In Irish news, Revenue publishes updated guidance on the tax treatment of GMS payments to GPs and further guidance on the enhanced reporting requirements for employers. In UK news, the Institute was represented at various meetings of the Domestic Advisory Group which took place in London and Edinburgh last week and the Institute’s submission to the House of Lords inquiry into draft Finance Bill 2023/24 has been accepted by the Committee as evidence. In International news, Ireland has joined several other jurisdictions in committing to the automatic exchange of crypto information between tax authorities.  Ireland Following the Minister for Finance’s proposal to provide that General Medical Service (GMS) payments can be treated as partnership income where such services are provided in the conduct of a partnership profession with other individuals, Revenue has updated its guidance on the tax treatment of GMS payments to medical practitioners. Revenue has published an updated Tax and Duty Manual which provides guidance regarding returns by employers in relation to reportable benefits. UK Read our update on meetings which took place last week of the UK’s Domestic Advisory Group. The Institute’s submission to the House of Lords inquiry into draft Finance Bill 2023/24 has now been accepted by the Committee as evidence. International Ireland commits to commencing Crypto Asset Reporting Framework exchanges by 2027. 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.          

Leo Norris, Head of Education Delivery at Chartered Accountants Ireland, shares his eight tips to help students get the most from the Institute’s fully online education offering. We’ve come a long way in our first full year of online Chartered education delivery and both the education team and our students we’ve learned a great deal. There are, however, tips that can help you get the most from your online education experience. Many of these are based on best practice in online education but also from observing the behaviours of successful students last year. Take these on board and discuss them with colleagues and fellow students. 1. Be proactive and committed So, what have we learned from the last 12 months? To be successful in online education, students must take a proactive, committed approach. The student is responsible for their studies and overall time management. The Learning Hub will record your activity on the platform to ensure no-one falls behind, and you will receive email reminders to complete a session – but it is ultimately up to you to manage your progress. Remember, this is your learning journey to career success. Own it! 2. Watch the webinars Second, you should make the most of live webinars. They are your chance to connect directly with the Institute’s team of lecturers. These webinars are available to explain the practical application of a teaching concept and demonstrate how that topic might appear in an exam. Webinars are not there to explain basic concepts – that is done in the recorded lectures. Your attendance at live webinars will be recorded from November and will cover both your attendance and engagement. These records will be passed to the larger training firms, which are eager to monitor their students’ involvement.  3. Practice good time management Give yourself enough time to undertake the self-study sessions before live webinars. The pre-read material is short (e.g. a series of ten-minute lecture videos). Much of the content is “gated”, so some material will need to be viewed in sequence. For example, Management Accounting Session 1 must be completed before starting Management Accounting Session 2. It also means that students must open and engage with the preparatory materials to have access to live webinars. 4. Take care of yourself One of the most important things we’ve learned from the past 12 months is the importance of looking after ourselves as we slowly emerge from confinement to something approaching normality. Students are balancing work with professional education and exam preparation at home, so schedule time to relax and recharge. Keep in contact with friends, take up a hobby, and make the most of your professional network.  5. Minimise distractions The flexibility of online education is great, but it also has some pitfalls. Do your best to minimise distractions. That could include disabling notifications on your phone or studying during typically quiet hours in your household. Time management will be a crucial element of success, so set short sprint targets.  6. Treat yourself Understand what motivates you and plan a reward for overcoming a particular study milestone. That way, you will stay energised and focused. And make them short-term goals!  7. Embrace short bursts of studying Work in short bursts and give yourself maximum windows of study time, not minimum, in order to be most focused, energised and productive. So tell yourself “I’m going to spend no more than 45 minutes attempting two questions in Session XXX”. This is useful as it more closely replicates the exam deadline experience. 8. Online education is real education Finally, don’t fall into the trap of thinking that online education isn’t the real thing. It is as real as it gets, with real exams to prove it. Chartered Accountants Ireland will reach out regularly with surveys to hear what’s working for you, both at a subject level and across the broader programme. Please take the time to respond, as your feedback will help us improve our teaching, education delivery, and course material throughout the academic year. And, if you need to, contacting us couldn’t be easier. Visit the ‘Contact Us’ page on the student section of the Institute’s website. But first, please read the relevant Student FAQs as they may have the answer to your question. 

