Certificate in Taxation of Property Investments

Transcription

1 of Property Investments CERTIFICATE DETAILS DATES: Tuesday, 21 November 2017 Tuesday, 6 February VENUE: Irish Tax Institute, Dublin & Online PRICE: 1,150 with exam 995 CPD only OPTIONAL EXAM: Tuesday, 27 March 2018, EXPERT TUTORS INCLUDE Alan Bromell Mark Brophy Amanda-Jayne Comyn Padraig Daly Darragh Duane James Fox Liam Grimes Ted Holohan Paula Keaney Frank Murray 28 HOURS CPD Aoife Smyth Shane Wallace

2 emodule: INTRODUCTION > Course overview > The property/construction sector in Ireland > How was construction/refurbishment incentivised in Ireland? > Overview of reliefs available to stimulate activity in this area: Pre-recession reliefs and subsequent wind-down Reintroduction of reliefs in the area: Help to Buy (HTB) incentive for first time buyers Living City Initiative Home Renovation Incentive Industrial Building Allowance aviation sector > Identify the factors that determine whether a person is trading or investing in property and compare the tax treatment of these activities > Consider the taxation of land development and trading and explain the rules for calculating profits and losses arising. > Assess the types of ownership structures used when dealing in or developing land such as companies, pension schemes, partnerships and individuals, funds and QIFs etc. MODULE 1A: LEGAL CONSIDERATIONS Tuesday, 21 November 2017 ( ) > Develop an understanding of the key components of Irish property law > Explain the main steps in the conveyancing process > The legal implications of holding a property: personally, jointly, partnerships, co-ownerships, funds, corporates, etc. > Identify the common legal issues that arise for practitioners during transactions MODULE 1B: LAND DEVELOPMENT AND TRADING TAX CONSIDERATIONS > Understand the circumstances in which joint-ventures are entered into and the combinations of entities which are commonly used > Analyse how losses incurred while dealing in and developing land by individuals, partnerships and companies can be utilised including situations where the loss has arisen from a reduction in value of land and/or accrued interest MODULE 2: TAX IMPLICATIONS OF INVESTING IN PROPERTY - CAPITAL DISPOSALS > Examine the types of ownership structures used such as companies, pension schemes, partnerships, investment funds, trusts and individuals > Calculate the gain or loss arising on the disposal of property held as an investment considering acquisition and enhancement costs, debt forgiveness and other factors (to include negligible value claims and base cost adjustments) > Define development land for CGT and assess whether a disposal involves development land and calculate any CGT or relief restriction arising > Consider the different reliefs available from CGT including: Principal Private Residence (PPR) relief PPR relief dependent relatives The interaction of PPR relief with Rent-A-Room Relief Relief available on the disposal of a site to a child Tuesday, 21 November 2017 ( ) > Assess the impact of a write-down of debt incurred for the purchase of development land > Understand the implications of liquidations, receiverships and examinerships > Compare the tax treatment of transferring land and buildings from investments to trading stock with transfers from trading stock to investments Tuesday, 28 November 2017 ( ) CGT relief for certain disposals of land or buildings The application of group relief to transfers of property between group companies > Identify when withholding tax applies to CGT transactions and outline the procedures the purchaser must follow to account for and return withholding tax or obtain a CGT clearance certificate > Analyse the typical corporate structures used for construction and development companies > Outline the specific issues that arise when completing reorganisations or reconstructions for property and construction companies > CAT considerations (business property relief, agricultural relief and dwelling house exemption) MODULE 3: TAX IMPLICATIONS OF INVESTING IN PROPERTY - RENTAL INCOME > Identify what income is taxable under Schedule D Case V and calculate taxable profits > Consider the availability of a tax deduction for bank interest, interest paid following raising finance or refinancing/debt restructuring or other miscellaneous financing charges > Determine the tax treatment of letting a premises including granting a short lease or a long lease, assigning a lease, surrendering a leasehold interest, selling a lease or granting a lease for a premium > Use of losses for corporates > Optimising tax relief for capital expenditure by availing of capital allowances: Outline the conditions of entitlement to Industrial Buildings Allowance and plant and machinery Identify eligible expenditure including calculating the allowable plant and machinery part of a building Assess a lessor s entitlement to capital allowances Tuesday, 5 December 2017 ( ) Summarise the restrictions that can apply to Case V allowances Calculate the capital allowances available against Case V income Understand the rationale for the introduction of property incentive schemes; the relief granted and subsequent curtailment from 2015 onwards Compute practical examples of the application of the guillotine provisions for certain unused capital allowances > Explain the following concepts: Rents paid to non-resident landlords withholding tax and administration Losses and capital allowances when calculating income tax, USC and PRSI High Income Earner Restriction (HIER) Order of offset of capital allowances and losses Using allowances against total income or transferring to spouses Clawback of reliefs

