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Revenue publishes new manual on the Companies Act 2014 and Irish mergers and divisions

18 December 2019

Revenue has recently published a long-awaited Tax and Duty Manual (the Manual) on tax matters relating to the Companies Act 2014 (the Act).

The Act provided new mechanisms for how Irish companies can be reorganised, including for the first time a domestic mergers and divisions regime for private companies. Following on from this, the Finance Act 2017 amended certain tax law provisions to address the transfer of assets and liabilities in the course of these new domestic mergers and divisions.

The new Manual now provides guidance on tax administration and compliance matters with regard to domestic mergers or divisions. In particular, the Manual sets out general guidance for transferor and successor companies involved in a merger or division in fulfilling their tax filing and payment obligations.

The new Revenue Tax and Duty Manual can be viewed here.

Sonya Manzor (Partner in William Fry Tax Advisors) and Barbara Kenny (Partner in William Fry's Corporate Department) are the current Law Society of Ireland Taxation Committee representatives on the Tax Advisory and Liaison Committee (TALC) Companies Act 2014 subgroup. The TALC Companies Act subgroup provided input on the manual and the sub-group's feedback is reflected in the published text.