Revenue eBrief No. 089/20 – Individuals described as ‘locums’ engaged in the fields of medicine, health care and pharmacy https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0892020.aspx

 

 

Revenue eBrief No. 090/20 – Updates to Revenue’s services for customers with disabilities, including a remote interpretation service for Revenue’s deaf customers. https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0902020.aspx

 

 

Revenue eBrief No. 091/20 – The European Convention on Human Rights Act 2003 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0912020.aspx

 

 

Revenue eBrief No. 092/20 – Health Expenses – Qualifying Expenses https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0922020.aspx

 

 

Revenue eBrief No. 093/20 – Childcare services relief https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0932020.aspx

 

 

Revenue eBrief No. 094/20 – Income Tax Relief for Medical and/or Dental Insurance https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0942020.aspx

 

 

Revenue eBrief No. 095/20 – Receiver of Wreck https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0952020.aspx

 

 

Revenue eBrief No. 096/20 – Commercial Sea Navigation Relief Guide https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0962020.aspx

 

 

 

 

JUNE 2020

 

Revenue eBrief No. 097/20 – Allowances for Scientific Research https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0972020.aspx

 

 

Revenue eBrief No. 098/20 – Pensions Manual Amended https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0982020.aspx

 

 

Revenue eBrief No. 099/20 – Pensions Manual Chapter 16 – Group Schemes https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0992020.aspx

 

 

Revenue eBrief No. 100/20 – Sugar Sweetened Drinks Tax Compliance Procedures Manual https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1002020.aspx

 

 

Revenue eBrief No. 101/20 – Compliance Programme for Agent Services representing PAYE Taxpayers https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1012020.aspx

 

 

Revenue eBrief No. 102/20 – Taxation of Maternity Benefit, Paternity Benefit, Parent’s Benefit, Adoptive Benefit and Health and Safety Benefit https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1022020.aspx

 

 

Revenue eBrief No. 103/20 – Income from scholarships https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1032020.aspx

 

 

Revenue eBrief No. 104/20 – Employed person taking care of an incapacitated individual https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1042020.aspx

 

 

Revenue eBrief No. 105/20 – High Income Individuals’ Restriction – Tax Year 2010 onwards https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1052020.aspx

 

 

Revenue eBrief No. 106/20 – Update – Temporary Wage Subsidy Scheme https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1062020.aspx

 

 

Revenue eBrief No. 107/20 – ROS Form CT1 2020 – the CT return for accounting periods ending in 2020 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1072020.aspx

 

 

Revenue eBrief No. 108/20 – Remote Bookmakers Licence https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1082020.aspx

 

 

Revenue eBrief No. 109/20 – Instruction Manual on End-Use Procedure https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1092020.aspx

 

 

Revenue eBrief No. 110/20 – VAT treatment of betting and gaming https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1102020.aspx

 

 

Revenue eBrief No. 111/20 – Third Party Returns: Requirement to Report Information Automatically https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1112020.aspx

 

 

Revenue eBrief No. 112/20 – The VAT Treatment of Medical Services https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1122020.aspx

 

 

Revenue eBrief No. 113/20 – The VAT treatment of Charitable Donations via SMS https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1132020.aspx

 

 

Revenue eBrief No. 114/20 – Registration of Gas and Oil Exploration Companies https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1142020.aspx

 

 

Revenue eBrief No. 115/20 – Exchange of Information https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1152020.aspx

 

 

Revenue eBrief No. 116/20 – Road Haulier Drivers (Employees) – Subsistence Rates https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1162020.aspx

 

 

Revenue eBrief No. 117/20 – Temporary Wage Subsidy Scheme – Extension of the Temporary Wage Subsidy Scheme to August 2020 and update on a range of developments under the Scheme https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1172020.aspx

 

 

Revenue eBrief No. 118/20 – eCG50 – Guide for Applicants https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1182020.aspx

 

 

Revenue eBrief No. 119/20 – Compensation Payments in respect of Personal Injuries (Exemption of Investment Income) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1192020.aspx

 

 

Revenue eBrief No. 120/20 – TDM Part 07-01-20 – Special Trusts for permanently incapacitated individuals https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1202020.aspx

 

 

Revenue eBrief No. 121/20 – Pay as You Earn (PAYE) system – Employee payroll tax deductions in relation to non-Irish employments exercised in the State https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1212020.aspx

 

 

Revenue eBrief No. 122/20 – Stamp duty: associated companies relief https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1222020.aspx

 

 

Revenue eBrief No. 123/20 – Disclosure of confidential taxpayer information: section 851A Taxes Consolidation Act 1997 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1232020.aspx

