Dominic Coyle

Dominic Coyle

Deputy Business Editor

Dominic Coyle is Deputy Business Editor at The Irish Times

The applicable inheritance tax threshold is the one in place at the time the parent dies
Will Revenue come calling with tax bill if inheritance tax threshold falls?

Q&A: Dominic Coyle

Rents are continuing to rise, but property prices are falling, according to the latest Daft.ie housing report. Photograph: iStock
Banks in a bind; SuperValu boss departs; and €46m dividend at Copper’s

Business Today: the best news, analysis and comment from The Irish Times business desk

As Revenue always responds better when people with debts approach it rather than the other way around, I would advise your siblings that they do so before any inheritance is otherwise spent. Photograph: iStock
Will family’s tax debt stop me getting my inheritance?

Q&A: Dominic Coyle answers your personal finance questions

Holiday homes on Achill Island. The self-catering sector has been dealt another blow by the exit of British operator Cottages.com from the Irish market. Photograph: Cyril Byrne
Holiday home rental company exits Irish market

Cottages.com has been selling Irish accommodation to British tourists for 26 years

The US administration said it had secured supplies of 500,000 treatment courses of the antiviral drug Remdesivir from Gilead, amounting to 100 per cent of production in July and 90 per cent for August and September. Photograph: Chris Kleponis/Polaris/Bloomberg
Irish pharma sector warns of protectionism as US corners supply

Alert comes after US secures Covid-19 drug treatment for next three months

Photograph: iStock.
Why gift a son now if it eats into his tax-free inheritance threshold?

Q&A: Dominic Coyle answers your personal finance questions

The pub and restaurant sectors are split over a campaign for a near €700m cut to VAT on pub alcohol sales.
Drink tax row; no respite for Bewley’s; and mortgage U-turn at AIB

Business Today: the best news, analysis and comment from The Irish Times business desk

Backlogs in the State’s forestry licensing and appeals system risk plunging the sector into crisis
Timber crisis; Revenue reliefs; and taking advantage of Brexit

Business Today: the best news, analysis and comment from The Irish Times business desk

Revenue has reminded business owners to tidy up any other tax affairs outstanding. Photograph: Nick Bradshaw
Businesses given five days to get Revenue-ready for Covid-19 tax relief

Companies will be ineligible for ‘debt warehousing’ if conditions not met in ‘audit’

I have savings of €200,000 and am considering spending €30,000 on a car. Photograph: iStock
Home or car: what’s the best use of my savings?

Q&A: Dominic Coyle answers your personal finance questions

Companies have just five days from the date of the letter to respond. Failure to do so will lead to the potential suspension of payments. Photograph: Joe St Leger
Revenue to check businesses are not misusing Covid wage subsidy scheme

Companies must cease claiming if they no longer meet criteria for €1.59bn scheme

Do newlyweds have any tax liability for cash wedding presents received from wedding guests? Photograph: Getty Images
Wedding costs and wedding gifts: will they create tax headache?

Q&A: Dominic Coyle answers your personal finance questions

Taxback.com notes that loss of income would range from €150 over the full year for a retail worker earning €23,000 gross to €16,500 for a business executive on a salary of €115,000.
Coronavirus: Over 1m workers may face tax bills of up to €2,800 at end of the year

Those in receipt of Covid-19 payments will face substantial bills, says Taxback.com

At $3.3bn the cancer blockbuster drug Keytruda now accounts for more than a quarter of all the sales of MSD’s parent, which trades as Merck in the US and Canada. Photograph: Robbie Reynolds
MSD looking for 200 staff across four Irish sites

Drug giant filling a variety of roles in Swords, Carlow, Tipperary and Cork

Bewleys on Grafton Street, Dublin. Photograph: Aidan Crawley
Hope yet for Bewleys; power cut on pay deal; and quarantine under pressure

Business Today: the best news, analysis and comment from The Irish Times business desk

Chanelle Pharma founder and managing director Michael Burke: “I think Covid is going to affect every business. There is going to be no business unaffected apart from, maybe, human pharma.”
Taking on the US pet health market from Galway at age 72

Interview: Chanelle Pharma founder and managing director Michael Burke

If you have the money to buy a home, the Department of Social Protection / Intreo will consider that you do not need Jobseeker’s Allowance. File photograph: Getty
Aunt’s help to buy home will cost you unemployment income

Q&A: Dominic Coyle

Assuming the aspiring coalition partners do go into government, changes on both the state pension age and a move to the new Total Contributions Approach (TCA) will be put on ice pending the deliberations of a yet to be formed pensions commission.
Will new pension commission cut my State pension?

