Revenue has released a teaching module on its website to provide an opportunity to introduce tax to Transition Year students. Revenue has provided the resources teachers need to support delivery of this module in the classroom and for students’ exploration of tax. The module consists of eight units encompassing income tax, VAT, USC, PRSI, customs and the shadow economy.

Revenue has updated the Tax and Duty Manual which provides guidance on employer provided vehicles. The updated manual: outlines the current cash equivalent calculation (paragraph 4.1), reflects the extension of the temporary reduction to OMV under Finance Act (No. 2) 2023 (paragraph 4.1.3), reflects the extension of relief available in respect of battery electric vehicles to 2027 (paragraph 6.3), illustrates the combined effect of the temporary reduction to OMV and relief available in respect of battery electric vehicles (paragraph 6.3.1), includes a table showing the business mileage applicable from 1 January 2023 (Appendix A).

Revenue has updated the Tax and Duty Manual regarding the appointment of experts to assist in audits of the Research & Development (R&D) Corporation Tax Credit. The updated guidance reflects the start of the new independent expert panel on 8 August 2024. In addition, in section 3, it provides that where a 'pre-meeting' is held between Revenue and the independent expert, the company may choose to be present or represented at that pre-meeting. Further information is available in eBrief No.212/24.

Revenue has published a new Tax and Duty Manual to provide guidance on the new Residential Premises Rental Income Relief (RPRIR) contained in section 480C TCA 1997.  The relief applies to rental income in the tax years 2024-2027 inclusive. The manual outlines who can claim the relief, how much relief can be claimed, how joint ownership is addressed, and the clawback of the relief in certain circumstances.

Revenue has updated the Tax and Duty Manual which provides guidance on accessing and registering for MyEnquiries. The updated manual includes new guidance on the priority email address feature in ROS (paragraph 3.3.3). As previously reported, Revenue is now providing a facility in MyEnquiries for users to mark a designated email address as the priority email address for sending Revenue-initiated queries. This feature enables users with multiple email addresses to identify one address as the priority email for Revenue-initiated MyEnquiry correspondence.

Revenue has published a new Tax and Duty Manual which provides guidance in relation to the stamp duty repayment provisions contained in the Stamp Duties Consolidation Act (SDCA) 1999. Where an entitlement to a repayment of stamp duty arises under SDCA 1999, Revenue will repay the Stamp Duty only where the general requirements of section 159A SDCA 1999 are also met, with interest on the repayment payable in accordance with section 159B SDCA 1999.

The 2023 ROS Form 11 has been available since 1 January 2024 and has been updated on an ongoing basis. Accordingly, Revenue has updated the Tax and Duty Manual which provides guidance on the income tax return 2023 ROS From 11. The changes are as follows: information about the applicable time limits for making elections for the chosen basis of assessment (paragraph 2),   ·new question whether the Sales/Receipts/Turnover figure provided is inclusive of VAT (paragraph 3.2), updates on the Irish Rental Income panel concerning pre-letting expenditure on vacant properties, capital allowance claims and the De Minimis Regulation, and prefilling of Non-Resident Landlord Withholding Tax filing notification data (paragraph 4), update guidance on allowable deductions incurred in employment to remind filers to input the relevant percentage of the costs incurred – which is 30% of the broadband and/or utility cost, not the full amount incurred (paragraph 6.2), updates on social welfare payments (paragraph 6.3 and appendix 2) to advise that the prefilled amounts were corrected in April and July 2024. Revenue reviewed returns filed up to those dates and contacted the taxpayers affected, updated figure showing questions and validations for ‘lump sums from relevant (foreign) pension arrangements’ (paragraph 7.1), an update on the tax charge on UK deposit interest in excess of the standard rate band (which is 40%) (paragraph 7.2), an update to Irish Other Income panel relating to proceeds from the sale of patent rights for capital sums (paragraph 8.1), updates to the tax credits panel (paragraph 8) to reflect some changes to the EII question, information about the Mortgage Interest Tax Credit, and an update to the Rent Tax Credit values and text, an update to the wording of the Capital Acquisitions panel to confirm when an IT38 is required to be filed and updates on assessments issued (paragraph 12), and a new appendix with feedback to assist filing and reduce follow-up contact with Revenue. Readers are reminded that, when preparing the return using the Return Preparation Facility (RPF), it will time out and unsaved work will be lost if the return is inactive for 30 minutes.  Filers are advised to save regularly to avoid timeout and progressing panels in the return to reset the timer.

