In recent days, Institute President Pat O'Neill kicked off a member outreach trip to North America, where almost 1,000 members of Chartered Accountants Ireland live and work. Overall, 10% of Chartered Accountants Ireland's total membership is based overseas, so supporting and representing these members is a key priority.  Pat and Council colleague Pamela McCreedy hosted a member event in Toronto on Friday evening followed by another in New York on Monday evening. In between, the team also had the opportunity to partner with Ireland Inc for this year’s Ireland Day held in the New York Stock Exchange, taking part in a roundtable discussion to mark St. Patrick’s Day.  The contribution of Chartered Accountants from Ireland in practice and industry all around America was a central theme over the few days. Pat O’Neill spoke about the Institute’s pride in its members' successes there and it is further evidence of the way the Chartered qualification can be used as a global passport.  In addition to sharing updates with members, gathering feedback, and finding new ways to deepen engagement, the trip gives the Institute a chance to engage with partners and colleagues including Chartered Accountants Worldwide Network USA, IFAC, the Northern Ireland Bureau, The Ireland Funds, and the National Association of State Boards of Accountancy, with whom the Institute recently extended its Mutual Recognition Agreement which enabling members to access the US CPA qualification (with a similar arrangement for their members coming to Ireland). To view pictures from the New York member event click here. 

Paper has been submitted to Government and calls for accelerated delivery of social, affordable, and cost rental housing   Immediate short term tax measures vital to stem the flow of a record numbers of families becoming homeless  23 February 2023 – Focus Ireland and Chartered Accountants Ireland have today launched a briefing paper which calls on the Government to introduce targeted measures to keep small-scale landlords in the private rented market to help ease the housing crisis.   The new paper gives further credence to the report by the National Economic and Social Council (NESC) at the end of last week which recommended the Government consider further action to improve the tax treatment of landlords.   While Focus Ireland and the Institute agree that the long-term government objective of increasing the delivery of social, affordable, and cost rental housing is the correct course of action, the joint briefing paper highlights the short-term challenge presented by the large-scale departure of private landlords now taking place.   The paper calls for urgent measures to address this mismatch in supply. It sets out seven fully costed proposals primarily using tax policy as a lever to encourage small-scale landlords to remain in the residential rental market in the medium to long term and help to prevent homelessness.   Commenting Pat Dennigan, CEO of Focus Ireland said:  “One of the biggest causes for families becoming homeless in recent times is that they are losing their homes in the private rented market as landlords are selling up and leaving the market. Focus Ireland believes that the Government must take action to encourage small-scale landlords to stay in the market as this would help to cut the record number of households becoming homeless. Urgent policy responses are required which should be targeted at landlords who are considering evicting their tenants to sell over the next number years, convincing them it is in their interest to stay, or not to evict when they are selling.”   Commenting Dr Brian Keegan, Director of Public Policy, Chartered Accountants Ireland said: “Small landlords are an essential feature of a fully functioning residential property market, and properties owned by these landlords are more likely to be in regional, less densely populated parts of the country, providing much needed rental stock in areas that are not as attractive to institutional investors. Renting as an investment is becoming less attractive for these smaller landlords however. Increased regulation in recent years has been driven by efforts to provide greater security for tenants in the face of a shortage of rental accommodation, but in many cases, these have increased the likelihood of small landlords leaving the market, exacerbating problems they were intended to remedy.”   “Small-scale landlords cite the restrictive taxation obligations on any rental profits accruing to them. After settling taxes on any profits, some small landlords face a current loss on rental income. We are asking for Government and its agencies to consider our proposals for the small-scale private landlord to encourage their continued involvement in the market to ensure tenants are protected.”   The proposals outlined in the joint briefing paper include:  Increase wear and tear rates from 12.5 percent to 25 percent per annum to facilitate investment in the maintenance of properties and encourage better standards where renovations do not result in the termination of an existing tenancy under section 34 and the property remains in the private rental market for the following five years.  100 percent capital allowances for retrofitting costs in the year of work where landlords retrofit a property to improve its energy rating, where renovations do not result in the termination of an existing tenancy under section 34 and the property remains in the private rental market for the following five years.  Parity in taxation of corporate and individual landlords: a flat rate of 25 percent on Case V income for small landlords who opted to become ‘professional landlords’ by waiving their rights under section 34 of the Residential Tenancy Act (2014), giving additional security to their tenants.   Deduction for LPT: allow local property tax as a deduction against rental income.   Align allowable rental expenses with normal trading deductions: expenses available for deduction against rental income should become less prescriptive and more in line with normal trading deductions. In the context of taxing rental profits earned by an active class of professional landlords, the broader based deduction for financing costs under Case I principles should apply.   Succession reliefs: Professional landlords should be given access to succession reliefs, such as CGT retirement relief available to other business owners, to improve the long term investment proposition of the residential rental business.   CGT relief for rental properties acquired with tenants-in-situ: CGT relief of four percent per annum would accrue on an annual basis for the length of time the asset remains as a rental property.  Download the paper here.  ENDS     

Run in the Dark aims to raise awareness and fund research to find a cure for paralysis. Chartered Accountants Ireland's District Societies, Young Professionals, staff, and members are mobilising to support this initiative and get involved virtually and in person as participants and as event volunteers....and you can get involved too. You can register as a volunteer, or you can walk or run 5km or 10km at a venue, or choose your own route. No matter how you participate, join Team Chartered Accountants Ireland!  About Run in the Dark As darkness sweeps around the globe from 9 – 16 November 2022, 25,000 people worldwide will get up from their armchairs, slip on their red flashing armbands and pull on their running shoes to complete a 5k or 10k. Connecting runners both physically and virtually across four continents, this global movement will light up the night as people hit the road to help cure paralysis in our lifetime. You can take part, whereever you are in the world as a walker, runner or volunteer. Join us for this year’s Run in the Dark on Wednesday 9 November 2022 (16 November 2022 in London) as a volunteer, walker or runner. Volunteer Run in Dark is fuelled by the support and commitment of 600 volunteers around the globe who make it possible to operate 50 events on four continents as darkness falls each November. This year, there is a particular need for volunteers in Dublin, Cork, Belfast and London. Chartered Accountants Ireland members can register as volunteers at any of these four venues here. Not a keen walker or runner? Maybe you have an injury and can't take part but still want to soak up the atmosphere. You can marshall at a live event, meet and greet participants on arrival or staff a bag drop station. The time commitment on the evening of a live event is four hours. Take part in a live event Run in the Dark takes place in up to 50 cities around the globe including 45 casual fun runs in America, Australia, Europe and Asia managed by a network of volunteers.  Is there an event near you? See the list of locations here. Sign up to walk or run 5k or 10k at an event or you can volunteer to help out on the night at the registration desk and finish line.  Virtual option: 9 – 16 November – run your own route at a time that suits you  Complete your 5k or 10k event anytime during the week and use the Run in the Dark app to record and log your time and join the global leaderboard. Why not connect with colleagues, family and friends around the world to synchronise your time or day?! Want to sign up? Join Team Chartered Accountants Ireland wherever you are in the world Events will take place in up to 50 cities around the globe including 45 casual fun runs in America, Australia, Europe and Asia. Sign up to walk or run 5k or 10k at an event: Run in the Dark - Register Click on location in which you will participate Click "Enter Now" Select number of entrants and then proceed Complete individual entry details Choose "Select a team" and type "Chartered Accountants Ireland" Don't forget to share your event photos on social media with #runinthedark #charteredaccirl Enjoy!