 

 

Revenue eBrief No. 124/20 – Capital Gains Tax – Treatment of allowable losses https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1242020.aspx

 

 

Revenue eBrief No. 125/20 – Games and Sports Bodies Exemptions https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1252020.aspx

 

 

Revenue eBrief No. 126/20 – Research and Development (R&D) Credit: Appointment of expert to assist in audits https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1262020.aspx

 

 

Revenue eBrief No. 127/20 – Exchange of Information – Deferral of DAC6 filing deadlines https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1272020.aspx

 

 

Revenue eBrief No. 128/20 – Chapters 6 and 11 of the Revenue Pensions Manual – pensions in payment https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1282020.aspx

 

 

Revenue eBrief No. 129/20 – Revenue Pensions Manual – Chapter 12: Withdrawal from service (leaving a pension scheme) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1292020.aspx

 

 

Revenue eBrief No. 130/20 – Budget Excise Duty Rates Manuals https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1302020.aspx

 

 

Revenue eBrief No. 131/20 – Exemption of Certain Childcare Support Payments https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1312020.aspx

 

 

 

JULY 2020

 

Revenue eBrief No. 132/20 – Research and Development (R&D) Tax Credit https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1322020.aspx

 

 

Revenue eBrief No. 133/20 – MyEnquiries – customer tracking of enquiries and other updates https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1332020.aspx

 

 

Revenue eBrief No. 134/20 – EU mandatory disclosure regime (DAC6) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1342020.aspx

 

 

Revenue eBrief No. 135/20 – Stamp duty: shares deriving value from immovable property and cancellation schemes of arrangement https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1352020.aspx

 

 

Revenue eBrief No. 136/20 – Capital Gains Tax – Capital Gains Tax – updates to manuals https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1362020.aspx

 

 

Revenue eBrief No. 137/20 – Guidance on Part 35C hybrid mismatches https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1372020.aspx

 

 

Revenue eBrief No. 138/20 – Guidelines on the processing of online tax evasion reports https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1382020.aspx

 

 

Revenue eBrief No. 139/20 – Corporation Tax Statement of Particulars – Section 882 TCA 1997 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1392020.aspx

 

 

Revenue eBrief No. 140/20 – Charities VAT Compensation Scheme – reminder re closing date for submission of claims https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1402020.aspx

 

 

Revenue eBrief No. 141/20 – Administrative cooperation and combating fraud in the field of Value-Added Tax (VAT) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1412020.aspx

 

 

Revenue eBrief No. 142/20 – Temporary VAT measures relating to Covid-19 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1422020.aspx

 

 

Revenue eBrief No. 143/20 – Using on-line methods to make a payment to Revenue https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1432020.aspx

 

 

Revenue eBrief No. 144/20 – High Income Individuals’ Restriction: Interaction with Clawback of “Section 23 Type” Relief in Death Cases https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1442020.aspx

 

 

Revenue eBrief No. 145/20 – Relief for increase in carbon tax on farm diesel (section 664A TCA 1997) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1452020.aspx

 

 

Revenue eBrief No. 146/20 – Payment of Preliminary Corporation Tax https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1462020.aspx

 

 

Revenue eBrief No. 147/20 – Guidelines for staff regarding the treatment of unsolicited information received from members of the public https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1472020.aspx

 

 

 

 

AUGUST 2020

 

 

Revenue eBrief No. 148/20 – Archiving of Manuals under Part 41 Taxes Consolidation Act 1997 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1482020.aspx

 

 

Revenue eBrief No. 149/20 – Income tax relief for self-employed individuals adversely impacted by Covid-19 restrictions https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1492020.aspx

 

 

Revenue eBrief No. 150/20 – July Jobs Stimulus – Accelerated loss relief for companies https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1502020.aspx

 

 

Revenue eBrief No. 151/20 – Investment Undertakings https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1512020.aspx

 

 

Revenue eBrief No. 152/20 – Amendments to the Cycle to Work Scheme https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1522020.aspx

 

 

Revenue eBrief No. 153/20 – Help to Buy (HTB) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1532020.aspx

 

 

Revenue eBrief No. 154/20 – Childcare services relief https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1542020.aspx

 

 

Revenue eBrief No. 155/20 – Charities VAT Compensation Scheme https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1552020.aspx

 

 

Revenue eBrief No. 156/20 – Tax treatment of the reimbursement of expenses of travel and subsistence to office holders and employees https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1562020.aspx

 

 

Revenue eBrief No. 157/20 – Income Tax return form 2019 – ROS Form 11 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1572020.aspx

 

 

