Review of Section 481 Film Relief. Department of Finance Consultation Paper

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Review of Section 481 Film Relief. Department of Finance Consultation Paper"

Transcription

1 Review of Section 481 Film Relief Department of Finance Consultation Paper May 2012 Tax Policy Unit Department of Finance Government Buildings, Upper Merrion Street, Dublin 2 Ireland Tel: Fax: Website:

2 Table of Contents 1. Introduction Background and Context Preliminary Economic Analysis Next Steps Department of Finance ii

3 1. Introduction 1.1 The purpose of this paper is to initiate a consultation with interested parties as part of an economic impact assessment of the operation, status and future of the Section 481 tax relief otherwise known as film relief. 1.2 The impact assessment will enable the Department to better understand the benefits that may accrue to the exchequer in terms of additional tax yield as well as consequences for investors, the audiovisual industry, and the wider economy arising from possible changes to the film relief. 1.3 Finance Act 2011 provided for an extension of the scheme to the end of It is now deemed appropriate to review the scheme in the context of making timely decisions regarding the future of the scheme after The Department s preliminary analysis has benefited from data provided by the Revenue Commissioners on claims for film relief approval for the years The results of the Department s preliminary analysis of the data are presented in this paper. Based on these results a number of emerging issues and consultation questions arise. 1.5 The Department is keen to minimise the long term exposure of the exchequer to the costs associated with Section 481 relief whilst at the same time maximising the effectiveness of its expenditure, through tax or otherwise, in this sector. 1.6 The terms of reference for this Review, which will involve the evaluation of the tax expenditure scheme in broad socio-economic and fiscal terms, and the determination of the extent to which the scheme justifies its continuation, are summarised in the Box below. Examination of the costs and benefits of the existing scheme, taking into account displacement/deadweight impacts, and the interplay between this and other tax reliefs The identification of value for money of the scheme to the economy overall Examination of the international competitiveness context within which the sector operates Recommendations, where and if necessary, for changes that could be made to enhance / maximise the value for money to the tax payer and sustainable job creation and taking digital production and technological advances into account Box 1: Terms of Reference 1.7 The Department welcomes a full engagement with interested parties. Parties are invited to respond to this consultation paper with regard to the following questions. The consultation questions emerge from the preliminary analysis presented in this paper. Department of Finance 1

4 1. Is the exchequer s support to the film and TV sector in Ireland through Section 481 relief an efficient use of scarce resources and if so why? 2. Is the current scheme maximising the potential economic benefits to Ireland in terms of stimulating activity in the film and TV sector? If not, why not? 3. What are the economic arguments for restricting or terminating the scheme? 4. What possible changes to the existing scheme, if any, should be considered and why? 5. Do interested parties agree that there is merit in extending Section 481 Film Relief Tax incentive scheme beyond 2015? If yes, why? If no, why not? 6. How does the scheme interact with other enterprise tax incentives such as the BES/EII? Box 2: Consultation Questions 1.8 The period of public consultation will run from 25 May to 31 July Submissions can be made by to: 1.9 Submissions can also be made by post to: Film Tax Relief Consultation, Department of Finance, Government Buildings, Upper Merrion Street, Dublin 2. Department of Finance 2

5 2. Background and Context 2.1 Section 481 of the Taxes Consolidation Act, 1997 otherwise known as film relief is one of the longest running sector specific tax reliefs and has been in place under various formats since The scheme is intended to contribute to the development and sustainability of the Irish film/screen industry which supports a significant number of jobs in the domestic economy, a strategic cultural industry and the tourism sector in Ireland. 2.2 The estimated amount of tax foregone by the Exchequer in respect of film relief for the years 2010 and 2011 is 66 million and 49 million respectively. According to the Revenue Commissioners, in 2011 a total of 57 projects were approved for Section 481 funding with an eligible Irish spend of 114m. These 57 projects supported employment for crew, cast and extras of over 15,000 individuals. 2.3 The film industry exists in a competitive international environment. Ireland competes with other countries and locations for productions. Many countries in Europe and internationally support their film industry. How Section 481 Operates 2.4 Tax relief is provided for an investment made in a qualifying company. In order to comply with the requirements of Section 481 TCA a qualifying company must be set up for the purposes only of the production of one qualifying film. 2.5 Tax relief is allowed at an individual s or company s marginal income tax rate. Tax relief on amounts invested is not allowed until principal photography of the film project has commenced. If an application is made after principle photography has commenced, then the application is void. 2.6 The production company must be an Irish incorporated and resident company, or a company incorporated in or resident outside the State but which is carrying on a trade in the State through a branch or agency. The production company must also be established for the production and distribution of only one qualifying film. 2.7 The maximum amount that a company can raise under Section 481 is limited to 80% of the total budget. Amendments in the Finance Acts in 2008 introduced a number of changes in the way the scheme operates: The overall ceiling on qualifying expenditure was increased from 35 million to 50 million; The cap on investments by individual investors wishing to finance investment in film in Ireland was increased to 50,000 per annum from the previous limit of 31,750; and, The relief on investments by investors was increased to 100% of total investment from a cap of 80%. 2.8 Finance Act 2011 provided for a further extension of the scheme to the end of This was on top of the extension granted in 2008 to the end of A number of amendments were introduced in Finance Act 2012 to encourage enhanced compliance by qualifying companies with the reporting requirements of the scheme to the Revenue Commissioners. The measures allow Revenue to pursue the directors and/or secretary for a monetary penalty. Department of Finance 3

6 The Indecon Review 2.10 Section 481 relief was most recently reviewed in 2007 by Indecon economic consultants. Indecon conducted a full cost benefit analysis applying a framework set out in the Department of Finance s Guidelines. 1 Indecon s analysis indicated that while total tax and other benefits exceeded the costs of the scheme, when account was taken of even relatively low levels of opportunity costs, the benefits of the scheme to the Irish economy were found to be low and declining Indecon noted at the time that for every 100 raised under Section 481, the exchequer cost was 34 but that only 19 accrued as a subsidy to the producers with the balance being returned to investors or accounted for in administration costs. Investors received back on average 76% of their investment and thus their return was entirely due to the tax benefit of their investment (at the investor s marginal rate) Given the changes in the labour market in Ireland post-2008 and the changes made to the scheme in recent Finance Acts it seems timely to re-examine the costs and benefits to the economy of the Section 481 relief Indecon also made a number of specific proposals to support the future development of the Irish audiovisual sector: 1. The Section 481 scheme should remain for the next 3-5 year period but should be subject to review in advance of the expiry date 2. No change should be made to incentives for television production 3. Enhancements should be made to the incentives for film production 4. An enhanced grant scheme should be provided by the Irish film board as an optional incentive conditional on such projects not also obtaining Section 481 relief 5. The Irish film board should prepare a 10 year strategic plan to address the sustainability of the industry and its vulnerability to tax incentives in other countries and to enhance its net economic contribution Box 3: Indecon recommendations Source: Review of Section 481 Film Relief, Indecon International Consultants The Commission on Taxation 2.14 The Commission on Taxation (2009) recommended that film relief should be continued but should be subject to regular review in accordance with the principles set out in their report The Commission noted that the structure of the relief and the manner in which it may be used raised a question of equity with those lower down the income scale less likely to have the initial capital to leverage a loan in order to avail of the relief. 1 Department of Finance Guidelines on the Appraisal and Management of Capital Expenditure Proposals in the Public Sector, Department of Finance, February The Commission on Taxation report is available on the Department of Finance s tax policy website: Department of Finance 4

