High Court Warehousing Judgement

Background of the Callaghan Case The couple reside in a 3 bedroom semi-detached property with their 3 young children.  The couple had a mortgage with KBC for €285,647 for their family home which was valued at just €105,000. PIP’s Proposal The PIP proposed a reduced...

Offshore Tax on Assets & Income

The 2017 finance act includes strenuous provisions for getting your tax affairs in order in terms of offshore assets. Any offshore taxes should be tidied up well before the clampdown begins after 1 May 2017. Revenue have access to international data to begin the clamp...

Offshore tax on UK pensions

Pensioners receiving overseas income could face Revenue fines Thousands of pensioners in receipt of overseas retirement income could find themselves facing fines and even prosecution if their tax affairs are not in order by May. Almost 135,000 Irish residents were in...

Dwelling house exemption change for Capital Acquisitions Tax (CAT)

Dwelling house exemption change for Capital Acquisitions Tax (CAT) The changes to the dwelling house exemption from CAT which came into effect on or after 25 December 2016, mean the exemption will now only apply to inheritances and not gifts unless the house is gifted...

Offshore Account Disclosures

Offshore Account Disclosures Anti-Avoidance Section 54 Finance Act 2016 makes a number of changes to the tax code which will reduce the level of penalty mitigations for tax defaulters with off-shore irregularities giving rise to an Irish tax liability. The amendments...

Farm Succession Tax Planning

DVM & Co presented two tax planning clinic sessions at the Teasgasc Transferring the Farm Clinic at Athenry Raheen Woods Hotel on 14 Oct 2015. The Teagasc programme was attended by 350 people who received a programme of Seminars and Clinics on land transfer,...

PI Act Changes

Borrowers will now be able to apply for a court review when a creditor rejects a personal insolvency proposal. Minister for Justice Frances Fitzgerald signed an order on Thursday allowing a borrower to apply to the courts if a mortgage lender declines a personal...

Personal Insolvency Success 3

Our client was a widower with children and prior to his wife’s death the couple were separated.  After the couple’s separation, he purchased a new home for himself and a buy to let property. He then took out a third mortgage to purchase his original principle private...

Revenue Update

• Revenue has recently introduced a centralised LoCall Number (1890 216 216) for self-employed taxpayers and SME’s. • From 3 May 2016, refunds or repayments that are due to tax payers who are mandatory eFilers will be paid by Revenue electronically to their bank...

Revenue Update

The Revenue Commissioners introduced the Jobs and Pension Service with effect from 12 September, 2016.  This system replaces Form 12As which were completed by the employee and submitted to the Revenue Commissioners by the employer to manually apply for tax credits and...