Revenue eBrief No. 158/20 – Tax and Duty Manuals on temporary loss reliefs for taxpayers (July jobs stimulus measure) updated https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1582020.aspx

 

 

Revenue eBrief No. 159/20 – Customs Import Procedures Manual https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1592020.aspx

 

 

Revenue eBrief No. 160/20 – Schedule of Customs Duties Manual https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1602020.aspx

 

 

Revenue eBrief No. 161/20 – Instruction Manual on Outward Processing https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1612020.aspx

 

 

Revenue eBrief No. 162/20 – Capital Acquisitions Tax: miscellaneous issues https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1622020.aspx

 

 

Revenue eBrief No. 163/20 – Stamp Duty: relief for young trained farmers and certain leases of farmland https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1632020.aspx

 

 

Revenue eBrief No. 164/20 – Stay and Spend Tax Credit https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1642020.aspx

 

 

Revenue eBrief No. 165/20 – Certain Foreign Pensions – manual updated https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1652020.aspx

 

 

 

SEPTEMBER 2020

 

Revenue eBrief No. 166/20 – Inward Processing Instruction Manual https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1662020.aspx

 

 

Revenue eBrief No. 167/20 – PAYE Anytime manual archived https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1672020.aspx

 

 

Revenue eBrief No. 168/20 – Standard for Automatic Exchange of Financial Account Information in Tax Matters – The Common Reporting Standard (CRS) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1682020.aspx

 

 

Revenue eBrief No. 169/20 – Life Assurance Companies and Group Relief https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1692020.aspx

 

 

Revenue eBrief No. 170/20 – Customs Export Procedures Manual https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1702020.aspx

 

 

Revenue eBrief No. 171/20 – Revenue replaces the Inland Revenue Affidavit (CA.24) with new online Form https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1712020.aspx

 

 

Revenue eBrief No. 172/20 – Customs Import Procedures https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1722020.aspx

 

 

Revenue eBrief No. 173/20 – Examinership Guidelines https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1732020.aspx

 

 

Revenue eBrief No. 174/20 – Extension of Pay & File Deadline for ROS Customers https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1742020.aspx

 

 

Revenue eBrief No. 175/20 – VRT Online Payments in ROS and MyAccount https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1752020.aspx

 

 

Revenue eBrief No. 176/20 – Tax and Duty Manual on income tax relief for losses incurred in a trade or profession updated https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1762020.aspx

 

 

Revenue eBrief No. 177/20 – Waiver of Excise Duty on on-trade liquor licences on renewal in 2020 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1772020.aspx

 

 

Revenue eBrief No. 178/20 – Air Travel Tax Manual archived https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1782020.aspx

 

 

Revenue eBrief No. 179/20 – Relief for certain income from leasing of farm land (Section 664) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1792020.aspx

 

 

 

OCTOBER 2020

 

Revenue eBrief No. 180/20 – Extension of deadline to avail of a 3% reduced rate of interest on outstanding ‘non-Covid-19’ tax debts https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1802020.aspx

 

 

Revenue eBrief No. 181/20 – Late filings of Form S.110 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1812020.aspx

 

 

Revenue eBrief No. 182/20 – Guidelines for Registration for IT, CT, RCT, PREM and Certain Minor Taxheads https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1822020.aspx

 

 

Revenue eBrief No. 183/20 – Update to Guidelines for VAT Registration https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1832020.aspx

 

 

Revenue eBrief No. 184/20 – Cancellation of Tax Registration https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1842020.aspx

 

 

Revenue eBrief No. 185/20 – ROS Pay and File 2020 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1852020.aspx

 

 

Revenue eBrief No. 186/20 – VAT Treatment of Education and Vocational Training https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1862020.aspx

 

 

Revenue eBrief No. 187/20 – Tobacco Products Tax Manual https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1872020.aspx

 

 

Revenue eBrief No. 188/20 – Budget 2021 – Excise Duty Rates – https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1882020.aspx

 

 

Revenue eBrief No. 189/20 – PAYE Services: Review Your Tax https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1892020.aspx

 

 

Revenue eBrief No. 190/20 – Budget 2021 – Income Tax Warehousing https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1902020.aspx

 

 

Revenue eBrief No. 191/20 – Vehicle Registration Tax Manual – Section 1 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1912020.aspx

 

 

Revenue eBrief No. 192/20 – Guidance Manual on Comprehensive Guarantee https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1922020.aspx

 

 

Revenue eBrief No. 193/20 – e-Working and Tax https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1932020.aspx

 

 

Revenue eBrief No. 194/20 – Accounting for Mineral Oil https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1942020.aspx

