The Irish government published Brexit legislation last month as part of its continued contingency plans for a no deal Brexit. Part 6 of the Bill sets out the tax provisions aimed at providing continuity in accessing certain taxation reliefs and allowances, and the retention of a number of anti-avoidance provisions in the event that the UK is no longer a member of the EU/EEA.

The Miscellaneous Provisions (Withdrawal of the United Kingdom from the European Union on 29 March 2019) Bill 2019 also includes proposed amendments to income tax, capital tax, corporation tax and stamp duty legislation. The amendments mainly relate to including the UK in definitions in the event that they no longer remain an EEA / EU member state.

The reliefs amended include KEEP, EIIS, artist income exemption, mortgage interest relief, relief for third level college fees, corporation tax charges on income, relief for start-up companies, R&D tax credit relief and stamp duty relief on mergers of companies, among a list of others.

Adding the UK to the territorial requirements will maintain the status quo in the immediate future and allows time to examine any potential impact on bone-fide business transactions. The taxation amendments will come into operation by ministerial order by the Minister for Finance.