The death of Fred Morrison makes the international pages of several newspapers. He is credited with inventing one of the most iconic of toys – the Frisbee.
Morrison, 90, stumbled on his money-spinner when he and his girlfriend were throwing the lid of a popcorn box to each other in the back garden sometime in the 1950s. After it became dented, the pair moved on to the lid of a cake dish, which proved sturdier.
Justice Minister Dermot Ahern has banned upward only rent review clauses in business leases. The banning order on upward only rent reviews will amend clauses under section 132 of the Land and Conveyancing Law reform Act. The section will come into operation on 28 February 2010. The ban will only apply to leases taken out after this date.
Dublin’s swish Shelbourne Hotel is a financial black hole. Its owners, who include property developer Bernard McNamara and oil distributor John Sweeney, have ploughed €230m into it with little prospect of any return.
An independent accountants’ report seen by The Sunday Business Post show a consortium of high-flying investors have earned nothing from their investment so far and “there is no expectation at present that there will be any return of investment in this property, nor indeed a repayment of capital in the short term”.
The report compiled by Baker Tilly Ryan Glennon will play a key role in Sweeney’s petition for examinership, which is due to be heard in the High Court tomorrow (Monday, February 8).
The consortium of investors paid €120m for the hotel in 2004 and then pumped a further €120m into a total renovation of the Stephens’ Green landmark.
Goodbody stockbrokers switched large chunks of clients’ funds out of Bank of Ireland stocks into AIB during the stockmarket turmoil in November 2008, The Sunday Independent reports.
The potential significance of this is that Goodbody is wholly owned by AIB. The company denies the move was an attempt to bolster the value of shares in its beleaguered parent.
Most shareholders are happy to give their broker discretion to manage their portfolios without consulting them about every trade – after all, this is what people actually pay a stockbroker to do! Many discretionary funds are private pension schemes and billions of euro are tied up in these.
Goodbody is adamant the decision to shift the funds was “based on our views at the time as to the values and future performance”.
In a comment piece, Sunday Independent business editor Shane Ross counsels that “Goodbody’s words of wisdom about AIB should come with a health warning”.
“Brass neck goes a long way in the cut-throat world of the stock market,” Ross says. “And Goodbody has brass neck – in spades.”
Some of RTE’s top stars are facing the prospect of paying more tax if the Revenue decides they should be classed as employees, The Sunday Independent reports.
It had been speculated that long-term contractors would be targeted in last week’s Finance Bill but this failed to materialise.
However, the Sindo is now taking another bite at the story via the high earners in RTE such as Ryan Tubridy, Pat Kenny and Gerry Ryan who are paid through their companies rather than as employees.
“Any change in the criteria could have major implications for thousands of outsourced workers,” the newspaper notes.
The number of people claiming tax reliefs has more than trebled in the past five years, new figures from the Revenue Commissioners show.
More than 1.4m people claimed reliefs last year, according to The Sunday Business Post. The average rebate was around €380 with most claims arising from medical costs and work-related expenses.
The article notes that the 238,000 people who claimed for service charges last year will have that particular avenue closed to them after 2010, with reliefs on waste charges etc being phased out in last week’s Finance Bill.
The Tax Man is looking for access to the controversial list of suspected tax defaulters who may have squirreled their money away in secret Swiss bank accounts.
The German authorities have paid €2.5m for the leaked list of 1,500 individuals in a move that has soured Swiss-German relations. The Revenue is now planning to ask for a peek, something the Germans have agreed to do in the past with similar documents in its possession.
The Sunday Business Post reports that “getting information about Swiss bank accounts would be a massive coup for the Revenue, even if no names turned up on the list”.
“According to Revenue sources, it would prove that the era when tax evasion was widespread in Ireland had come to an end,” it says
After a delay of a year, the government will shortly introduce its proposed €200 parking levy on spaces provided by employers, The Sunday Business Post reports.
The levy on employees who drive to work was first announced in October 2008 but remained wishful thinking for “logistical reasons”. The teething problems now appear to have been overcome and the scheme will be rolled out on a phased basis, beginning in Dublin city centre.
It will then be extended across the country in main urban centres.
Investors put €100m in Irish films and TV productions last year, taking advantage of enhanced tax incentives for the industry, The Sunday Business Post reports.
The investment under Section 481 cost the exchequer €40.9m in revenue foregone but 46 TV series and 18 films received investment under the scheme during 2009. The number of productions was the highest since 1995.
Under the new regime introduced in 2008 to boost the industry, 100% of a movie’s budget can be offset against tax – up from 80% previously. The amount an individual could invest was also increased substantially.
It’s not all doom and gloom out there – and certainly not for a group of entrepreneurs who have just sold their Letterkenny-based technology start-up for $20m.
Iontas, a firm specialising in business process systems, has been sold to US company Vermint Systems, according to The Sunday Business Post. The deal comprises a cash payment of $14.8m and the remainder in earn-outs for the key personnel in the company over the next two years.
The Iontas founders and management will net more than €6m for the 30% stake they retain in the company. They include chairman and chief executive Joe Stockton and chief technical officer Martin McCreesh.
Merlin & co are bringing their financial wizardry to Wicklow and it spells tens of millions for the Irish film industry, The Sunday Times reports.
Camelot, a US-funded TV series based on the legendary Knights of the Round Table, is set to be filmed at Ardmore Studios in Wicklow with speculation that it will be an even bigger money-spinner than the Tudors, which brought €20m to Ireland last year alone.
Camelot is projected to run over five seasons, providing a welcome boost for thespians, hoteliers and travel companies.
Michael Hirst, the man who wrote The Tudors, has already penned the first four episodes of Camelot and has been commissioned to work on The Borgias, another TV series to be directed by Neil Jordan and starring Jeremy Irons. He said film-makers were attracted to Ireland by experienced crew and actors, the scenery and tax breaks.
“The landscape is perfect for the Arthurian setting. You get a real sense of the Dark Ages in Ireland,” he told the newspaper.
Perhaps he was talking about the economy.
Bank of Ireland has launched a new €26m fund to invest in start-up and early stage companies. In addition the fund will go to support patent and patent-pending projects within Irish universities.
This fund is part of a 5 year Enterprise Ireland seed and venture capital programme. The fund will focus on technology, food and financial services sectors, which are export based.
Were you made redundant at any stage over the past 4 years. Almost 90% of employees made redundant are not aware they may have overpaid tax on their redundancy package.
For example,
Mary was made redundant in September 2009, and received a gross lump sum of €50,000.
After deduction of tax, Mary actually received €38,516 in her wage packet. However after contacting Taxation.ie, Mary got an additional tax rebate of €4,855.
John, on the other hand was also made redundant in September 2009, and he received a gross lump sum of €30,000.
After deduction of tax, John received €21,861. However after contacting taxation.ie, John received an additional tax rebate of €2,41
Were you taxed on any portion of your redundancypackage?
If so, contact info@taxation.ie to see how you can reclaim your overpaid tax.