Central Register Of Beneficial Ownership

The Central Register of Beneficial Ownership of Irish companies and Industrial and Provident Societies, collectively termed ‘relevant entities’ is now open effective of 29th July 2019 under SI 110 of 2019 and will be open for submissions from that date.

Relevant entities in existence prior to that date will have up until 22th November 2019 by which to file information relating to beneficial owners. Newly incorporated entities will have a period of five months post incorporation in which to file details relating to beneficial owners.

Any subsequent changes in beneficial ownerships must be notified to the Registrar within 14 days of occurring.

Non-compliance with the regulations will be a criminal offence.

A relevant entity may engage a presenter to lodge the information on its behalf.

INFORMATION TO BE DISCLOSED

Information to be disclosed on the Central Register will be as follows:-

  1. Name, date of birth, nationality and residential address of each beneficial owner of the entity
  • Statement of the nature and extent of the interest held or the nature and extent of the control exercised
  • Name and number of the relevant entity as is appears on the Register of Companies or Industrial and Provident Societies
  • PPS number of each beneficial owner, but sight of which will be restricted even to those with unrestricted access to the Central Register

ACCESS

Unrestricted access to the Central Register will be available to certain members of An Gardai, Financial Investigation Unit Ireland (FIU), Revenue Commissioners, Criminal Assets Bureau, Competent Authorities engaged in prevention, detection or investigation of possible money laundering or terrorist financing of terrorism or an inspector appointed under Section 764 of the Companies Act 2014.

Restricted access to the Central Register will be available to designated persons who form a business relationship with a relevant entity or is taking customer due diligence measures in relation to a relevant entity. Restricted access will also be available to a member of the public. Information available to those with restricted access will include the name, month and year of birth, the country of residence and nationality of the beneficial owner together with a statement of the nature and extent of the interest held of the nature and extend of control exercised by each beneficial owner.

Access to information in relation to beneficial owners who are ‘minors’ will be permitted at the discretion of the Registrar.

Information held will be destroyed 10 years after a company has been dissolved.

ENFORCEMENT

A number of offences are provided for within the Regulations. Non-compliance with the requirements can result in fines ranging from €5,000 on summary conviction up to €500,000 on indictment.

Should you require any further information in relation to this matter please do not hesitate to contact us for further details.

Posted on July 30, 2019 by Cooney Carey

Research and Development Credit Rules

There have been many enhancements to Ireland’s taxation offering over the last number of years but it is important for companies to remember the age-old reliable reliefs that are still available.  Here we give a short overview of the research and development credit rules as they currently stand.

Gone are the days of having to compute a company’s R&D credit by reference to a base year.  Qualifying research and development expenditure qualifies for a 25% tax credit.  This is in addition to the corporation tax deduction of 12.5% that the expenditure also attracts.

The credit, once calculated, can shelter any corporation tax arising in the year in which the expenditure is incurred.  Any unutilised credit also be claimed against the prior year corporation tax liability. 

If the company still has any remaining credits which have not been used, a portion of these can be refunded to the company by way of a cash refund.  The level of cash refund available is dependent on the company’s prior year corporation tax liabilities and Paye liabilities.

Companies should note that R&D work which is contracted out to a university or to an unconnected subcontractor can also qualify for the relief subject to certain restrictions.  Likewise capital expenditure incurred on a building or structure used for qualifying R&D activities may qualify for relief where the activities are carried on in the building for a period of over 4 years and the R&D activity represents at least 35% of all activities carried on in the building.

It is important to note that claims for R&D must be made within 12 months from the end of the year in which the expenditure is incurred.  Any expenditure financed by way of a grant received by the company should not be included as part of the claim.

Companies should continue to review the nature of their operations to see if R&D activity is being carried on.  This should be completed on an annual basis as the time limits to submit claims are quite tight.

What Questions Do You Have?

We are happy to help. Please post your comment below or contact our tax department on 01 677 9000 who would be delighted to assist you. Alternatively, send us an email: info@cooneycarey.ie

To keep in touch, connect with us on LinkedIn.

If this article helped you, please share it with other businesses.

Posted on June 6, 2019 by Cooney Carey

Help to Buy Scheme – Time is Running Out

As first-time buyers struggle to get on the property ladder all potential first-time buyers should note that the Help to Buy Scheme introduced in 2016 is due to expire on the 31st of December 2019.

The scheme was set up to help first time buyers receive a rebate of income tax which could be used as part of a deposit on the purchase of a new home.

In order to qualify for the scheme, the individual must be a first time buyer and is required to either enter into a contract with a qualifying contractor to acquire a qualifying residence or draw down the first tranche of a loan used to fund the building of a qualifying residence by the 31st of December 2019.

A qualifying residence is a new residence which will be occupied as the purchaser’s sole or main residence.  The price of the residence cannot exceed €500,000.  The purchaser must also take out a mortgage of at least 70% of the purchase price of the property.

Where the conditions are satisfied the purchaser will be entitled to a rebate of income tax equal to the lower of:

  • 5% of the purchase price
  • €20,000
  • The total income tax, including DIRT, paid by the purchaser in the 4 years immediately preceding the year of application.

If the purchaser receives approval in respect of the scheme the tax rebate will be paid to the builder. 

Beware though.  Revenue are entitled to clawback the rebate where the property is not the purchaser’s main residence for a period of 5 years. 

What Questions Do You Have?

We are happy to help. Please post your comment below or call our friendly team on 01 677 9000. Alternatively, send us an email: info@cooneycarey.ie

To keep in touch, connect with us on LinkedIn.

If this article helped you, please share it with other businesses.

Image by Jan Vašek from Pixabay

Posted on May 30, 2019 by Cooney Carey

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