Speedo shifts tax domicile to Ireland, €6m for start-ups, and how students can chose the right bank

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Almost all workers whose companies availed of  the temporary wage subsidy scheme and then topped up those payments, ended 2020 with a tax liability, says taxback.com. Photograph: iStock

Almost all workers whose companies availed of the temporary wage subsidy scheme and then topped up those payments, ended 2020 with a tax liability, says taxback.com. Photograph: iStock

 

Pentland Group, the British owner of sports brands Speedo and Lacoste and the majority owner of stock market listed retailer JD Sports, has shifted its tax domicile to Ireland. A new Irish group company set up to facilitate the deal has been allotted shares in the business valued at £5.13 billion. Mark Paul reports that family-controlled Pentland says it has made the move to “benefit from the EU’s freedoms and regulatory environment” after Brexit.

Almost all workers whose companies availed of Covid support payments through the temporary wage subsidy scheme and then topped up those payments, ended 2020 with a tax liability, according to Taxback.com. An analysis by the tax advisers of the first 500 people to take part in an Employee Financial Wellbeing service found an average tax bill owing of €1,000. Dominic Coyle has the details.

Irish start-ups have raised over €6 million from crowdfunding campaigns locally in the first eight months of the year as individual investors put some of their Covid savings to good use. This compares to €1.3 million raised in the same period in 2020 on Spark Crowdfunding and less than €1.1 million for the corresponding months two years ago. Charlie Taylor reports.

In Personal Finance, Dominic Coyle advises a reader who is buying his siblings out of the inherited family home at a discount but is wondering what the tax implications may be.

Dominic also advises a man who wishes sell the house he bought with a friend during the Celtic Tiger so he can get his name off the mortgage, but his pal is reluctant to put up the For Sale sign.

As third level campuses reopen, Joanne Hunt takes a look at what students need to know before choosing a bank and examines all the options available from current accounts, to digital banks to credit cards and student loans.

This week’s Me & My Money features Orlaith McBride, the director of the National Archives who says “money is necessary but it’s not important”.

Meanwhile, Proinsias O’Mahony examines some of people’s worst trades; how animal pandemics pose risks for investors; and how growth concerns boost Fang stocks. You can read all of today’s Stocktake columns here.

And finally, in this week’s Media column, editor of marketing.ie, Michael Cullen, writes that a culture of intentional inclusivity needs to be fostered in marketing and that management should educate and train employees around unconscious bias and racism and encourage people to share lived experiences.

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