The Screening of Third Country Transactions Act 2023 was signed into law by the President on 31st October 2023 and is now available on the Irish statute book website. It is anticipated that the legislation will become operational in the second quarter of 2024. The legislation when operational will require that certain investments in critical Irish industries that are likely to affect Ireland’s security or public order must be reviewed by the Minister for Enterprise Trade and Employment (“Minister”). The legislation's monetary thresholds are relatively low. It will apply to transactions (or an accumulation of transactions in a twelve-month period) equal to or greater than €2,000,000. Third country is any non-EU/EEA country other than Switzerland. Therefore, the UK and the US fall within the definition of third country. The types of transaction to which the legislation will apply are set out in Article 4(1) (a)-(e) of the 2019 EU regulation establishing a framework for the screening of foreign direct investments into the Union such as critical infrastructure including energy, transport, water and critical technologies including aerospace, defence, energy storage. Please refer to the EU Regulation for full details. The trigger for a transaction to fall within the scope of the legislation is a change in shares or voting rights from 25% or less to more than 25% or from 50% or less to more than 50%. The Minister can review transactions post completion in certain circumstances and can call in certain transactions even if non notifiable where there are reasonable grounds for believing that the transaction would be manifestly contrary to Irish security or public order. Why does it matter? Given that the monetary thresholds are relatively low and the Minister has power to review even post completion, the new legislation should be on the checklist for consideration in client transactions. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.    

Are you or your clients looking to reward employees tax free this year? The Allgo Mastercard Gift Card is the use-anywhere gift card that gives your employees complete freedom to choose where they spend – in store, online and even abroad – and is tax-free up to €1,000 on the Small Benefit Exemption Scheme. The card comes in two formats, physical and digital. Not sure which Mastercard is better for you and your employees? Take a look below at the differences between the physical and digital Mastercard. Physical Allgo Mastercard Gift Card The physical gift card offers in-person card distribution and simplicity of use for recipients. Physical cards are bulk delivered by courier to your business location(s) or delivered individually to card recipients, or ordered individually via our order portal. Each card is presented in a DL envelope with the employee’s name displayed in the envelope window. The card value is printed on the card carrier inside. Optional add-ons You can include a: personalised message on card carrier; colour logo on the card envelope; branded card carrier; and  branded greeting card. Ordering Simply order online at allgo.ie/mastercardorder, and upload the order spreadsheet of card recipients. Delivery and activation Physical cards are bulk delivered by courier to your business location(s) for onward distribution to recipients. Card recipients activate their cards by opening an online account via allgogiftcard.com. Spending The physical card can be spent in practically any business premises that accepts Mastercard worldwide by swiping the card through the card machine and signing for your purchase – there’s no PIN required. The cards can also be spent online! Digital Allgo Mastercard Gift Card The Allgo Digital+ Gift Card offers easy distribution by email and mobile wallet use for recipients. The card is emailed directly to each individual recipient. Digital+ cards can be emailed to recipients in any EU country. Optional add-ons You can include a:  personalised message in the card email; and  branded card email. Ordering Simply order online at allgo.ie/mastercardorder, and upload the order spreadsheet of card recipients. Delivery and activation Digital+ cards are provided via a card offer link emailed directly to each individual recipient. Recipients redeem and activate their Digital+ cards by downloading the Get My eCard App from Google Play or Apple App Store. Spending Digital+ cards can easily be added to Google Pay or Apple Pay from the Get My eCard App for spending in-store or online. Whether you opt for the tangible simplicity of the physical card or the digital convenience of the Digital+ version, you're providing your employees with a flexible and meaningful reward. The choice ultimately depends on your company's preferences and your employees' lifestyles. So, don't wait order your Allgo Mastercard Gift Cards today at allgo.ie, and give your employees the freedom to choose where they spend their well-deserved rewards, making this year a memorable and rewarding one for your team. Christmas last order dates Order online at allgo.ie! For Allgo Physical Mastercard to arrive in time for Christmas, you must ORDER & PAY by Monday, 18 December. For Allgo Digital Mastercards, you must ORDER & PAY by Wednesday, 20 December. Contact Allgo Rewards Web: www.allgo.ie Email: sales@allgo.ie Tel: +353 1 253 0040 Allgo Rewards, Digital Depot, The Digital Hub, Dublin 8, D08TCV4, Ireland This article is sponsored by Allgo

The Philippines has joined the OECD/G20 Inclusive Framework on BEPS and has committed to addressing the tax challenges arising from the digitalisation of the economy by participating in the Two-Pillar Solution to ensure that multinational enterprises pay a fair share of tax in the jurisdictions in which they operate.  

Last week, the Global Forum on Transparency and Exchange of Information for Tax purposes published new peer review reports on transparency and exchange of information on request (EOIR) for six members; Latvia, Mauritania, Pakistan, Poland, Serbia and Thailand. Supplementary reports reflecting the progress made by Botswana and Dominica in implementing the EOIR standard were also published. Over half of the members of the Global Forum have now been fully reviewed in the second round of EOIR peer reviews. 88 percent of the jurisdictions received satisfactory overall ratings, with 10 percent marked as partially compliant and 2 percent as non-compliant.  Key findings from the latest round of reviews can be found here.

