These are often required by business owners for purchases or sales of businesses or shares, mergers, transfer of interest between shareholders, relationship property matters, succession planning, employee share ownership plans, intellectual property, or calculations of direct or consequential loss.
Inland Revenue (IR) has issued IS 23/02, which is to provide guidance to us all on the Commissioner’s view of how the 5-year bright-line test contained within section CZ 39 (so not section CB 6A which applies to post 27th March 2021 transactions) of the ITA07, should apply to specific family and close relationship transactions. […]
Inland Revenue (IR) has issued IS 23/02, which is to provide guidance to us all on the Commissioner’s view of how the 5-year bright-line test contained within section CZ 39 (so not section CB 6A which applies to post 27th March 2021 transactions) of the ITA07, should apply to specific family and close relationship transactions. […]
Inland Revenue (IR) has issued two new draft interpretation statements (IS) for your review and comment. The first is PUB00444, ‘Income tax – Government payments to businesses (grants and subsidies)’, which provides guidance on the income tax treatment of government grants and subsidies paid to businesses. The IS is focused on how sections CX 47 […]
Due to the severe weather events in January and February of this year, the Tax Administration (Extension of Due Dates) Order 2023 (SL 2023/48) extends a couple of due dates for those taxpayers significantly adversely affected. The date extensions are in relation to decisions/actions surrounding bad debt write-offs and beneficiary income distributions. With respect to […]
Inland Revenue (IR) has issued three new special reports post the passing of the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Act 2023 (No 5 of 2023), which received the Royal assent on 31st March 2023. The first report provides commentary on the new build-to-rent exclusion from the interest limitation rules. While […]
AWIR: The third time | Environmental measures | Directors and board members | Tax Bill
Third time, hopefully the last time For the third time in less than two months, and hopefully the last for some time to come now, we have seen an emergency event declaration, this time in relation to Cyclone Gabrielle. The Tax Administration (February Cyclone Event) Order 2023 (SL 2023/10) came into force on 20 February […]
Author: Debra Houghton Imagine being able to centralise the management of investments, accounts, and assets and get a comprehensive view of a family’s financial situation. Or minimising tax liabilities and optimising tax strategies to preserve wealth across generations. There are many more reasons why a Family Office support service exists. The best way to describe […]
Author: Lily Li Many of you may have been adversely affected by a series of recent nature events – Cyclone Gabrielle and the flooding. Inland Revenue (IR) has accordingly published various tax reliefs to help manage your tax obligations. The reliefs cover the following aspects: • Unable to file or pay on time• Penalties imposed […]
You may recall when Covid first hit our shores and we were forced into lockdown with everyone working from home (or at least those of us who were lucky enough to be able to). Inland Revenue (IR) released a number of determinations, reflective of the fact that employers were reimbursing their employees for the additional […]
If reading about the ins and outs of tax avoidance tickles your fancy, then have I got the dream document for you! IR’s finalised interpretation statement on tax avoidance – IS 23/01 ‘Tax avoidance and the interpretation of the general anti-avoidance provisions sections BG 1 and GA 1 of the Income Tax Act 2007’, has […]
These are often required by business owners for purchases or sales of businesses or shares, mergers, transfer of interest between shareholders, relationship property matters, succession planning, employee share ownership plans, intellectual property, or calculations of direct or consequential loss. To learn more click HERE