 

 

Revenue eBrief No. 195/20 – Taxation of Guardian’s Payment (Contributory) and Guardian’s Payment (Non-Contributory) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1952020.aspx

 

 

Revenue eBrief No. 196/20 – Temporary VAT measures relating to Covid-19 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1962020.aspx

 

 

Revenue eBrief No. 197/20 – Budget 2021 – Changes to the Value Added Tax rates on the supply of certain goods and services https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1972020.aspx

 

 

Revenue eBrief No. 198/20 – Excise Duty Rates on Energy Products and Electricity Manual https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1982020.aspx

 

 

Revenue eBrief No. 199/20 – Customs Manual on Import VAT https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1992020.aspx

 

 

 

 

NOVEMBER 2020

 

Revenue eBrief No. 200/20 – EU Mandatory Disclosure of Reportable Cross-Border Arrangements https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2002020.aspx

 

 

Revenue eBrief No. 201/20 – Guidelines for Agents or Advisors Acting on Behalf of Taxpayers https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2012020.aspx

 

 

Revenue eBrief No. 202/20 – Research and Development Credit https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2022020.aspx

 

 

Revenue eBrief No. 203/20 – ROS Support for the 2020 Pay and File Period, Extended Opening Hours and Income Tax Warehousing https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2032020.aspx

 

 

Revenue eBrief No. 204/20 – Tobacco products imported in passengers’ accompanied baggage https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2042020.aspx

 

 

Revenue eBrief No. 205/20 – Revenue Online Service – Pay and File 2020 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2052020.aspx

 

 

Revenue eBrief No. 206/20 – VAT Treatment of the Hiring of Means of Transport https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2062020.aspx

 

 

Revenue eBrief No. 207/20 – Import Duties Payment Methods https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2072020.aspx

 

 

Revenue eBrief No. 208/20 – VAT eCommerce Rules – 1 July 2021 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2082020.aspx

 

 

Revenue eBrief No. 209/20 – Return Filing Dates – Forms 11 and CT1 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2092020.aspx

 

 

Revenue eBrief No. 210/20 – Automated Import System (AIS) Introduction https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2102020.aspx

 

 

Revenue eBrief No. 211/20 – Return of Values – Investment Undertakings https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2112020.aspx

 

 

Revenue eBrief No. 212/20 – Irish Real Estate Fund (IREF) Guidance https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2122020.aspx

 

 

Revenue eBrief No. 213/20 – Surcharge on undistributed income of service companies https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2132020.aspx

 

 

Revenue eBrief No. 214/20 – Review of Opinions/Confirmations https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2142020.aspx

 

 

Revenue eBrief No. 215/20 – Professional Services Withholding Tax: Interim Refunds https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2152020.aspx

 

 

Revenue eBrief No. 216/20 – Country by Country reporting – updates to CbC User Guide and CbC XML Schema https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2162020.aspx

 

 

 

DECEMBER 2020

 

Revenue eBrief No. 217/20 – Capital Acquisitions Tax – valuation date, contingent events and qualifying expenses of incapacitated persons https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2172020.aspx

 

 

Revenue eBrief No. 218/20 – Omnibus Station Licence duty amended https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2182020.aspx

 

 

Revenue eBrief No. 219/20 – Guidelines on Irish Bankruptcy Procedures https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2192020.aspx

 

 

Revenue eBrief No. 220/20 – Manual on Civil Aviation https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2202020.aspx

 

 

Revenue eBrief No. 221/20 – Income Tax Relief for Medical and/or Dental Insurance https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2212020.aspx

 

 

Revenue eBrief No. 222/20 – Automated Import System (AIS) – manuals updated https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2222020.aspx

 

 

Revenue eBrief No. 223/20 – Filing Guidelines for DAC2-Common Reporting Standard (CRS) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2232020.aspx

 

 

Revenue eBrief No. 224/20 – DWT: Obligation on certain persons to obtain tax reference numbers https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2242020.aspx

 

 

Revenue eBrief No. 225/20 – Guidance Manual on Customs Simplified Procedures https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2252020.aspx

 

 

Revenue eBrief No. 226/20 – Large Corporates Division: Co-Operative Compliance Framework https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2262020.aspx

 

 

Revenue eBrief No. 227/20 – VAT Treatment of Guest and Holiday Accommodation https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2272020.aspx

 

 

Revenue eBrief No. 228/20 – EU mandatory disclosure regime (DAC6) – Updates to XSD file and User Guide https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2282020.aspx

 

 

Revenue eBrief No. 229/20 – Relief for investment in corporate trades https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2292020.aspx