7 2.16 The Commission recognised the competitive international environment which exists in the film industry and also the role the sector plays in supporting a significant number of jobs in the economy It concluded that the relief should be continued but subject to regular review in accordance with the following principles: Where a tax expenditure is proposed or an existing expenditure extended, the following questions should be asked: 1. Does the tax expenditure correct a market failure, attract mobile investment, or offset shortcomings in other areas of public policy? 2. If so, does the proposal adhere to the principles of efficiency, stability and simplicity; and, 3. If so, can the departure from the equity principle, which the tax expenditure invariably necessitates, be justified? A tax expenditure should only be introduced or extended if it answers affirmatively to each of these questions Box 4: Commission on Taxation principles for introducing or extending tax expenditures Source: Commission on Taxation Report 2009 Audiovisual Federation Review The IBEC Audiovisual Federation, a business sector within IBEC, produces an annual review of film and television production in Ireland. Its most recent report in 2011 relates to feature films, independent TV production (including major TV dramas) and animation projects where the majority of the work was carried out in The 2011 report estimated the benefits to the exchequer in 2010 from tax receipts as well as the Section 481 costs. The gross tax gain to the State was estimated at 70.3m taking account of PAYE, PRSI, Schedule D and Corporation tax receipts as well as indirect benefits from other forms of tax including VAT and excise. It estimated the cost at 61.7m with an overall net gain to the exchequer of 8.6m. It is not clear if the analysis takes account of deadweight, displacement or opportunity costs The report also estimated an increase in employment in terms of placements from 14,198 in 2009 to 15,111 in 2010 which in terms of full time equivalents represented an increase from 1,368 in 2009 to 1,695 in Creative Capital Report 2.21 Following the presentation of a report by PWC to the Department of Arts, Heritage and the Gaeltacht, an audiovisual strategic review steering group was established to examine and recommend new enterprise policies to maintain and develop the industry s growth. Its report, titled Creative Capital, identifies the Irish audiovisual sector as a pillar of Ireland s creative industries and a major opportunity to deliver growth and jobs to the Irish economy over the next five years The report acknowledged that the recent extension of Section 481 will be an important cornerstone for further growth. However it added that long term growth 3 The Report is available at the following address: Department of Finance 5

8 of inward investment for international production is likely to require a longer term horizon and thus recommended the extension of Section 481 relief to It also made two further recommendations that relate to other tax expenditures, namely the extension of the R&D tax credit to include content development and the extension of the employment and investment incentive ( EII, formerly the Business Expansion Scheme) to include audiovisual content production companies. 1. Extend Section 481 to Extend Research and Development Tax Credit to include content development 3. Extend Employment and Investment Incentive Scheme to include audiovisual content production companies. Box 5: Creative Capital Report: tax recommendations Source: Creative Capital, Building Ireland s Audiovisual Economy Department of Finance 6

9 3. Preliminary Economic Analysis 3.1 This section presents an analysis of claims and income data provided by Revenue pertaining to Section 481 film relief. The data has also been supplemented with that from IBEC s Audiovisual Federation Review Since 2005 the cost to the State of the Section 481 relief has grown from just under 15m to almost 50m in Following a reduction in cost in 2007 the total cost peaked at 66m in When the number of projects undertaken is compared with the cost of the scheme it can be seen that there is a correlation between the scheme s costs and the level of activity in the sector. In 2005 just 19 projects availed of Section 481 relief compared with 57 in 2010 and Tax cost (,m) LHS Total Projects Figure 1: Total tax cost and number of Section 481 projects, Source: Revenue data, Department of Finance calculations Notes: Tax Cost assumes marginal rate of 41% 3.4 Over the period film productions have accounted for the greatest share of projects with a share between 40-50% recorded throughout the period with the 2011 share at the lower bound of this range. The share of nondocumentary domestic TV production has declined from 42% to 25% with a relatively consistent amount of non-documentary foreign TV production benefiting from the relief with just over 20% of all productions in 2011 accounted for by this category. Documentary productions have increased in share of Section 481 relief from a very small base to just over 15% of productions in Department of Finance 7

10 Documentary Foreign TV Domestic TV Films 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Figure 2: Number and percentage of productions by type of production Source: Revenue data, Department of Finance calculations 3.5 It is informative to examine the trend in expenditure over the period by TV and film productions. The data in Figure 3 below which is taken from IBEC s Audiovisual Federation Review 2011 indicates modest or declining growth in Irish expenditure during with a near 50m increase in Irish expenditure in Overall the balance of expenditure by productions is incurred outside of Ireland. Data provided by Revenue indicates that close to 160m of expenditure in 2010 was eligible for Section 481 relief Total Irish Expenditure Total Expenditure Figure 3: Expenditure on film and TV production on Section 481 projects Source: IBEC Audiovisual Federation Review Proponents of the relief have argued that it is essential for employment in the sector and that the sector plays an important role in employment in the economy. Data from the 2011 IBEC report presented below in Figure 4 indicates the direct employment impact of the sector. It is useful to look at the total number of employees as well as the level of full time equivalents. 3.7 It can be seen that employment levels declined dramatically in 2007 with a 16% reduction recorded in total employment. This recovered by 2009 and a significant increase was recorded in 2010 with year on year growth of over 50%. Department of Finance 8

11 3.8 In terms of Irish employment, a reduction was recorded in total Irish employees in 2007 but this fall off had recovered by However on a full time equivalent basis the level in 2010 was still below the 2007 level. It may be regarded as disappointing that the levels have not fully recovered given the growth in expenditure and tax cost during the period. 3.9 The increase in employment recorded in 2010 was largely accounted for by non- Irish employees. Employment Total Employed Irish Employed Non-Irish Irish Full Time Employed Equivalent Jobs ,476 15,143 2,333 1, ,711 12,727 1,984 1, ,147 12,660 2,487 1, ,013 14,198 2,815 1, ,537 15,111 11,426 1,695 Figure 4: Employment in TV and film production Source: IBEC Audiovisual Federation Review 2011 Cost Benefit Analysis 3.10 In terms of assessing the economic impact of a scheme from the State s perspective, the usual approach is to conduct a cost-benefit analysis. In its report in 2007 Indecon identified three main costs from the scheme at that time, the foregone tax revenues, the cost of the Irish film board financing of Section 481 and the administrative costs of the scheme. Against this a number of benefits were identified, namely incremental tax revenues, social welfare savings and wider benefits such as tourism and the development of human capital and Irish culture The tax benefits to the State include income tax on Section 481 employee earnings, the net VAT on purchases in relation to Section 481 production expenditures, the corporation tax receipts from Section 481 company profits, the capital duties that are levied on Section 481 production company share issues, and the additional tax revenues arising from the multiplier impact on the Irish economy of Section 481 production company Irish expenditure. Against this it is also important to take account of opportunity costs of labour, displacement effects and deadweight costs. Opportunity Cost 3.12 The opportunity cost of labour adjusts gross estimates of employment related taxes to reflect the possibility that if the Section 481 productions had not taken place, many of their employees would have found employment elsewhere in the economy. Deadweight 3.13 The level of activity that would have occurred in the absence of a support or incentive is an economic deadweight to society. This reflects the taxation distortion on economic activity that took place to fund activity that would have taken place in any event. In assessing the net overall impact of Section 481 in terms of stimulating production activity in the sector, an important issue therefore concerns the likely pattern of outcomes within the sector in the absence of the incentive. Department of Finance 9

