After 15 years of preparation, consultation and revision, a comprehensive new Companies Act was enacted on 23 December 2014. With nearly 1,500 sections and 17 Schedules, this is the largest piece of legislation ever enacted by the Oireachtas. It is expected that the bulk of the legislation will become effective on 1 June 2015. This note sets out a summary of some of the key changes that may be of relevance to you if you are a shareholder, director or a person involved with an Irish company. You will need to take specific advice on how the legislation affects you and your business.
Focus on the Private Company
Up to now, our company law was based on the needs of large public limited companies, but the great bulk of Irish business is done by small private companies.
The new law focuses on the private limited company with shares and…
Eamon is a widower aged 75 and has decided to make his will. He has three children John, Jack and Maura. He is trying to decide who should inherit the farm on his death. He has been a farmer all of his life and has no intention of retiring.
John lives in Dublin and is an accountant and has no interest in farming. Jack lives nearby and has a successful business as the local dentist. Maura is a nurse living and working in London for the past 20 years.
Having done some research he understands that there are a…
Additional rules apply to gifts or inheritances of agricultural property taken on or after 1 January 2015 and that have a valuation date on or after 1 January 2015. There is now a focus on giving relief to active farmers.
If a person qualifies for agricultural relief then the person is only liable to tax on 10% of the market value of the agricultural property received in the benefit and obtains 90% of the market value tax free so many persons will wish to qualify for the relief.
We can have it all. We can live in a beautiful place and do whatever we wish workwise. Sitting in Sligo airport on a Saturday listening to local businesses outlining how they have come so far was a very positive and encouraging experience. Swell Summit was a one day conference run by #SwellSligo in a unique location beside the sea in the West of Ireland village of Strandhill bringing those in the web, creative and entrepreneur communities together to explore doing business in the area.
1. Customer service
A common theme from all the presenters was the importance of customer service. Do whatever you can for your customers. Adapt and create products and services to meet your customers’ requirements. Ask customers for feedback…
The next Capital Gains Tax (CGT) payment deadline is 31 January 2015.
This deadline relates to transactions that occurred in the month of December 2014.
If you sold, gifted or transferred an asset between 1st December and 31st December 2014 then the CGT is payable on 31 January 2015.
If you are tax resident or ordinarily resident in Ireland and domiciled in…