Consequences for Directors of leaving a company to be struck off

Due to the financial difficulties that many businesses are currently experiencing, many directors and shareholders of companies are tempted to simply abandon the company without arranging for the appointment of a liquidator to wind up the company. Members Voluntary Liquidation To place a company into a Members Voluntary Liquidation, the directors must follow a Summary […]

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Capital Acquisitions Tax and Disclaiming Gifts/Inheritances

Most people who have ever received a gift, inheritance or dealt with a Discretionary Trust will be aware of Capital Acquisitions Tax (hereinafter called CAT). The focus of this article is to illustrate the benefit of disclaimers in relation to CAT. CAT is set at a rate of 33% for gifts or inheritances and depending […]

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The Rise of Ransomware

Incidents of cybercrime have been steadily rising over the last number of years in Ireland. In recent months there have been reports of a particular type of software being used which encrypts a computer and demands payment for the encryption key. This type of software has appropriately been named “ransomware”. In 2015 a European wide […]

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The Restrictions on Loans from a Company to a Director or Connected Person

S. 239 of the Companies Act 2014 governs the prohibition on loans from Irish companies to directors and connected persons. This Section sets out that a company shall not;- Make a loan or a quasi-loan to a director of the company or its holding company or to a person connected with such a director; Enter […]

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The Consequences of Letting your Property when you have Emigrated

In the past number of years an increasing number of homeowners have left the country and many have opted to let their home whilst abroad. The homeowner may have appointed a Letting Agent to manage the property and thought that this would be sufficient to deal with all matters affecting the property, but this may […]

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Steps for Purchasing Property at Auction

Before the Auction Consult your solicitor. Your solicitor will contact the Seller’s Solicitor and they will examine the legal documentation relevant to the property that you are purchasing. This is a crucial stage in the purchasing process as it will allow your solicitor to uncover any potential issues with the title of the property and […]

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New Rules For Parents Gifting Property To Their Children

Since Christmas the rules governing the tax payable when parents gift property to their children have become more stringent. The Dwelling House Exemption” has had its application reduced significantly. Revenue has lauded the move estimating that it has lost up to 18.76 million euro in the years 2011-2015 resulting from the broad scope of the […]

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A New Approach to Construction Contracts

The Construction Contracts Act 2013 (The Act) applies to most types of construction contracts entered into after the 25th July 2016. Most notably the Act applies to Construction Contracts for works or advices relating to Construction, Alteration, Repair, Scaffolding and Painting. Some of the contracts that the Act does not apply occur where the contract […]

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The “Help to Buy Scheme” for First Time Buyers of New Houses

The Minister for Finance has announced a new tax relief incentive whereby first time buyers will be entitled to a 5% rebate on the purchase price of a new house up to the value of €400,000 on their income tax for the previous 4 years. Pro-rata rates will apply to houses where the purchase price […]

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The Restrictions on Litigation Funding in Ireland

The prohibition on certain parties funding litigation in Ireland is provided for through the doctrines of Maintenance and Champerty. Maintenance is the provision of financial support by a party who has no interest in a case, but who assists another party who has an interest in bringing the case. Champerty is the provision of financial […]

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Agricultural Relief for Capital Acquisitions Tax

Beneficiaries who inherit agricultural property or receive it by way of a gift may be able to claim Agricultural Relief to reduce their Capital Acquisitions Tax liability. Where it applies, beneficiaries benefit from a 90% reduction in the tax payable otherwise. Agricultural property is defined as Agricultural land, pasture & woodland located within the European Union, […]

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Stamp Duty Exemption for Young Trained Farmers

This exemption can apply in circumstances where agricultural land is gifted and where agricultural land is sold. The current rate of stamp duty for non-residential property is 2%. Where the exemption applies, no stamp duty is payable which can save young trained farmers significant sums of money. The conditions for qualifying for this exemption are […]

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Paternity Leave

A Bill for paid paternity leave will be introduced to the Dáil this week. It will provide for two weeks paid paternity leave from September. Fathers will be able to take two weeks of paternity leave and will receive two weeks of paternity benefit within the first six months after the birth of their baby. […]

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