12 3.14 As an input to ascertaining the potential extent of economic deadweight, in its 2007 review Indecon sought the views of Irish film/tv producers on this issue. The findings from the Indecon survey suggested that the level of production activity in Ireland would have been substantially lower than the actual outcome in the absence of Section 481. Accounting for the level of international competitions from competitor countries Indecon assumed a low level of deadweight of 10% for the period Parties are invited to comment on how the Department might assess the level of deadweight of the Section 481 scheme today. Displacement 3.16 Displacement refers to a situation where an intervention by the State displaces other economic activity. For example, incentives to one project could result in business being displaced from an existing operator. The net benefit arising from a project should be adjusted for the estimated level of displaced activity. Economics of Investing 3.17 From discussions with Revenue it appears that on average investors receive back 72% of their investment from the producers. This is a lower amount than that identified by Indecon in its 2007 review. However, all of the investor s investment can now be used as a tax relief at the investor s marginal rate compared with 80% at the time of the Indecon review. The balance of the investor s remuneration is accounted for through the tax relief. A simplified and stylised example of the financing structure is set out in the diagram below. Commissioning Body (Pay 72) 72 Content Production Company (SPV) Defeasance Account (pays 72) Exchequer Investors 72 (Tax loss of 41) (Pay 100) Figure 5: Stylised financing structure Source: Department of Finance 3.18 In the stylised example above investors provide 100 in financing to the production company. Once approval has been received from Revenue the commissioning body, for example a TV network, deposits 72 in an account for remuneration of the investors. The 72 is ultimately returned to the investors who also received a tax incentive of 41 from the Exchequer. This results in a total return to investors of 113 or a return of 13% (less administration costs and other expenses). Department of Finance 10

13 3.19 Investors are typically remunerated over a 12 month period. Thus the return to an investor is 13% in one year thereby overcoming inflation risk. Investors may have ongoing financing costs, which will reduce the net return The return to the investor is not dependent on the commercial success of the production. However if no production takes place an investor would suffer total loss of capital. However there has only been one instance of a failed production, thus indicating the very low risk of such investments. It appears that relative to other low risk investments such as sovereign bonds or deposit accounts, investors receive a relatively high return Potential 'crowding out' effects that the seemingly low risk and high return of the film relief could cause for other tax incentives - e.g. BES / EII - and for other State investments generally may need to be considered It is worth noting that in the financing model described above the funding gap to the production company is the difference between what is raised from investors and what the commissioning company pays for the production, namely 28 for every 100 invested. However in order for the company to make up the funding gap the State contributes 41 through a tax relief to investors. Thus the 13 earned by investors exceeds what is necessary to finance the production Alternative forms of intervention by the State, either through a lower tax relief, or the use of a credit based system may achieve the same outcome for the production company but at a lower cost to the State. Parties are invited to consider alternative funding structures that might result in a lower cost to the exchequer. Department of Finance 11

14 4. Next Steps 4.1 The Department of Finance would like to hear the views of interested parties in relation to the issues discussed in this consultation paper. Respondents are asked to support any views and comments expressed in submissions with relevant evidence. Parties may be asked to supply calculations and other material to support their submissions. This may include spreadsheet models. 4.2 The full set of consultation questions is summarised below. 1. Is the exchequer s supports to the film and TV sector in Ireland through Section 481 relief an efficient use of scarce resources and if so why? 2. Is the current Scheme maximising the potential economic benefits to Ireland in terms of stimulating activity in the film and TV sector? If not, why not? 3. What are the economic arguments for restricting or terminating the scheme? 4. What possible changes to the existing scheme, if any, should be considered and why? 5. Do interested parties agree that there is merit in extending Section 481 Film Relief Tax incentive scheme beyond 2015? If yes, why? If no, why not? 6. How does the scheme interact with other enterprise tax incentives such as the BES/EII? Box 6: Consultation Questions 4.3 Responses to this consultation paper should be titled Response to Review of Section 481 Film Relief and should be received no later than 31 July 2012 and should be sent by to Submissions can also be made by post to: Film Tax Relief Consultation, Department of Finance, Government Buildings, Upper Merrion Street, Dublin Respondents should be aware that the Department is subject to the provisions of Freedom of Information legislation. 4.5 The Department may include the information contained in submissions in forthcoming reports and elsewhere as required. Any party submitting information to the Department shall have sole responsibility for the contents of such information. If submissions contain confidential material, it should be clearly marked as confidential, and a version of the submission should be provided which can be used for publication. Department of Finance 12

Irish Tax Institute. Jobs Initiative Submission

Irish Tax Institute. Jobs Initiative Submission Irish Tax Institute Jobs Initiative Submission April 2011 Irish Tax Institute Jobs Initiative Submission Table of Contents Part A Tax Initiatives in the Programme for Government Thoughts and Proposals

More information

BCP GLOBAL PORTFOLIO SOLUTIONS (GPS)

BCP GLOBAL PORTFOLIO SOLUTIONS (GPS) GROW YOUR FUNDS - PROTECT CAPITAL BCP GLOBAL PORTFOLIO SOLUTIONS (GPS) n n n Access Portfolios of Best in Class Global Funds & Indices With the additional benefit of Capital Security at maturity Ease of

More information

Sec 481 FILM RELIEF REVIEW REVIEW OF INTERNATIONAL AUDIOVISUAL STATE SUPPORTS

Sec 481 FILM RELIEF REVIEW REVIEW OF INTERNATIONAL AUDIOVISUAL STATE SUPPORTS Sec 481 FILM RELIEF REVIEW REVIEW OF INTERNATIONAL AUDIOVISUAL STATE SUPPORTS FINAL REPORT 18 TH OCTOBER 2012 Contents 1 Context for Review of Film Tax Relief... 5 2 Terms of Reference:... 6 3 Approach

More information

Retirement incomes. Aisur. Submission to the Tax White Paper Task Force. July 2015

Retirement incomes. Aisur. Submission to the Tax White Paper Task Force. July 2015 Retirement incomes Submission to the Tax White Paper Task Force July 2015 Executive summary 2015 1 Background The Australian retirement income system comprises three pillars: a publicly funded means tested

More information

Rate Regulation Mechanisms for Cable and MMDS Television Operators

Rate Regulation Mechanisms for Cable and MMDS Television Operators Rate Regulation Mechanisms for Cable and MMDS Television Operators Report on consultation process Document No. ODTR 00/56 August 2000 Oifig an Stiúrthóra Rialála Teileachumarsáide Office of the Director

More information

Knowledge Development Box. Feedback Statement July 2015

Knowledge Development Box. Feedback Statement July 2015 Knowledge Development Box Feedback Statement July 2015 Knowledge Development Box Feedback Statement Department of Finance 30 July 2015 Department of Finance Government Buildings, Upper Merrion Street,

More information

Review of R&D Tax Credit. Invitation for Submissions

Review of R&D Tax Credit. Invitation for Submissions Review of R&D Credit invitation for submissions Review of R&D Credit Invitation for Submissions February 2013 Economic and Fiscal Divisions Department of Finance Government Buildings, Upper Merrion Street,

More information

CBI Scotland welcomes the opportunity to respond to the Scottish Government s paper Corporation Tax: Discussion Paper Options for Reform.