 

 

Revenue eBrief No. 230/20 – VAT – Postponed Accounting https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2302020.aspx

 

 

Revenue eBrief No. 231/20 – VAT Treatment of Restaurant and Catering Services https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2312020.aspx

 

 

Revenue eBrief No. 232/20 – Update on certain COVID-19 measures related to personal tax matters https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2322020.aspx

 

 

Revenue eBrief No. 233/20 – Transfers of assets, other than trading stock, within group (S.617) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2332020.aspx

 

 

Revenue eBrief No. 234/20 – Finance Act 2020 – VAT Notes for Guidance https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2342020.aspx

 

 

Revenue eBrief No. 235/20 – Filing Guidelines for DAC6 (EU Mandatory Disclosure of Reportable Cross-Border Arrangements) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2352020.aspx

 

 

Revenue eBrief No. 236/20 – Research and Development Tax Credit https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2362020.aspx

 

 

Revenue eBrief No. 237/20 – Guidelines for VAT Registration – with Postponed Accounting https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2372020.aspx

 

 

Revenue eBrief No. 238/20 – EU mandatory disclosure regime (DAC6) tax and duty manual updated https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2382020.aspx

 

 

Revenue eBrief No. 239/20 – Sea-going Naval Personnel Tax Credit https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2392020.aspx

 

 

Revenue eBrief No. 240/20 – Earned Income Tax Credit https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2402020.aspx

 

 

Revenue eBrief No. 241/20 – Collection of Customs Debt https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2412020.aspx

 

 

Revenue eBrief No. 242/20 – Customs Procedures – Manuals update https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2422020.aspx

 

 

Revenue eBrief No. 243/20 – Help to Buy (HTB) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2432020.aspx

 

 

Revenue eBrief No. 244/20 – Section 56 Zero-rating of Goods and Services https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2442020.aspx

 

 

Revenue eBrief No. 245/20 – Childcare services relief updated https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2452020.aspx

 

 

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.

 

When making a Will, few of us consider the tax implications of leaving property and assets in more than one country.  Problems often arise where more than one jurisdiction has taxing rights in relation to those assets, therefore Estate and Succession Tax Planning is essential.  Many countries impose taxes on the death of an individual, usually, in the form of inheritance or estate taxes. In Ireland inheritance tax, currently at 33%, is charged on the taxable value of all taxable inheritances. Section 11, Capital Acquisitions Tax Consolidation Act 2003 is the relevant legislation.   The Capital Acquisitions Tax rules state that where the person either making the inheritance or receiving the inheritance is tax resident in Ireland, at the time of the inheritance, then Capital Acquisitions Tax is due on the value of the assets. In other words, an inheritance will be brought within the charge to Irish tax in the following situations:

 

1. the disponer is Irish resident/ordinarily resident at the date of the disposition or
2. the beneficiary is Irish resident/ordinarily resident at the date of the gift or inheritance or
3. the asset, which is subject of the gift or inheritance, is situate in Ireland.

 

 

 

U.K. Tax

 

UK Inheritance Tax is payable directly from the Estate, not by the individual Beneficiaries.  In Ireland, the beneficiaries are personally liable to pay Capital Acquisitions Tax on their inheritance. Complications can often arise because the United Kingdom’s calculation of inheritance tax is based on the market value of the property at the date of death.  The Irish CAT, on the other hand, is computed on the market value at the “valuation date” which is often much later, as it would generally be the date of the grant of representation. This timing mismatch can lead to differences in both the asset valuations for tax purposes as well as the applicable currency conversion rates.

 

Currently, in the United Kingdom inheritance tax of 40%, is payable on the worldwide estates of UK domiciled or deemed domiciled individuals, that exceed the nil rate band threshold of £325,000. HMRC levies inheritance tax on UK-situs property and includes (a) property, (b) business, (c) cash, (d) investments, (e) pay-outs from life insurance policies, (f) jewellery, (g) antiques, etc.  Inheritance Tax also applies to certain lifetime transfers of assets.  Private Pensions, however, are not normally liable for inheritance tax as they are outside the estate.

 

If your estate includes your home or principal private residence then you may be entitled to an extra allowance (the RNRB) of £125,000.

 

 

 

U.S. Tax

 

In the USA, a federal estate tax of 40% is imposed on the net value of an individual’s taxable estate at the time of death, exclusive of any exemptions or credits. The tax is payable by the estate itself before the distribution of assets to the beneficiaries.  The USA taxes its citizens and long-term residents on their worldwide estates. Property situated in the USA is liable to Estate tax regardless of citizenship or residence status of the individual. Some states impose an additional estate or inheritance tax.  If applicable, an inheritance tax is calculated on the value of inherited assets received by a beneficiary after the death of the disponer.  It’s important to bear in mind that the federal tax payment deadline can precede the Irish Capital Acquisitions Tax deadline, depending on the valuation date of the inheritance which can cause problems.