Revenue has updated the Tax and Duty Manual which provides guidance on the relief for key employees engaged in Research and Development activities to reflect the provisions of section 766C TCA 1997.  From 1 January 2023, a key employee may avail of a reduction in their income tax liability as a result of the surrender by their employer company of some or all of the research and development corporation tax credit to which that company was entitled under section 766C. The manual has been updated to reflect how section 766C interacts with this relief while examples have been refreshed for the 2023 and 2024 years of assessment.

Minister for Finance, Jack Chambers TD, has published a second feedback statement on the development of a participation exemption for foreign dividends to the Irish corporate tax system. Currently most EU and OECD member states adopt a predominantly territorial approach exempting foreign dividends from domestic tax, sometimes complemented by an exemption for foreign branch profits. Ireland differs by operating a worldwide corporate tax regime on all profits, both domestic and foreign source, of a resident entity with double taxation relief for foreign tax paid on foreign source profits. Government committed to the introduction of the participation exemption in Budget 2024, to come into effect from 1 January 2025. Earlier this year the Institute, under the auspices of the CCAB-I, responded to the Department of Finance’s feedback statement on the Strawman proposal for a participation exemption for foreign dividends. This second feedback statement seeks to build on the feedback received from stakeholders. It contains potential draft approaches to key elements of the legislation as well as information on some consequential amendments that may be introduced in conjunction with the participation exemption for foreign dividends. On publication of second feedback statement, Minister Chambers stated: "The introduction of a participation exemption will deliver on the commitment to simplify the Irish corporate tax system. This demonstrates Ireland’s continued desire to promote a business environment that remains best in class. We are in a period of unprecedented change in the international taxation landscape, and enhancement of Ireland’s tax system will provide stakeholders with the certainty and simplicity needed to continue to prosper in Ireland. The publication of the second feedback statement builds on the valuable insight received from stakeholders in response to the initial feedback statement which included a strawman proposal. I look forward to receiving additional stakeholder insight and bringing forward legislation to deliver on this commitment in Finance Bill 2024.”

In Irish news, the Budget 2025 Tax Strategy Group papers have been published, the Institute writes a letter to the Minister for Finance seeking a reduction in Employers’ PRSI and CCAB-I writes to the Minister for Finance on the Employment Investment Incentive Scheme. In UK news, we bring you an update from HMRC on Pillar Two. In International news this week, the European Commission proposes a new electronic system for digitalising VAT exemption procedures.   Ireland The Tax Strategy Group (TSG) last week published its annual papers in advance of Budget 2025. Read the Institute’s letter to the Minister for Finance on Employers’ PRSI. Read CCAB-I’s letter to the Minister for Finance on the Employment Investment Incentive Scheme. UK Read about HRMC’s update on Pillar Two. International The European Commission proposes a new electronic system for digitalising VAT exemption procedures.    Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter. Subscribe to the Tax News by updating your preferences in MyAccount. You can also read this week’s EU exit corner here.

In this week’s EU exit corner, we bring you the latest guidance updates and publications relevant to EU exit. The most recent Trader Support Service bulletin is also available. Miscellaneous updated guidance etc. Recently updated guidance, and publications relevant to EU exit are set out below: External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service Create a goods movement reference CDS Declaration Completion Instructions for Exports Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service Data Element 2/3 Documents and Other Reference Codes (National) of the Customs Declaration Service (CDS) Data Element 2/3: Document and Other Reference Codes: Licence Types — Imports and Exports of the Customs Declaration Service (CDS) Appendix 2: DE 1/11: Additional Procedure Codes 4-digit to 3-digit procedure to additional procedure code correlation matrix for exports Appendix 1: DE 1/10: Requested and Previous Procedure Codes Simplified processes for fixed transport installations Get your postponed import VAT statement Known error workarounds for the Customs Declaration Service (CDS) 4. Common/Union Transit 9. Transport Internationaux Routiers (TIR) 5. Simplifications 6. The Business Continuity Procedure 1. Introduction 2. Status of goods - Transit Manual Part II refers 3. Guarantees (Transit Manual Part III refers) 12. Receiving an adverse customs decision from HMRC 11. Specimen Management System (SMS) 8. Contraventions and Civil Penalties (CPs) Imports and exports: general enquiries

The latest UK tax tidbits feature guidance changes in a range of areas. Rates of Stamp Duty Land Tax for non-UK residents Pensions schemes newsletter 160 — May 2024 Find out how to register as a professional tax agent with HMRC Higher rates of Stamp Duty Land Tax Find out the rules about Individual Lump Sum Allowances Register as a sole trader subcontractor, or apply for gross payment status, or both Decisions and appeals for National Insurance Contributions and Statutory Payments Report chargeable event gains for life insurance policies — guidance for insurers; Named tax avoidance schemes, promoters, enablers and suppliers Completing your Company Tax Return