CBI Scotland welcomes the opportunity to respond to the Scottish Government s paper Corporation Tax: Discussion Paper Options for Reform. SUBMISSION FROM CBI SCOTLAND CBI Scotland welcomes the opportunity to respond to the Scottish Government s paper Corporation Tax: Discussion Paper Options for Reform. We note that the questions contained

More information

Contracting in Ireland

Contracting in Ireland This guide answers all your questions in relation to contracting in Ireland and overseas. Imelda Prendergast, Partner, OSK Contracting T: 01 439 4206. E: prendergasti@osk.ie Contents 1. Advantages & Disadvantages

More information

Startup Refunds for Entrepreneurs IT15. Revised March 2015 RPC005957_EN_WB_L_2

Startup Refunds for Entrepreneurs IT15. Revised March 2015 RPC005957_EN_WB_L_2 IT15 Startup Refunds for Entrepreneurs Revised March 2015 RPC005957_EN_WB_L_2 Contents Introduction and Summary of Scheme 3 General Conditions 3 The Investor (you) 4 The Company 5 Qualifying Trading Activity

More information

CANACCORD GENUITY INVESTMENT FUNDS PLC. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 CGWM SELECT INCOME FUND

CANACCORD GENUITY INVESTMENT FUNDS PLC. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 CGWM SELECT INCOME FUND CANACCORD GENUITY INVESTMENT FUNDS PLC Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 CGWM SELECT INCOME FUND This Supplement contains specific information in relation to CGWM

More information

34.00.10 Special Assignee Relief Programme (SARP)

34.00.10 Special Assignee Relief Programme (SARP) 34.00.10 Special Assignee Relief Programme (SARP) Section 825C Taxes Consolidation Act 1997 Updated January 2015 1. Introduction Section 14 of Finance Act 2012 inserted a new section, Section 825C (Special

More information

MALTA: A JURISDICTION OF CHOICE

MALTA: A JURISDICTION OF CHOICE MALTA: A JURISDICTION OF CHOICE LONDON - September 2012 Doing business from Malta can make a huge difference for your business UHY BUSINESS ADVISORY SERVICES LIMITED Updated September, 2012 An attractive

More information

The Wheel. useful information for setting up a voluntary organisation

The Wheel. useful information for setting up a voluntary organisation The Wheel useful information for setting up a voluntary organisation Introduction When an organisation is starting up it is important for the members to consider the following points carefully: Whether

More information

THE SOCIETY OF ACTUARIES IN IRELAND. Position Paper on the Taxation of Private Pension Provision

THE SOCIETY OF ACTUARIES IN IRELAND. Position Paper on the Taxation of Private Pension Provision THE SOCIETY OF ACTUARIES IN IRELAND Position Paper on the Taxation of Private Pension Provision November 2011 Position Paper on the Taxation of Private Pension Provision 1 Purpose The primary purpose of

More information

GUIDANCE NOTE 1.5.2 Cost Control: Price Variation Clauses

GUIDANCE NOTE 1.5.2 Cost Control: Price Variation Clauses GUIDANCE NOTE 1.5.2 Cost Control: Price Variation Clauses Office of Government Procurement Cost Control: Price Variation Clauses Document Reference GN 1.5.2 v1.0 22 January 2016 2016 Department of Public

More information

Economic impacts of expanding the National Insurance Contributions holiday scheme Federation of Small Businesses policy paper

Economic impacts of expanding the National Insurance Contributions holiday scheme Federation of Small Businesses policy paper Economic impacts of expanding the National Insurance Contributions holiday scheme Federation of Small Businesses policy paper Overview This research paper sets out estimates for the economic and employment

More information

The Employment and Investment Incentive (EII) - Relief for Investment in Corporate Trades

The Employment and Investment Incentive (EII) - Relief for Investment in Corporate Trades IT 55 (valid with effect from 25th November 2011) The Employment and Investment Incentive (EII) - Relief for Investment in Corporate Trades Status of this Document This document is not a legal interpretation

More information

National Small Business Network

National Small Business Network National Small Business Network WRITTEN STATEMENT FOR THE RECORD US SENATE COMMITTEE ON FINANCE U.S. HOUSE OF REPRESENTATIVES COMMITTEE ON WAYS AND MEANS JOINT HEARING ON TAX REFORM AND THE TAX TREATMENT

More information

Tax Planning in an Economic Downturn

Tax Planning in an Economic Downturn 38 Moneen, Castlebar, Co. Mayo Tel: 094 9044786 Fax: 094 9044772 E-mail: info@donnellytax.com Website: www.donnellytax.com Tax Relief for Losses Tax Planning in an Economic Downturn In the current economic

More information

Guide for Applicants. Funding Scheme for the Archiving of Programme Material

Guide for Applicants. Funding Scheme for the Archiving of Programme Material Funding Scheme for the Archiving of Programme Material Guide for Applicants Round 2: Archiving of programme material which preserves a historic record of Irish culture, heritage and experience and in particular,

More information

SUPPLEMENTARY GREEN BOOK GUIDANCE

SUPPLEMENTARY GREEN BOOK GUIDANCE SUPPLEMENTARY GREEN BOOK GUIDANCE ADJUSTING FOR TAXATION IN PFI vs PSC COMPARISONS 1 INTRODUCTION 1.1 This guidance looks at the differential tax receipts that arise from the use of the Private Finance

More information

ESB Input to consultation by the Northern Ireland Authority for Utility Regulation (NIAUR) on the NI Energy Efficiency Levy

ESB Input to consultation by the Northern Ireland Authority for Utility Regulation (NIAUR) on the NI Energy Efficiency Levy Alison Farr Social and Environmental Branch Utility Regulator Queens House Queen Street Belfast BT1 6ER 24 November 2008 ESB Input to consultation by the Northern Ireland Authority for Utility Regulation

More information

how to finance the business

how to finance the business A DV I C E B O O K L E T how to finance the business HOW TO FINANCE THE BUSINESS Getting enough of the right funding is one of the more difficult tasks that you will face as a new entrepreneur. Typically,

More information

Fantasy Budget Competition

Fantasy Budget Competition Page 1 Fantasy Budget Competition Due date: 4 th November 2013 Dean Bracken Sean Feely Conor Lunney David McNamara Page 2 Introduction The budget for 2014 announced on the 15 th of October 2013 promotes

More information

Alderney The most competitive tax environment for egambling Operators - Page 1 of 7

Alderney The most competitive tax environment for egambling Operators - Page 1 of 7 ALDERNEY THE MOST COMPETITIVE TAX ENVIRONMENT FOR EGAMBLING OPERATORS The global egambling and taxation environment is evolving into one of an increasing number of regulated markets, seeking to impose

More information

In 2012, GNP in constant prices increased by 1.8% compared with 2011.

