Norla's Irish EBT loans no longer work - have you been told?

[Anzact]

I have just found out through my tax advisor friend that Ireland have now changed their EBT rules at start of Feb 05 (in line with the UK) and will not allow a deduction for corporation tax for companies that pay into EBTs unless payments out are subject to tax- this has a major affect on those UK umbrellas that use Ireland to make loans from trusts to its UK contractors/employees.

Fitzwilliam and Norla are two that are caught by the changes I know coz I have used them both- which of course the knock-on is that their contractors may not be able to access the promised tax free bonuses they signed up for.

My grief is that my provider failed to advise of this even though they admitted they knew- they are hoping to find a miracle cure in a matter of weeks to replace the scheme - so as not to lose clients- not a great way to give confidence I say- I valued their tax council opinion and have done well with the scheme to date but honesty is the best approach and I urge most to stick to trusted schemes whatever they may be nowadays!

[Norla]

Re: Norla's Irish EBT loans no longer work - have you been t

Norla Consulting’s tax advisors continually monitor any changes to tax regulations. It was anticipated that the Irish tax authorities might bring treatment of EBTs in line with current UK arrangements.

Norla Consulting have therefore already negotiated an agreement with an alternative supplier. This planned migration to the new supplier will also provide significant benefits for new and existing consultants. The impact of transfer is being kept to a minimum and all consultants will benefit from a fully EU-compliant contract and a high level of return. All consultants are being kept fully informed via letter and email.

Norla Consulting’s service therefore continues as usual, and we are currently expanding our back office facilities. New consultants continue to join Norla, and we would be happy to speak with any consultants who may have been adversely affected by this change to Irish tax regulations.