 

The concept of “Domicile” is central to the treaty’s application. Broadly, an individual is considered to be domiciled in the US for estate tax purposes if they live in the United States with no present intention of leaving.  While there is no legal definition, the criteria for determining domicile for US estate tax purposes is different to the requirements for determining US income tax residence.  In other words, an individual may be considered U.S. resident for Income Tax purposes but not U.S. domiciled for Estate tax purposes. US domiciled individuals and U.S. citizens are taxed on the market value of their worldwide assets at the date of death. Non-US domiciled individuals, however, are liable to Federal Estate tax on the market value of their US “situs” assets.

 

 

 

Double Taxation

If the deceased individual owned property in one jurisdiction but leaves this property to a beneficiary who is resident in a different jurisdiction, then the possibility of double taxation arises.

 

Ireland has double taxation agreements with over seventy countries worldwide. With regard to Inheritance Tax, however, there are only two:

1. The Ireland/UK Double Taxation Treaty which covers both gift and inheritance tax.

 

2. The Ireland/US Double Taxation Agreement which only applies to Inheritance Tax. It covers Capital Acquisitions Tax but not U.S. State Taxes.

 

In claiming a tax credit under the DTA, the credit is granted to the person who is actually liable for UK tax.  In general, this would be the residuary legatee.  The tax credit is available only where the same event gives rise to tax in both jurisdictions.

 

In situations where no double taxation agreement is applicable, unilateral relief may apply. Unilateral Relief applies when the gift or inheritance consists of foreign property on which similar foreign taxes are imposed by the tax authorities in the corresponding jurisdiction. When computing the CAT liability and filing the Irish IT38 Tax Return, the tax credit equals the lower of (a) the Irish CAT arising on the foreign property and (b) the foreign tax charged by the other country.

 

When making a claim for Double Taxation Relief or a refund of the inheritance tax charged by the other jurisdiction, the personal representative should request a Letter of Residence from the Irish Revenue Commissioners.

 

 

For further information, please click: https://www.revenue.ie/en/tax-professionals/tdm/capital-acquisitions-tax/cat-part01-20181009072201.pdf

 

 

 

 

What we can do for you

 

We have a comprehensive understanding of our clients’ requirements.  This coupled with our extensive experience of Irish and International succession, trust and estate tax planning enable us to create tax efficient strategies for passing wealth to the next generation for our diverse client base.  For further information, please contact us at queries@accountsadvicecentre.ie

 

 

 

 

 

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.

 

 

 

Everyone is aware that significant changes were introduced in the 2016 Budget but have you thought what they might mean for you?  From 25th December 2016, the Dwelling House Exemption from CAT (Capital Acquisitions Tax) will apply (i) to inheritances and (ii) gifts to a dependent relative.   Subject to certain exceptions, the inherited property must have been the principal place of residence of the deceased person at the date of death.  This requirement, however, will be relaxed in situations where the deceased person was required to leave their home, prior to the date of death, as a result of ill health.

 

 

Situation prior to 25th December 2016

Prior to 25^th December 2016, Section 86 CATCA 2003 provided a means of passing on a property to the next generation, either by gift or inheritance, in a tax free manner.

 

The exemption from Capital Acquisitions Tax for a gift or inheritance of a dwelling house or part of a dwelling house applied if the following conditions were met:

1. the donee/successor/beneficiary who received the gift or inheritance must have continuously occupied the dwelling house as their sole or main residence throughout a period of three years immediately up to the date of the benefit or
2. in circumstances where the dwelling house replaced another property, the donee/successor/beneficiary must have occupied the property as their only or main residence for a period of three out of the four years immediately before the date of the benefit  and
3. the donee/successor/beneficiary must not at the date of the gift/inheritance have been beneficially entitled to any other dwelling house or interest in any other dwelling house and
4. in circumstances where the donee/successor was aged under fifty five years, he/she must have continued to occupy the dwelling house as their sole or main residence for six years beginning on the date of the gift or inheritance.