In 2012, GNP in constant prices increased by 1.8% compared with 2011. 8 Economy In 2012, GNP in constant prices increased by 1.8% compared with 2011. The building and construction sector fell by 7.7% in value added terms in 2012 compared to 2011. Manufacturing industry decreased

More information

A bank levy banding approach: consultation

A bank levy banding approach: consultation A bank levy banding approach: consultation March 2014 A bank levy banding approach: consultation March 2014 Crown copyright 2014 You may re-use this information (excluding logos) free of charge in any

More information

1. Introduction. For further information contact; Donnchadh Cullinan Manager, Banking Relationships & Growth Capital Department +353 1 727 2162

1. Introduction. For further information contact; Donnchadh Cullinan Manager, Banking Relationships & Growth Capital Department +353 1 727 2162 Enterprise Ireland is the Government agency responsible for the development and growth of Irish enterprises in world markets. We work in partnership with Irish enterprises to help them start, grow, innovate

More information

Sample Plan. Financial Plan

Sample Plan. Financial Plan Financial Plan ... Financial Plan For Peter & Helen Conroy....... a. a August 15, 2012 This Financial Plan together with your Plan of Action constitute your Statement of Suitability. Important Notice -

More information

Revenue s Data Strategy

Revenue s Data Strategy Revenue s Data Strategy April 2010 1. Introduction. Data /Statistics Strategy for Revenue Commissioners 1.1 This Data/Statistics Strategy ( Data Strategy ) has been developed in accordance with a Government

More information

POLICY ON CABLE RE-TRANSMISSION AND THE CABLE COPYRIGHT EXEMPTION

POLICY ON CABLE RE-TRANSMISSION AND THE CABLE COPYRIGHT EXEMPTION POLICY ON CABLE RE-TRANSMISSION AND THE CABLE COPYRIGHT EXEMPTION 2016 1 Page 2016 SCREEN PRODUCERS IRELAND Policy on Cable Re-transmission and the Cable Copyright Exemption Screen Producers Ireland is

More information

Personal Pensions. Freedom in Retirement Plan Personal & Personal (Rebate) Single Contribution Pension Plan Personal Customer Guide

Personal Pensions. Freedom in Retirement Plan Personal & Personal (Rebate) Single Contribution Pension Plan Personal Customer Guide Personal Pensions Freedom in Retirement Plan Personal & Personal (Rebate) Single Contribution Pension Plan Personal Customer Guide This Customer Guide is to be read in conjunction with the Fund Guide.

More information

LOCAL GOVERNMENT FINANCE (UNOCCUPIED PROPERTIES ETC.) (SCOTLAND) BILL

LOCAL GOVERNMENT FINANCE (UNOCCUPIED PROPERTIES ETC.) (SCOTLAND) BILL LOCAL GOVERNMENT FINANCE (UNOCCUPIED PROPERTIES ETC.) (SCOTLAND) BILL EXPLANATORY NOTES (AND OTHER ACCOMPANYING DOCUMENTS) CONTENTS 1. As required under Rule 9.3 of the Parliament s Standing Orders, the

More information

The Draft Child Support (Collection and Enforcement) (Amendments) Regulations 2012

The Draft Child Support (Collection and Enforcement) (Amendments) Regulations 2012 The Draft Child Support (Collection and Enforcement) (Amendments) Regulations 2012 now The Draft Child Support (Meaning of Child and New Calculation Rules) (Consequential and Miscellaneous Amendment) Regulations

More information

Personal Lifestyle Strategy 2015 Review

Personal Lifestyle Strategy 2015 Review S INVESTMENTS LIFE INSURANCE Personal Lifestyle Strategy 2015 Review november 2015 Audience: Brokers and Financial Consultants We launched our Personal Lifestyle Strategy (PLS) in 2010. In order to ensure

More information

Investment Policy Statement Employees Provident Fund

Investment Policy Statement Employees Provident Fund Investment Policy Statement Employees Provident Fund 1. Purpose of the Investment Policy Statement This Investment Policy Statement (IPS) sets forth the process that Employees Provident Fund has adopted

More information

Company Income Tax and Other Taxes

Company Income Tax and Other Taxes Company Income Tax and Other Taxes Company Taxation Arrangements The company tax rate (also known as the corporate) is 30%. The treatment of business expenditure for the mining and petroleum industries

More information

General Government Debt

General Government Debt 2 Government Debt 2.1 Revenues from taxation and other charges represent the primary source of State funding, but the State also borrows substantially to supplement annual funding. This report outlines

More information

Information on the Fee Approval Process for Credit Institutions. Information on the Bank Charges Approval Process

Information on the Fee Approval Process for Credit Institutions. Information on the Bank Charges Approval Process 2014 Information on the Fee Approval Process for Credit Institutions Information on the Bank Charges Approval Process Contents Introduction... 4 The Obligation to Notify the Central Bank of Charges...

More information

Eagle Star Self-directed Pension

Eagle Star Self-directed Pension Eagle Star Self-directed Pension Customer Brochure Puts you in control About Zurich Life Zurich Life Assurance plc is a member of Zurich Financial Services group, an insurance-based financial services

More information

Supporting the financing of South Australian drama and documentary screen production initiatives

Supporting the financing of South Australian drama and documentary screen production initiatives REVOLVING FILM FUND Supporting the financing of South Australian drama and documentary screen production initiatives what is the scheme? The Revolving Film Fund ( RFF ) is a $3 million financing facility

More information

Making Homes Affordable Labour s Plan for Housing

Making Homes Affordable Labour s Plan for Housing Making Homes Affordable Labour s Plan for Housing Labour Making Homes Affordable.indd 1 10/02/2016 15:47 Every person should have access to good quality, secure, affordable housing, appropriate to their

More information

Merrion Investment Trust (the Trust ) Merrion Technology Fund Series II SUPPLEMENT TO PROSPECTUS

Merrion Investment Trust (the Trust ) Merrion Technology Fund Series II SUPPLEMENT TO PROSPECTUS Merrion Investment Trust (the Trust ) An umbrella unit trust authorised pursuant to the Unit Trusts Act 1990 Merrion Technology Fund Series II (the Sub-Fund ) SUPPLEMENT TO PROSPECTUS 30 September 2015

More information

TAX RELIEF FOR INVESTMENT IN FILMS Company Statement (see Note 1) SECTION 481 TAXES CONSOLIDATION ACT, 1997. Name of film company

TAX RELIEF FOR INVESTMENT IN FILMS Company Statement (see Note 1) SECTION 481 TAXES CONSOLIDATION ACT, 1997. Name of film company TAX RELIEF FOR INVESTMENT IN FILMS Company Statement (see Note 1) SECTION 481 TAXES CONSOLIDATION ACT, 1997 This form, when completed, should be returned to: Direct Taxes: Incentives, Revenue Commissioners,