Last week, Ireland joined its international partners in welcoming the new international standard, developed by the OECD, on the automatic exchange of crypto information between tax authorities. The Crypto Asset Reporting Framework is being delivered within the EU through an amendment to the Directive on Administrative Co-Operation.   A publication by the Irish government states that “Ireland is already a recognised global leader in exchange of information and today marks an important staging post which reinforces Ireland's commitment to best international practice in tax transparency.”  Read the joint statement.  

Revenue has updated the Help to Buy – Summary Guide for Applicants to reflect changes to the Help-to-Buy (HTB) scheme introduced in Budget 2024 to enhance its compatibility with the Local Authority Affordable Purchase (LAAP) scheme. The changes take effect from 11 October 2023 and apply to HTB applicants availing of the LAAP scheme, who have signed a purchase contract on or after 11 October 2023. The updated guide includes the addition of new screenshots to demonstrate the steps involved in making a HTB claim.

Last week the Institute was represented at meetings in London of the UK Domestic Advisory Group (“DAG”), and at the annual joint UK and EU DAG meeting. After the joint meeting with the EU, a statement was issued by the UK and EU DAG’s setting out the matters discussed in more detail. On day two, representatives from both DAGs and from civil society were present at the annual Civil Society forum which provided an opportunity to feedback to representatives of the UK Government and the European Commission on key issues and concerns in implementing the Trade and Co-operation agreement.  The UK DAG is conducting its work via the following sub-groups each of which aims to publish on GOV.UK an update on key issues being discussed in the near future:-  Business and Labour Mobility;  Trade and Customs;  Regulatory Cooperation and Level Playing Field;  Energy and Climate Change; and  Nations and Regions.  Chartered Accountants Ireland participates in the Nations and Regions sub-group and was in attendance at the most recent meeting of this sub-group which took place in Edinburgh on Friday 10 November. During this meeting, attendees heard from Dimitris Dimitriadis, President of the European Economic and Social Committee’s External Relations Section as well as Irene Oldfather Vice-Chair of the UK DAG and Chair of the Sottish Advisory Forum on Europe. Broadly, concerns about youth mobility, environmental targets and the need for clearer guidance on business and economic issues were heard.    During the UK DAG meeting, attendees heard from Professor Anand Menon (UK in a Changing Europe) about the 2026 TCA review process and what that might look like given the potential for a change in UK Government after the next election. Sir Oliver Heald, Leader of the Delegation and Co-Chair of the UK-EU Parliamentary Partnership Assembly, was also in attendance and listened to various concerns from the UK DAG’s sub-groups.  Last week’s meetings in London took place in the grand surroundings of Lancaster House (see photo) which has been used in previous series of Netflix’s The Crown and which also features in the final series starting later this week. The UK Government’s wine cellars are also located at Lancaster House. 

With effect from 1 January 2024, Council Directive (EU) 2021/514 (DAC7) obliges certain platform operators to collect and automatically report information on certain sellers using their platform to earn consideration. As previously reported, platform operators must register with Revenue for the purpose of DAC7 by 30 November 2023. Revenue has published a new Tax and Duty Manual which provides general guidance on how to register for the reporting obligations in Ireland.

The Parliamentary Budget Office (PBO) has published a briefing paper on Budgetary Issues in the Finance (No.2) Bill 2023. The paper provides an analysis of measures contained in the Finance Bill (No.2) 2023 that the PBO believes could have a budgetary impact, and includes an overview of these measures, including information on possible cost, policy background and policy impact. Where possible, the PBO has endeavoured to provide information on the cost or yield of a measure or a policy change as estimated by the Department of Finance. Amendments to the Finance Bill arising out of last week’s Committee Stage are due for consideration at Report Stage the week commencing Monday 20 November. The briefing paper is based on the Bill as published and does not account for forthcoming amendments.

In early October, the Institute responded to the House of Lords Finance Bill Sub-Committee’s inquiry into draft Finance Bill 2023/24. As the Committee has now accepted this as evidence, the submission is available to read in the Tax Representations section of our website. The Institute’s submission was focused on two specific areas of concern in the draft Finance Bill:- The proposal to restrict the geographical scope of agricultural property relief and woodlands relief for inheritance tax to UK land and property only from 6 April 2024 – in August the Institute wrote to the Financial Secretary to the Treasury on the same issue; and  The proposal to potentially merge the UK’s SME and “large” company R&D tax relief regimes from 1 April 2024.    You can read the Institute’s recommendations in relation to both of these areas in the submission.