 

 

 

Capital Acquisitions Tax Situation from 25^th December 2016

1. The Dwelling House Relief is available for inheritances of a dwelling house or part of a dwelling house only.  It is no longer available for gifts or gifts which convert to inheritances in circumstances where the donor dies within two years of the date of the gift.
2. The donor must have occupied the dwelling house as their sole or main residence at the date of his/her death. Please be aware that this requirement will be relaxed in situations where the deceased person could not remain in the dwelling house due to mental or physical infirmity. In other words if that individual requires specialist care in, say, a nursing home and as a result, has to leave their home, then they will be deemed to continue to occupy the property during that period.
3. The beneficiary/successor must have occupied the dwelling house as their sole or main residence for a continuous period of three years preceding the date of the inheritance. In other words, the house must be occupied by both the person making the gift at the date of death and the beneficiary receiving the gift at the date of the inheritance. Please be aware that this requirement does not apply in the case of a gift of a dwelling house to a “Dependant Relative.”
4.  The beneficiary/successor must not have an interest in any other dwelling house or part of a dwelling house at the date of the inheritance and
5.  The beneficiary/successor must continue to occupy the dwelling house as his/her main or sole residence for six years from the date of the inheritance.   Please be aware that this requirement will be relaxed in situations where the beneficiary/successor cannot remain in the dwelling house due to mental or physical infirmity or because the terms of their employment requires them to live elsewhere.
6.  The Dwelling House Relief will however be available on a gift of a dwelling house which is made to a “Dependant Relative.”   This is defined as a direct relative of the person making the gift or their spouse/ civil partner, and who is permanently and totally incapacitated by reason of mental or physical infirmity or is over the age of sixty five years.

 

 

What does this mean?

The amendment to Section 86 CATCA 2003 (Exemption relating to certain dwellings) has removed a valuable tax planning opportunity and will lead to unforeseen Capital Acquisitions Tax liabilities for individuals who receive gifts.

 

To most it seems like an excessive way of addressing the problem of wealthy families using this exemption as a means of transferring property to the next generation tax free.   For many families in Ireland the “Dwelling House Relief” was used by parents to help their children get on to the property ladder.   Some, however, welcome this amendment stating that it will ensure that family members who genuinely want to live with and care for elderly parents will inherit the family home tax free providing the conditions are met.

 

It is also important to keep in mind that since the conditions for this Relief are based on mental or physical infirmity then medical proof will be required to avoid a claw-back of the relief.

 

 

 In summary

1. Section 86 CATCA 2003 Dwelling House Relief is only available for inheritances unless a gift of a dwelling house is taken by a Dependant Relative who is permanently or totally incapacitated or aged over sixty five years.
2. The age at which a beneficiary/successor can take a property without being liable to the claw-back provisions has been increased from fifty five years to sixty six years.
3. The house must be occupied by both the disponer and the beneficiary at the date of the inheritance except where the property was gifted to a dependent relative.
4. The property is the only residential property that the beneficiary/successor is beneficially entitled to.

 

For further information, please click:

http://www.revenue.ie/en/practitioner/ebrief/2017/no-042017.html

 

 

For all your Irish or cross-border gift or inheritance concerns under Inheritance Tax, Gift Tax, Estate Tax and Capital Acquisitions Tax,  please contact us on queries@accountsadvicecentre.ie.

 

 

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.

 

 

 

 

Effective estate and succession planning enables you to tax efficiently transfer your assets, during your lifetime or at death, to your beneficiaries.  Trusts can play an important role in estate planning.   When setting up a Trust, it is essential to take into consideration the following tax heads: (i) Income Tax, (ii) Capital Gains Tax, (iii) Capital Acquisitions Tax, (iii) Stamp Duty and (iv) Discretionary Trust Tax.

 

 

INCOME TAX

The tax residence of the trustees is what determines the extent of their liability to Irish income tax.

If all the trustees are Irish resident then they are liable to Irish income tax on the worldwide income of the trust from all sources.

If, however, the trustees are resident in say France or the U.S. for tax purposes, then the trustees will only be liable to Irish income tax on Irish source income.

The Trustees must pay income tax at the standard rate of 20% on any income arising but they will not be entitled to claim any of tax credits, allowances or reliefs as they are not deemed to be individuals.

If the income of the trust has not been distributed within eighteen months from the end of the year of assessment in which the income has arisen, there will be a 20% surcharge on this accumulated income.

In circumstances where a beneficiary has an absolute right or entitlement to the trust income as opposed to the Trustees then Revenue will assess the beneficiary directly.  In other words if the terms of the trust state that income is to be paid directly to a particular beneficiary as opposed to the trust then the beneficiary will be liable to Income Tax on the amounts received.  That individual must file the appropriate tax return and pay the relevant taxes within the deadline dates.