More information

Summary of. 2016 Budget Measures. Policy Changes

Summary of. 2016 Budget Measures. Policy Changes Summary of 2016 Budget Measures Policy Changes A.1 A.2 Summary of 2016 Budget Measures Policy Changes Contents Taxation Measures USC Income Tax PRSI Excise Duties Other Income Tax Capital Acquisitions

More information

TAXATION OF PRIVATE LANDLORDS

TAXATION OF PRIVATE LANDLORDS TAXATION OF PRIVATE LANDLORDS The Tax Position of the Small Private Landlord The private rented sector is possibly the only sector of the economy where the tax and regulatory systems work to prevent the

More information

A guide to Creative Sector Tax Reliefs

A guide to Creative Sector Tax Reliefs A guide to Creative Sector Tax Reliefs Research and Development Tax Relief High-end Television & Animation Production Tax Relief Video Games Tax Relief 1 Introduction The creative industries ranging from

More information

REPORT ON TAX EXPENDITURES

REPORT ON TAX EXPENDITURES Department of Finance Report on Tax Expenditures Page 1 REPORT ON TAX EXPENDITURES Incorporating Department of Finance Guidelines for Tax Expenditure Evaluation OCTOBER 2014 REPORT ON TAX EXPENDITURES

More information

Personal Retirement Bond

Personal Retirement Bond Personal Retirement Bond Customer Guide This Customer Guide is to be read in conjunction with the Fund Guide. Introduction This guide applies to the Personal Retirement Bond. Zurich Life Assurance plc

More information

House Purchase Loan. Application Form. Laois County Council Aras An Chontae Portlaoise Co Laois Contact Ciara Gowing Tel 057 8664110

House Purchase Loan. Application Form. Laois County Council Aras An Chontae Portlaoise Co Laois Contact Ciara Gowing Tel 057 8664110 House Purchase Loan Application Form Laois County Council Aras An Chontae Portlaoise Co Laois Contact Ciara Gowing Tel 057 8664110 To be eligible for a house purchase loan, the applicant(s) must be: 1.

More information

1.2 The CIOT s Environmental Taxes Working Group has previously commented on the principles of environmental taxes.

1.2 The CIOT s Environmental Taxes Working Group has previously commented on the principles of environmental taxes. Reforming the business energy efficiency tax landscape HM Treasury consultation document September 2015 Response by the Chartered Institute of Taxation 1 Introduction 1.1 The Chartered Institute of Taxation

More information

INLAND REVENUE BOARD OF REVIEW DECISIONS. Case No. D51/88

INLAND REVENUE BOARD OF REVIEW DECISIONS. Case No. D51/88 Case No. D51/88 Profits tax insurance company (non-life) interest received from offshore deposits whether subject to profits tax s 23A of the Inland Revenue Ordinance. Profits tax insurance company (non-life)

More information

The Future of the Scottish Horseracing Sector

The Future of the Scottish Horseracing Sector The Future of the Scottish Horseracing Sector on Paper September 2014 BiGGAR Economics Midlothian Innovation Centre Pentlandfield, Roslin Midlothian, EH25 9RE Scotland 0131 440 9032 info@biggareconomics.co.uk

More information

Dear Senator Daily, Representative Staples, and distinguished Members of the Finance, Revenue and Bonding Committee:

Dear Senator Daily, Representative Staples, and distinguished Members of the Finance, Revenue and Bonding Committee: 53 Oak Street, Suite 15 Hartford, CT 06106 Voice: 860-548-1661 Fax: 860-548-1783 Testimony Concerning: www.ctkidslink.org SB 592, An Act Establishing Tax Credits for Angel Investors HB 5843, An Act Concerning

More information

May 20, 2008. Ontario Energy Board P.O. Box 2319 2300 Yonge Street 27 th Floor Toronto, ON M4P 1E4. Attention: Kirsten Walli, Board Secretary

May 20, 2008. Ontario Energy Board P.O. Box 2319 2300 Yonge Street 27 th Floor Toronto, ON M4P 1E4. Attention: Kirsten Walli, Board Secretary May 20, 2008 Ontario Energy Board P.O. Box 2319 2300 Yonge Street 27 th Floor Toronto, ON M4P 1E4 Attention: Kirsten Walli, Board Secretary Re: EB-2007-0673 - 3 rd Generation Incentive Regulation On May

More information

Debt and equity finance and interest allocation rules

Debt and equity finance and interest allocation rules Debt and equity finance and interest allocation rules Background paper for Session 4 of the Victoria University of Wellington Tax Working Group October 2009 Prepared by the Policy Advice Division of the

More information

FISCAL INCENTIVES AND RETIREMENT SAVINGS Project Outline 2014-2015

FISCAL INCENTIVES AND RETIREMENT SAVINGS Project Outline 2014-2015 FISCAL INCENTIVES AND RETIREMENT SAVINGS Project Outline 2014-2015 The OECD argues in favour of complementary private pension savings to boost overall saving for retirement. Financial incentives may be

More information

Brightwater. Temporary Candidate Pack. Please find enclosed the information you will require when working as a temporary candidate for Brightwater.

Brightwater. Temporary Candidate Pack. Please find enclosed the information you will require when working as a temporary candidate for Brightwater. Brightwater Please find enclosed the information you will require when working as a temporary candidate for Brightwater. This pack contains the following information: Bank Payment Details (Please complete

More information

Latest revision date: 23 July 2009. Pension-related deduction from the remuneration of public servants. Frequently Asked Questions

Latest revision date: 23 July 2009. Pension-related deduction from the remuneration of public servants. Frequently Asked Questions Latest revision date: 23 July 2009 Pension-related deduction from the remuneration of public servants Frequently Asked Questions Updated to reflect revised rates/bands effective 1 May 2009 Frequently Asked

More information

OECD PROJECT ON FINANCIAL INCENTIVES AND RETIREMENT SAVINGS Project Outline 2014-2016

OECD PROJECT ON FINANCIAL INCENTIVES AND RETIREMENT SAVINGS Project Outline 2014-2016 OECD PROJECT ON FINANCIAL INCENTIVES AND RETIREMENT SAVINGS Project Outline 2014-2016 The OECD argues in favour of complementary private pension savings to boost overall saving for retirement. Financial

More information

University of Limerick Income Continuance Plan

University of Limerick Income Continuance Plan University of Limerick Income Continuance Plan Introduction This explanatory booklet was produced by Willis Risk Services (Ireland) Limited and provides a brief outline only of the main benefits of the

More information

Electricity Market Reform:

Electricity Market Reform: Electricity Market Reform: Consultation on Low Carbon Contracts Company s and Electricity Settlements Company s operational costs 2015/16 Government Response January 2015 Crown copyright 2015 URN 15D/001

More information

Submission to the Department of Finance on The Taxation of Corporate Groups

Submission to the Department of Finance on The Taxation of Corporate Groups Submission to the Department of Finance on The Taxation of Corporate Groups Prepared by the Canadian Bankers Association April 11, 2011 EXPERTISE CANADA BANKS ON LA RÉFÉRENCE BANCAIRE AU CANADA Introduction