3 MODULE 4: INTERNATIONAL TAX ASPECTS OF PROPERTY TRANSACTIONS > Examine the tax considerations that arise for international construction projects, both for Irish businesses operating abroad and for overseas operators working on Irish projects including: The taxation of foreign profits of Irish resident corporations and the taxation of Irish source income of non-resident corporations The place of residence of a holding company or trading company When a construction operation constitutes a Permanent Establishment Practical administration of double tax treaties and foreign tax credit relief Cross-border payments of dividends and interest out of and into Ireland Restriction of relief for interest paid (the distribution provisions) Identify the key administration and implementation aspects of international construction projects Tuesday, 12 December 2017 ( ) > Compare different means of structuring private property investment in Ireland from abroad e,g, individually, corporates, trusts, funds, QIFs, unit trusts etc. > Understand the changes made in 2016 to income earned and gains made from Irish property by Section 110 companies and investment funds > Describe the income tax and CGT tax treatment for individuals with foreign property including calculating the Irish tax liability and any foreign tax that may be taken as a credit Impact for Irish resident individuals of holding foreign property personally or via an alternative structure. Differences between Case III and Offshore Fund treatment in income tax return Tax treatment of foreign properties not held personally on disposal (to include negligible value claims) Double tax relief and foreign tax credits MODULE 5: VAT ON PROPERTY Thursday, 11 January 2018 ( ) > Examine the VAT treatment of sales of immovable property completed post 1 July 2008 including: How supplies of residential property are treated for VAT purposes Anti-avoidance provisions relating to the sale of building land How the joint option to tax supplies of property operates Why a sales agreement over property should contain a VAT clause > Understand the VAT treatment of leases granted from 1 July 2008 including an analysis of the key features of a lease, the different types of tenancies and the legal contrast between a lease and a licence > Understand the key issues that apply to transitional or legacy properties which fall to be taxed under the new system > Special Condition 3 and the Election to tax > Outline the operation of the Capital Goods Scheme (CGS) including: Calculating the VAT recoverable on a transaction under the CGS Apply the Big-Swing CGS adjustment Outline the CGS VAT treatment of the sale of a capital good Describe how the CGS applies to properties bought or built under the old VAT on Property regime Describe the consequences for a landlord of exercising or terminating the option to tax a letting > Other VAT on Property Issues: Explain the two thirds rule in relation to property Outline when the transfer of ownership of immovable goods is deemed not to be a supply Outline the VAT treatment of certain sub-contractor services and certain other land related services Describe how intra-group property transactions are treated Outline the VAT implications for property when a liquidator/ receiver is appointed Explain the VAT treatment where a property developer leases a residential property prior to its supply Understand the practical management of VAT recovery and cash flow MODULE 6: RCT AND STAMP DUTY IN A PROPERTY CONTEXT Tuesday, 16 January 2018 ( ) 6a Relevant Contracts Tax (RCT) > Define key terms such as principal contractor, construction operations and subcontractor > Understand a principal contractor s compliance obligations > Analyse whether RCT applies on payments to subcontractors in the construction industry and calculate the credit available where it is withheld > Apply RCT for non-resident contractors > Describe the common pitfalls in the operation of RCT > Explain the erct compliance system 6b Stamp Duty > Analyse the stamp duty treatment for practical property transactions: Assess how much stamp duty is payable on a property transaction Explain how stamp duty applies to site sales combined with building contracts (for residential property and commercial property) Distinguish between residential and commercial property for stamp duty purposes Describe the stamp duty treatment when a mix of residential and non-residential property is purchased Consider the stamp duty implications for holding properties in vehicles such as funds, QIFs and unit trusts Assess whether a transaction is a lease and differentiate between a lease and an agreement for lease and a licence Understand anti-avoidance legislation in relation to subsales, resting on contract and long agreement for lease Operate the Pay & File system