 

 

CAPITAL GAINS TAX

For the purposes of CGT, the trustees will to be Irish resident and ordinarily resident if the general administration of the trust is carried out in Ireland and if all or the majority of the trustees are resident or ordinarily resident in Ireland.

In general, if the trustees are resident or ordinarily resident in Ireland they will be liable to Irish capital gains tax on their worldwide gains.

If, however, the trustees are not resident or ordinarily resident in Ireland they will be liable to Irish capital gains tax in respect of any gains arising on disposal of specified assets including:

• Land and buildings in Ireland .
• Minerals in Ireland including related rights, and exploration or exploitation rights in a designated area of the continental shelf.
• Unquoted shares deriving their value, or the greater part of their value, from such assets as mentioned above.

 

Please keep in mind that, just as for Income Tax purposes, the trustees are not deemed to be individuals and are therefore not entitled to the annual CGT exemption of €1,270 which is only available to individuals.

 

Apart from selling/distributing the trust assets, the trustees will be deemed to have disposed of assets for CGT purposes in the following three situations:

1. Where the trustees cease to be Irish resident or ordinarily resident.
2. Where a life interest in the trust property has ended but the property continues to be settled property.
3. Where a beneficiary becomes absolutely entitled in possession to the settled property except in situations where it occurred as a result of the death of the individual with a life interest in that property.

 

Market Value rules are imposed on this event with the Trustees being deemed to have disposed of and immediately reacquired the property at open market value.  As with all CGT computations, the liability is calculated on the difference between its base cost and the deemed market value.

 

 

CAPITAL ACQUISITION TAX

Capital Acquisition Tax is only payable when the beneficiary actually receives a gift or inheritance.  Where a beneficiary receives the gift/inheritance under a deed of appointment from a trust then he/she/they will be taxed as if the benefit was received from the settlor/testator.

Capital Acquisition Tax at 33% is payable by the beneficiary and is charged on the value of the gift or inheritance to the extent that it exceeds the relevant tax-free threshold amount.

A charge to Irish Capital Acquisition Tax will arise in the following situations:

• If the beneficiary is Irish resident or ordinarily resident on the date he/she/they receives the benefit.
• If the settlor is Irish resident or ordinarily resident either (a) at the date of setting up the trust or (b) on the date the beneficiary receives the benefit.
• In circumstances where the settlor is Irish resident or ordinarily resident at the date of his/her/their death a liability to Irish CAT will arise on any benefit taken on the settlor’s death
• Where the property, which comprised the benefit, is situated in Ireland.

 

Points to keep in mind

• The creation of a discretionary trust or the transfer of funds to a discretionary trust will not give rise to a charge to capital acquisitions tax.
• Distributions from a trust, however, can potentially give rise to both an Income Tax and a Capital Acquisitions Tax liability. You’re probably asking yourself if a double charge to tax has arisen.  It has.  Regular or periodic distributions to a beneficiary will be subject to the individual’s marginal rate of Income Tax but can also, at the same time, be liable to CAT.  A Revenue concession exists where CAT is chargeable on the net benefit i.e. the benefit after Income Tax has been deducted.  Don’t forget, the small gift exemption of €3,000 per annum can also be deducted.

 

 

STAMP DUTY

Stamp Duty can arise on the transfer of assets into a trust at 1% in the event of shares, residential property valued at less than one million euros, etc. or 2% in the event of commercial property, business assets, etc.

 

There is no Stamp Duty on the transfer of assets into a trust that is created by a Will.

 

Where trust assets are appointed by the Trustees to the beneficiaries then no Stamp Duty charge will arise i.e. there is an exemption from Stamp Duty in this situation.

 

 

 

DISCRETIONARY TRUST TAX

 

Discretionary trust tax of 6% is a once off charge based on the value of assets comprised in a discretionary trust.

 

If the Trust is wound up and all the assets are appointed within a five year period then 50% of this initial charge will be refunded i.e. 3%

 

 

The initial charge is due and payable on the later of the following dates:

• The death of the settlor or
• Where the last of the “principal objects” (i.e. spouse, child or child of a predeceased child of the Disponer) has reached his/her 21st birthday.

 

A 1% annual charge on undistributed assets comprised in a discretionary trust will arise every year on 31st December.  This annual levy, however, will not arise within the same twelve month period as the initial charge of 6% has been levied.

 

 

 

For further information, please click:

https://www.revenue.ie/en/tax-professionals/tdm/capital-acquisitions-tax/cat-part05.pdf

 

https://www.revenue.ie/en/gains-gifts-and-inheritance/discretionary-trust-tax/initial-once-off-6-charge.aspx

 

https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-19/19-03-03.pdf

 

 

 

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.