Fergus Fallon, aged 50, worked for Sunrise Ltd for many years but was made redundant two years ago. He received a substantial payment of €250,000 when he left Sunrise Ltd. Since losing his job Fergus has tried to secure another job but with no success. He has now decided to set up a company in the area of Online Learning, selling courses to various customers across the EU and will invest the money he received from his redundancy into the company. Fergus will own 100% of the share capital in his new company, Online Learning Ltd.
He has contacted you for advice on the tax implications of setting up a company in Ireland. He needs advice on the best structure for his Irish operations and wishes to set it up in such a way that he may be able to sell the online learning business in 5 to 7 years’ time.
He is anxious to minimise his tax liabilities as far as possible and would like to avail of as many reliefs as possible.
REQUIRED 1. Advise Fergus on the tax implications of setting up a company in Ireland and advise him on any reliefs that are available for his start-up company. (50 marks)
2. Advise Fergus on any reliefs that may be available to him should he wish to sell the company in the future. (20 marks)
Presentation and Referencing (10 marks)
make sure it is IRISH TAX RELIEF.