More information

There are a number of particular issues that the Institute would like to see addressed as part of this process:

There are a number of particular issues that the Institute would like to see addressed as part of this process: Mr Gerry Harrahill Revenue Commissioners Dublin Castle Dublin 2 28 November 2014 Registered Office South Block Longboat Quay Grand Canal Harbour Dublin 2 Tel.: +353 1 663 1700 Fax: +353 1 668 8387 E-mail:

More information

Self-Directed Options Guide

Self-Directed Options Guide Self-Directed Options Guide Contents 03 Introduction 04 The Policy Cash Account 05 Deposits 08 Execution-only stockbroking 15 Direct Property 15 General Information 02/16 Self-Directed Options Guide Introduction

More information

TAKING CONTROL OF YOUR PENSION PLAN. The value of pension contributions

TAKING CONTROL OF YOUR PENSION PLAN. The value of pension contributions TAKING CONTROL OF YOUR PENSION PLAN If you add together all the money you have in pension arrangements, the total may well dwarf every other investment you ever make. Despite this, many people are happy

More information

Use of Intermediary-type Structures and Self-employment Arrangements. Department of Finance and Department of Social Protection

Use of Intermediary-type Structures and Self-employment Arrangements. Department of Finance and Department of Social Protection Use of Intermediary-type Structures and Self-employment Arrangements Department of Finance and Department of Social Protection 1. Purpose of consultation Consultation Paper, January 2016 The purpose of

More information

EAST AYRSHIRE COUNCIL CABINET 21 OCTOBER 2009 TREASURY MANAGEMENT ANNUAL REPORT FOR 2008/2009 AND UPDATE ON 2009/10 STRATEGY

EAST AYRSHIRE COUNCIL CABINET 21 OCTOBER 2009 TREASURY MANAGEMENT ANNUAL REPORT FOR 2008/2009 AND UPDATE ON 2009/10 STRATEGY EAST AYRSHIRE COUNCIL CABINET 21 OCTOBER 2009 TREASURY MANAGEMENT ANNUAL REPORT FOR 2008/2009 AND UPDATE ON 2009/10 STRATEGY Report by Executive Head of Finance and Asset Management 1 PURPOSE OF REPORT

More information

Guidance Notes for Life Assurance Companies

Guidance Notes for Life Assurance Companies Return of Payments (Insurance Undertakings) Regulations 2011 (S.I. No. 641 of 2011) Guidance Notes for Life Assurance Companies These notes are intended to provide guidance for assurance companies on how

More information

STATUTORY INSTRUMENTS. S.I. No. 4 of 2015 FILM REGULATIONS 2015

STATUTORY INSTRUMENTS. S.I. No. 4 of 2015 FILM REGULATIONS 2015 STATUTORY INSTRUMENTS. S.I. No. 4 of 2015 FILM REGULATIONS 2015 2 [4] 1. Citation and commencement 2. Interpretation S.I. No. 4 of 2015 FILM REGULATIONS 2015 CONTENTS PART 1 General PART 2 Application

More information

Interim Guidelines for the Provision of Infrastructure and Capital Investments through Public Private Partnerships:

Interim Guidelines for the Provision of Infrastructure and Capital Investments through Public Private Partnerships: Interim Guidelines for the Provision of Infrastructure and Capital Investments through Public Private Partnerships: Procedures for the Assessment, Approval, Audit and Procurement of Projects Table of Contents

More information

www.pwc.com/ie Charitable giving guide

www.pwc.com/ie Charitable giving guide www.pwc.com/ie Charitable giving guide Helping to maximise donations to the wider community March 2012 Contents Introduction 2 Relief from income tax and corporation tax on donations to eligible charities

More information

Life Insurance Business

Life Insurance Business Accounting Standard AASB 1038 November 1998 Life Insurance Business Issued by the Australian Accounting Standards Board Obtaining a Copy of this Accounting Standard Copies of this Standard are available

More information

University College Dublin UCD Income Continuance Plan. Member s Booklet

University College Dublin UCD Income Continuance Plan. Member s Booklet University College Dublin UCD Income Continuance Plan Member s Booklet September 2014 2 UCD Income Continuance Plan INTRODUCTION This explanatory booklet was produced by Friends First and provides a brief

More information

Sraid Mhuirfean Uacht, Baile Atha Cliath 2, Eire. Circular 24/06

Sraid Mhuirfean Uacht, Baile Atha Cliath 2, Eire. Circular 24/06 An Roinn Airgeadais Department of Finance F?/93/05 31 July 2006 Sraid Mhuirfean Uacht, Baile Atha Cliath 2, Eire. Circular 24/06 Upper Merrion Street, Dublin 2, Ireland. Telephone: 353-1-676 7571 Facsimile:

More information

Project Evaluation Guidelines

Project Evaluation Guidelines Project Evaluation Guidelines Queensland Treasury February 1997 For further information, please contact: Budget Division Queensland Treasury Executive Building 100 George Street Brisbane Qld 4000 or telephone

More information

Hong Kong. Country M&A Team Country Leader ~ Nick Dignan Guy Ellis Rod Houng-Lee Anthony Tong Sandy Fung Greg James Louise Leung Nicholas Lui

Hong Kong. Country M&A Team Country Leader ~ Nick Dignan Guy Ellis Rod Houng-Lee Anthony Tong Sandy Fung Greg James Louise Leung Nicholas Lui Hong Kong Country M&A Team Country Leader ~ Nick Dignan Guy Ellis Rod Houng-Lee Anthony Tong Sandy Fung Greg James Louise Leung Nicholas Lui Mergers & Acquisitions Asian Taxation Guide 2008 Hong Kong March

More information

Loans applied in acquiring an interest in a company

Loans applied in acquiring an interest in a company Loans applied in acquiring an interest in a company Updated November 2014 1. Content 2. Introduction 2 3. Section 11 Finance Act 2011 2 4. Scheme giving rise to the Finance Act 2003 amendment 3 5. Effect

More information

A Report to the Minister for Health and Children. Competition in the Irish Private Health Insurance Market Executive Summary

A Report to the Minister for Health and Children. Competition in the Irish Private Health Insurance Market Executive Summary A Report to the Competition in the Irish Private Health Insurance Market Executive Summary January 2007 EXECUTIVE SUMMARY AND RECOMMENDATIONS E 1. E 2. The Irish private health insurance market is community

More information

CITY OF BEATRICE, NEBRASKA ECONOMIC DEVELOPMENT PROGRAM (LB840)

CITY OF BEATRICE, NEBRASKA ECONOMIC DEVELOPMENT PROGRAM (LB840) CITY OF BEATRICE, NEBRASKA ECONOMIC DEVELOPMENT PROGRAM (LB840) Effective April 1, 2013 March 31, 2023 TABLE OF CONTENTS NEED AND PURPOSE 1 SECTION I. GENERAL COMMUNITY AND ECONOMIC DEVELOPMENT STRATEGY

More information

www.localenterprise.ie

www.localenterprise.ie Lets talk Business.. 1 ONLINE TRADING VOUCHERS With the trend ever increasing towards online spending it is estimated that only 23% of small Irish businesses are engaged in any meaningful way in ecommerce

More information

CGWM Bond Fund. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014. Investment Objective. Investment Policy.

