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Our People & Change Consulting team help clients adapt to the changing nature of the workforce - how they attract, retain, engage, develop, deploy and lead their people.
Grant Thornton is Ireland’s leading provider of insolvency and corporate recovery solutions.
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Grant Thornton’s Business Process Outsourcing (BPO) team serves the needs of rapidly growing mid-tier multinationals operating out of Ireland and other hubs through the provision of services across the full range of finance functions.
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At Grant Thornton, we meet the challenges of our clients. Our Global payroll compliance service offering is tailored to meet all your payroll requirements through a single point of contact.
Grant Thornton Financial Counselling
Grant Thornton Financial Counselling (GTFC) comprises a team of highly qualified professionals who offer financial advice to individuals and corporates across a range of areas including savings, investments, pension planning, and inheritance and succession planning.
Our services on Inheritance Planning mirror those on Succession Planning whereby the foundations of the plan are derived from meaningful conversations with those that wish to pass on or protect their asset base.
Personal Tax Compliance & Planning
The Grant Thornton Personal Tax team helps clients remain compliant and up to date with all of their tax obligations whilst ensuring that they are solutions driven and manage their finances in the most tax efficient way possible.
We have extensive experience guiding our clients successfully through the succession process. This involves advice on both the qualitative and quantitative aspects of the process. While there is a business at the core of each succession plan we advise on, it is all predicated on understanding the people and their respective wishes.
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Our Corporation Tax team is made up of more than 40 highly experienced senior partners and directors who work directly with a wide range of domestic, international, and financial services clients. We place a strong emphasis on direct service to clients and we pride ourselves on the close personal relationships we build and the deep understanding of their businesses we develop
Attracting and retaining key talent, managing employment costs and ensuring compliance with complex tax rules presents one of the most serious challenges today for many businesses. You need to ensure that your business complies with increasingly complex tax legislation and can adapt to updated Revenue guidance in a cost-effective way and we are here to help.
Financial Services Tax
The Grant Thornton team is made up of experts who are fully up to date in terms of changing and evolving tax legislation. This is combined with industry expertise and an in-depth knowledge of the evolving financial services regulatory landscape.
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Grant Thornton Ireland offer a different approach to managing global mobility. We have brought together specialists from our tax, global payroll, people and change and financial accounting teams across Ireland and Northern Ireland, while drawing on the knowledge and insights of our global network of over 143 offices of mobility professionals to provide you with a holistic approach to managing global mobility.
We develop close relationships with clients in order to gain a deep understanding of their businesses to ensure they make the right operational decisions. The wrong decision on how a company sells into a new market or establishes a new subsidiary can have major tax implications.
The Grant Thornton Tax Advisory team blends commercial experience and knowledge with tax expertise to advise clients on the full range of transactions including sales, mergers, restructurings and succession planning.
Our Tax Incentives team help clients access vital cash funding and tax incentives to enable them to achieve their growth ambition.
Grant Thornton’s team of indirect tax specialists helps a range of clients across a variety of sectors including pharmaceuticals, financial services, construction and property and food to navigate these complexities.
Real Estate Tax Advisory
The Irish real estate market has experienced considerable change in recent years. This has resulted in the emergence of a number of challenges for investors, but has also brought about significant opportunities. With this in mind, taxation is now more than ever one of the key factors for real estate investors when appraising investments, financing methods and development structuring.
The implications of the “leave” vote for the broader financial services regulatory framework post Brexit and the corresponding effects for Ireland are difficult to forecast. Asset management is an area which is heavily regulated at EU level leading to significant uncertainty surrounding what will happen to the UK's asset management offering.
The three major regulatory regimes affecting the asset management industry in the EU are:
- The Undertakings for Collective Investment in Transferable Securities Directive (UCITS);
- The Alternative Investment Fund Managers Directive (AIFMD); and
- Markets in Financial Instruments Directive (MiFID).
The impact of Brexit on the asset management and investment funds industry may depend on a number of factors such as; where the clients or funds are located, the target markets, the types of investors and the location of the asset manager.
Currently, an entity which is authorised under any of above three regulatory regimes is permitted to market itself on an EU-wide basis and provide services cross border without the necessity for local authorisation, the establishment of a subsidiary or compliance with the local private placement rules. It is likely, in a post-Brexit world that UK investment firms and collective investment schemes will become “third country firms” and cease to benefit directly from the MiFID, AIFMD and UCITS passporting regimes following an EU exit.
What’s the potential impact?
UCITS and AIFs
EU UCITS funds, independent of their investment manager, are entitled to a marketing passport. Therefore, a UK based asset manager should still be able to act as investment manager to an Irish domiciled self-managed UCITS, and that UCITS could still have an EU wide marketing passport. EU UCITS would lose their rights to be marketed in the UK however. It is widely expected though that the UK would allow these funds to be marketed in the UK.
UK-domiciled UCITS would no longer be able to use the EU marketing passport. In order for a fund to be marketed in the EU, marketing could take place under the national private placement regimes or the fund could re-domicile to an EU Member State such as Ireland.
For AIFs, the marketing passport is not granted to the fund itself, rather it is given to the Alternative Investment Fund Manager (“AIFM”). Given that only EU authorised AIFMs can access the marketing passport, UK AIFMs will be at an immediate disadvantage. EU AIFs similar to EU UCITS would lose their rights to be marketed in the UK.
Management Companies and AIFMs
As with UK UCITS funds and AIFs, UK authorised UCITS management companies and AIFMs of EU funds would lose their EU management passports. In order for UK firms to continue to manage EU funds they would have to appoint an EU UCITS management company or AIFM, or conversely the funds would have to become self-managed.
UK AIFMs may still be able to manage EU AIFs but would only be able to market the funds under national private placement regimes. It is however expected that the AIFMD third country passport is extended to the UK.
UK-based fund managers would need to comply with local third country rules to continue EU portfolio management activity. Alternatively, a new portfolio management entity could be established in an EU Member State.
However, if the UK is designated as equivalent under MiFID II, UK fund managers would be able to continue to manage the assets of EU professional clients.
Opportunities for Ireland
In the event of a large scale migration of asset managers and/or investment funds out of the UK, it is possible that many will choose to re-domicile to Ireland.
Ireland already has a significant centre of excellence when it comes to asset management. As of 2015, there is over €3.8tn of investor assets serviced by Irish service providers. Over 800 fund managers from 50+ countries have assets administered in Ireland and 18 of the top 20 global asset managers have Irish domiciled funds.
This experience coupled with its proximity to the UK, it being the only other English speaking country in the UK and of course its favourable tax regime leaves Ireland very well placed to be the jurisdiction of choice for any potential influx of UK funds and fund managers.
How we can help?
Our experienced multi-discipline asset management team are on hand to help firms meet the any challenges and questions that may arise as a result of Brexit.