4 MODULE 7: REVENUE AUDITS IN THE CONTEXT OF PROPERTY AND THE CONSTRUCTION SECTOR Tuesday, 23 January 2018 ( ) > Understand Revenue compliance interventions within the construction sector and examine areas of Revenue focus and the key issues arising, including: Tax treatment of sales of land i.e. capital gains tax vs income tax HIER VAT registration of land dealers Operation of RCT and reverse charge for VAT Contractors and employees Subsistence payments to employees in the construction industry > Preparing a client or employer for a Revenue Audit: Understand the practical application of the Code of Practice for Revenue Audit and other Compliance Interventions Performing a pre-audit health check Apply best practice in documentation, systems maintenance and record-keeping Preparing for, attending, and managing the audit on behalf of your client or employer MODULE 8: ACCOUNTING & CORPORATE FINANCE CONSIDERATIONS 8a Accounting > Examine the importance of the accounting treatment of property and construction activities to their tax treatment > Understand changes in accounting standards for construction activities (IAS 11) Tuesday, 30 January 2018 ( ) 8b Corporate Finance > Explain the importance of access to different forms of finance for the construction sector > Discuss the various sources and types of finance available for viable construction and development projects including innovative models of financing which have emerged in the Irish market in recent years > Explore how a financial adviser can assist clients in forming funding strategies and sourcing and structuring project finance and working capital funding > Understand project appraisal, feasibility assessments and financial modelling WORKSHOP Tuesday, 6 February 2018 ( ) > Practical case-study workshop and exam preparation

