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Budget 2019 & Finance Bill 2018 Analysis

Finance Bill 2018 was published on 18 October and in addition to giving effect to measures announced in Budget 2019, the Bill also contains a number of new measures, mainly of a technical nature.

Of most interest to the SME sector is the amendments to the KEEP Share Option Scheme, which was introduced in last year’s Finance Act and the considerable amendments to the reliefs afforded for Investment in Corporate Trades i.e. EIIS and SURE in terms of administration, accessability and some small enterprise exceptions. We have summarised these key amendments below.

As part of Ireland’s commitment to implementing the Anti-Tax Avoidance Directive, the Finance Bill sets out in more detail two measures that were announced in the Budget, Controlled Foreign Company (“CFC”) rules and amendments to Ireland’s current Exit Tax provisions.

Unfortunately, the Finance Bill does not include further enhancements to or refinements of CGT Entrepreneur relief.

We hope you find our commentary on Finance Bill 2018 of interest and we will keep you updated on developments as the Finance Bill passes through the Dail.

To discuss in confidence what the measures mean for you or your business please contact a member of our specialist tax team or your usual RBK contact.

Fiona Murphy

Taxation Partner

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