CGWM Bond Fund. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014. Investment Objective. Investment Policy. CGWM Bond Fund To us there are no foreign markets. TM Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 This Supplement contains specific information in relation to the CGWM Bond

More information

NATIONAL BUDGET 2012/13

NATIONAL BUDGET 2012/13 NATIONAL BUDGET 2012/13 On 22 February 2012 the Finance Minister, Pravin Gordhan delivered his National Budget Speech and announced the tax proposals for the forthcoming year as well as proposals which

More information

NAB Fixed Income Bond

NAB Fixed Income Bond NAB Fixed Income Bond Product Disclosure Statement Including Terms and Conditions for NAB Fixed Income Bonds sold after 8 November 2001 effective 11 March 2004 Contents Part A General information 2 Features

More information

BLACKSTONE ALTERNATIVE INVESTMENT FUNDS PLC. (the Company ) An umbrella fund with segregated liability between sub-funds, and its sub-fund

BLACKSTONE ALTERNATIVE INVESTMENT FUNDS PLC. (the Company ) An umbrella fund with segregated liability between sub-funds, and its sub-fund BLACKSTONE ALTERNATIVE INVESTMENT FUNDS PLC (the Company ) An umbrella fund with segregated liability between sub-funds, and its sub-fund (the Fund ) SUPPLEMENT FOR UNITED KINGDOM INVESTORS This Supplement

More information

DRAFT May 2012. Objective and key requirements of this Prudential Standard

DRAFT May 2012. Objective and key requirements of this Prudential Standard Prudential Standard LPS 340 Valuation of Policy Liabilities Objective and key requirements of this Prudential Standard The ultimate responsibility for the value of a life company s policy liabilities rests

More information

STANDARD ADVICE ON EVIDENCE FROM FINANCIAL ADVISERS/ACCOUNTANTS

STANDARD ADVICE ON EVIDENCE FROM FINANCIAL ADVISERS/ACCOUNTANTS EMPLOYER SUPPORT PAYMENT SCHEME STANDARD ADVICE ON EVIDENCE FROM FINANCIAL ADVISERS/ACCOUNTANTS A statement from a financial adviser or accountant must specify the amounts of income received from all sources

More information

REVIEW OF THE SPECIAL ASSIGNEE RELIEF PROGRAMME OCTOBER 2014

REVIEW OF THE SPECIAL ASSIGNEE RELIEF PROGRAMME OCTOBER 2014 REVIEW OF THE SPECIAL ASSIGNEE RELIEF PROGRAMME OCTOBER 2014 Contents Executive Summary... 3 Introduction... 4 Policy Context... 5 Other Policy Considerations... 10 Objectives of SARP... 11 History of

More information

JUNE 2013 DRN. Debt Solutions DRN Scenario. Excludable Debts

JUNE 2013 DRN. Debt Solutions DRN Scenario. Excludable Debts JUNE 2013 DRN Debt Solutions DRN Scenario Excludable Debts TO HELP EXPLAIN SOME OF THE CONCEPTS CONTAINED IN THE PERSONAL INSOLVENCY LEGISLATION, THE INSOLVENCY SERVICE OF IRELAND HAS CREATED SOME POSSIBLE

More information

The future of the Post Office network in Ireland

The future of the Post Office network in Ireland The future of the Post Office network in Ireland A Review of Potential Service Contracts on behalf of the Irish Postmasters Union April 2012 IPU Report on the review of potential service contracts 2 Executive

More information

Guidance Note for the Completion of Non-Life Insurance Quarterly Returns on the On-Line Reporting System

Guidance Note for the Completion of Non-Life Insurance Quarterly Returns on the On-Line Reporting System Guidance Note for the Completion of Non-Life Insurance Quarterly Returns on the On-Line Reporting System Insurance Supervision Department January 2010 Contents Introduction... 2 Filing Dates and Required

More information

Public Finance and Banking

Public Finance and Banking 9 Public Finance and Banking A General Government Deficit (GG Deficit) of 12,460 million or 7.6% of GDP was recorded in 2012, significantly lower than the 2011 GG Deficit of 21,267 million or 13.1% of

More information

A new electricity market for Northern Ireland and Ireland from 2016 - Integrated Single Electricity Market (I-SEM)

A new electricity market for Northern Ireland and Ireland from 2016 - Integrated Single Electricity Market (I-SEM) A new electricity market for Northern Ireland and Ireland from 2016 - Integrated Single Electricity Market (I-SEM) Non-technical summary High level design Draft Decision Paper SEM -14-047 June 2014 1 INTRODUCTION

More information

CAPITAL CHARGE RATE AND CHANGES TO THE INCENTIVE REGIME

CAPITAL CHARGE RATE AND CHANGES TO THE INCENTIVE REGIME DH 6-2-1 21 December 2000 Treasury Circular 2000/16 Unrestricted Distribution Chief Executives Directors of Finance/Chief Accountants Contact for Enquiries: Treasury Vote Teams CAPITAL CHARGE RATE AND

More information

[05.05.19] Payments on Termination of an Office or Employment or a Change in its Functions

[05.05.19] Payments on Termination of an Office or Employment or a Change in its Functions [05.05.19] Payments on Termination of an Office or Employment or a Change in its Functions Contents Sections 123 and 201, and Schedule 3 of the Taxes Consolidation Act, 1997 Updated April 2014 1. Introduction...3

More information

Guidance Note Investment Management Services

Guidance Note Investment Management Services Guidance Note Investment Management Services (Section 1035A Taxes Consolidation Act, 1997 inserted by section 51 Finance Act, 2003) 1. Introduction Section 1035A of the Taxes Consolidation Act, 1997, provides

More information

Report of The Health Insurance Authority to the Tánaiste and Minister for Health and Children pursuant to Article 10 of the Risk Equalisation Scheme,

Report of The Health Insurance Authority to the Tánaiste and Minister for Health and Children pursuant to Article 10 of the Risk Equalisation Scheme, Report of The Health Insurance Authority to the Tánaiste and Minister for Health and Children pursuant to Article 10 of the Risk Equalisation Scheme, 2003 for the period 1 January, 2004 to 30 June, 2004.

More information

TAX STRATEGY GROUP PENSION TAXATION ISSUES

TAX STRATEGY GROUP PENSION TAXATION ISSUES TSG 13/07 TAX STRATEGY GROUP PENSION TAXATION ISSUES Introduction 1. Last year s TSG paper on pension taxation issues (reference TSG 12/21) set out the various changes made in the incentive regime for

More information

PERSONAL RETIREMENT SAVINGS ACCOUNT (PRSA)

PERSONAL RETIREMENT SAVINGS ACCOUNT (PRSA) PENSIONS INVESTMENTS LIFE INSURANCE PERSONAL RETIREMENT SAVINGS ACCOUNT (PRSA) STANDARD GROUP PRSA POLICY DOCUMENT TERMS AND CONDITIONS ABOUT US Established in Ireland in 1939, Irish Life is now part of

More information