5 TUTOR BIOGRAPHIES ALAN BROMELL is a Tax Director in KPMG, a Chartered Tax Adviser (CTA) and a Chartered Accountant. Alan advises a range of privatelyowned companies, their owners, and multinational companies across a variety of sectors on international and Irish tax matters. Alan is co-author of the Institute s 2014 publication Taxation of Property Transactions and has spoken and tutored extensively on topical tax matters. MARK BROPHY is an experienced finance professional and qualified accountant with 13 years banking experience. He works in Mazars Corporate Finance Advisory business where he provides clients with top quality strategic advice on areas such as M&A, Trade Sales, Debt Advisory, Capital Restructuring and Growth Capital Raising. Mark is a graduate of UCD. AMANDA-JAYNE COMYN BL, is a Director in the tax department of Grant Thornton. She specialises in the areas of company law, mergers and acquisitions, corporate restructuring, estate planning, and insolvency. Amanda- Jayne is also a Chartered Tax Adviser (CTA) and member of STEP. She regularly lectures to professionals and students and is a published author of the Bloomsbury Professional publications: Personal Insolvency Law, Taxation in Ireland and Irish Stamp Duty Law. She is editor of the Irish Tax Institute s publication Corporate Transactions: Tax and Legal Issues. PADRAIG DALY is a Director with Mazars specialising in advising clients in the construction industry as well as advising other Irish and multinational companies on mergers and acquisitions, corporate reorganisations and financing. In recent years, he has focused on property development and investment, during which he has advised on large residential and commercial developments, structuring investment into Ireland from abroad, public private partnerships and infrastructure projects. He has written and lectured extensively on tax matters including for the Institute and the main accounting bodies. Mark is a Chartered Tax Adviser (CTA) and an ACCA. DARRAGH DUANE is a Tax Director in PwC and leads PwC Ireland s Stamp Duty Group. Darragh advises a wide range of multinational and indigenous corporate clients, as well as high net worth individuals, on all areas of Irish stamp duty. Darragh has written articles for the Irish Tax Review, ISF Magazine and a number of Sunday newspapers. Darragh is involved in the formulation of stamp duty syllabi, has lectured in stamp duty and is a regular speaker at Institute conferences. JAMES FOX leads the EY Indirect Tax practice in Munster, advising on all aspects of VAT-related taxes for a wide range of clients. James has extensive experience on national and international VAT consultancy assignments and in the preparation of in-depth reports for clients on many pan-european business transactions. James is a Chartered Tax Adviser (CTA) and a member of Chartered Accountants Ireland. James also serves as a committee member of the Chartered Accountants Cork Society. LIAM GRIMES is a Fellow of the Irish Tax Institute and Chartered Tax Adviser (CTA). He has over 40 years experience in taxation, both in the private and public sectors. He has lectured extensively for the Irish Tax Institute and the main accountancy bodies. Liam represented the Irish Tax Institute at Main TALC and is currently a member of TALC Audit. TED HOLOHAN is a Tax Director with Deloitte and heads up its Cork VAT department. He has over 20 years experience working in VAT and formerly worked in the VAT section of the Office of the Revenue Commissioners. He specialises in international VAT. He is adviser to a number of multi-national companies and government bodies and also advises on Revenue Audit and RCT matters. PAULA KEANEY is a cofounder of Doyle Keaney Tax Advisors, a tax practice providing practical and innovative solutions for clients. A Chartered Tax Adviser (CTA) and a FCCA with over 18 years of experience in tax. Paula has presented on various tax technical issues for the Irish Tax Institute, CAI, ACCA, The Law Society of Ireland and other professional bodies. She has also contributed articles to the Irish Tax Review. Paula s area of expertise is providing tax advice to high net worth individuals and owner managed businesses. She specialises in advising on property transactions, succession planning, M&A and debt restructuring. FRANK MURRAY is a Tax Director in Deloitte specialising in tax advice on the structuring of property transactions, as well as advising multinational and private equity groups on group reorganisations, joint ventures and inward and outward investment. Frank is a Chartered Tax Adviser (CTA). AOIFE SMYTH is a Knowledge Lawyer in A&L Goodbody s commercial property department. Having previously worked as a property transactions lawyer, Aoife has extensive experience advising a range of clients on all aspects of property law including the acquisition and disposal of investment property portfolios, property financing, renewable energy projects and the negotiation of commercial leases. SHANE WALLACE is a Partner with William Fry Tax Advisors. He has advised many indigenous and multinational companies on a broad range of tax issues and has particular expertise in the areas of mergers and acquisitions, group reorganisations, debt financing arrangements, IP structuring and stamp duty. Shane holds a BCL and LLM in Commercial Law from UCD and is a qualified solicitor and Chartered Tax Adviser (CTA). He has written numerous articles in the Irish Tax Review and is currently a member of the Policy & Technical Committee of the Irish Tax Institute, as well as a Council member.

6 of Property Investments Booking Form Please select your preferred option: 1,150 (with exam) 995 (CPD only) I wish to reserve places in the name of: Member No.: First Name: Surname: First Name: Surname: First Name: Surname: (if more than 3 attendees please attach details) Firm/Company: Address: Tel.: Please indicate your preferred payment method (tick only one) Cheque: Please make cheques payable to Irish Tax Institute Credit/Debit Card: I wish to pay by credit/debit card Card Type: MasterCard Visa AmEx Visa Debit Card No: Card Holder: Billing Address: (If different from above) Expiry Date: Total Price: Please return this form to: Irish Tax Institute South Block Longboat Quay Grand Canal Harbour Dublin 2 D02 H927 Tel.: cpd@taxinstitute.ie Web: Signature: Date: Refund Policy Full Refund for written cancellations within five working days of the course start date, but no refund thereafter. An alternative attendee can be nominated at any time. There is no credit allowed for non-attendance. Data Protection Your personal information will be processed in accordance with the Data Protection Act 1988 and We will use your information to process your booking form and where appropriate in compiling a delegate list which will only be available at the conference in the delegate pack. If you do not wish for your name and company name to be included on the delegate list please cpd@taxinstitute.ie. We would like to retain your details on our database in order to keep you informed about future services from the Institute. If you do not wish to receive such communication please opt out by ticking this box.