Q&A: Dominic Coyle

The restaurant sector is calling for comprehensive financial support
Restaurants’ begging bowl; relief for directors; and five ways to get ahead from home

Business Today: the best news, analysis and comment from The Irish Times business desk

Fianna Fail leader Micheal Martin leaves Government Buildings after a programme for government was finalised. Photograph: Dara Mac Donaill / The Irish Times
Mainstream powers up; pitching for EU Covid funds; and are the Greens bad for the economy

Business Today: the best news, analysis and comment from The Irish Times business desk

Finbarr Kenny: ‘What we can determine is whether someone has recently been infected with the virus and that has caused an immune response’
Finding a Covid-19 test: ‘It was like learning to fly a jumbo jet in mid-air’

Finbarr Kenny on how Roche Diagnostics developed a molecular coronavirus test

Assuming you are on a variable rate, there is absolutely nothing to stop you paying off the mortgage in full whenever it suits you
Paying off your mortgage in full not always the best plan

Q&A: Mortgage debt remains the cheapest money you will borrow, far cheaper than a personal loan

He is only liable for the increase in the value of the property – the capital gain – since he acquired ownership. Photograph: Gareth Fuller/PA
Inherited home likely to leave you with a capital gains tax bill

Q&A: Dominic Coyle

Company owner Michael Burke says the FDA approval is ‘a game changer’ for Chanelle.
Galway pharma firm shipping animal products to lucrative US market

Chanelle spent two years securing approval from Food and Drug Administration

Ireland’s debt agency raised €6 billion on the bond markets.
NTMA’s sweet spot; carer’s €1m tax bill; and a €5m payday for two Dublin academics

Business Today: the best news, analysis and comment from The Irish Times business desk

Wills and inheritance are a very emotional subject, as the postbag response to recent queries on this issue demonstrates
Executors may not see eye to eye over mother’s estate

Q&A: Dominic Coyle answers a reader's query on applying probate to his mother's will

Any executor is given a grace period – one year from the date of death – to organise probate for an estate. Photograph: iStock.
Brother is dragging his heels as executor of uncle’s will - is there anything I can do?

Q&A: The executor has one year from date of death to organise probate, writes Dominic Coyle

Revenue says Perrigo owes the €1.64 billion because of its purchase of Irish pharma group Elan in 2013 and the sale by Elan eight months previously of its MS drug Tysabri to Biogen. Photograph: Adam Bird/Bloomberg via Getty Images
Revenue faces US drug company Perrigo over disputed €1.64bn tax bill

Irish tax authorities argue sale of drug for MS should have been treated as capital gain

A lab worker shows a vial containing an infected swab during a coronavirus test. Photograph: Federico Bernini/Bloomberg
Coronavirus: Technopath offers employers not-for-profit antibody tests

Tipperary firm sees confidence in testing as crucial to getting staff back to work

If there is any tax owing at the end of the year, Revenue will collect this by adjusting your tax credits.
Tax and the Pandemic Unemployment Payment: Your questions answered

The payment is taxed but you will not face a lump sum of a tax bill

The new government is facing almost €11 billion of spending cuts and tax increases.
Banks plan for arrears; retailers push to open; and watchdog counts Covid cost

Business Today: the best news, analysis and comment from The Irish Times business desk

Until you sign a formal purchase contract there is nothing more than an informal agreement or understanding between you that you will buy the property
We are ‘sale agreed’, but can we go back with a lower offer?

Q&A: At this point the key question seems to be very simple: just how committed are you?

Bank of Ireland says that it will change the name of the account to the name of the remaining account holder(s), once they receive a death certificate.
Joint accounts: if one of us dies, can the other access the money?

Q&A: Joint accounts can be held in different ways and for different purposes writes Dominic Coyle

David McCourt (left), founder of Granahan McCourt, which has pulled out of the broadband process in Northern Ireland.
Missing rent, landlord pain and getting Ireland online

Business Today: the best news, analysis and comment from The Irish Times business desk

Medical device giant Medtronic reported a sharp fall in sales as hospitals cancelled elective surgery to cope with the Covid-19 crisis. Photograph: Munshi Ahmed/Bloomberg
Medtronic says Trump call to ‘reshore’ is impractical for medtech

The company has been dramatically ramping up production of ventilators from its Co Galway plant to meet explosion of demand

Seamus Gorman, chief executive of Irish company Hibergene Diagnostics. Photograph: Julien Behal Photography
Irish company praised by EU for developing rapid coronavirus test

Hibergene Diagnostics secures EU approval to market 30-minute test across Europe

Hibergene CEO Seamus Gorman: 'Coronavirus was unexpected, and our decision to pursue a test was opportunistic to some extent'.
Covid test a game-changer for Irish diagnostics group

Hibergene is producing 6,000 test kits a week, and this could be ramped up to 45,000

Seamus Gorman, chief executive of Irish company HiberGene Diagnostics: ‘The Covid-19 pandemic is the greatest challenge to humanity in our lifetimes.’ Photograph: Julien Behal
Rapid Covid-19 test by Irish group HiberGene gets EU approval

Accurate, low-cost test can deliver results for patients with coronavirus within 30 minutes

Photograph: iStock
Trouble ahead in playing fair for sister on property deal

Q&A: Dominic Coyle answers your personal finance questions

Inheritance and gift tax is one of those things that can vary quite substantially from country to country, even in the EU. Photograph: Getty Images
Will a gift to a child in the Netherlands create a tax headache for us?

Q&A: Dominic Coyle

Hydroxychloroquine was made popular as a treatment for Covid by US president Donald Trump.
Rescuing retailers; Brexit influx; and Sanofi’s Covid alert

Business Today: the best news, analysis and comment from The Irish Times business desk

A pharmacist displaying a box of hydroxychloroquine. Photograph: Noah Seelam/AFP via Getty
Sanofi issues Irish alert about Trump ‘miracle cure’ drug

Developer of hydroxychloroquine warns of increase in serious cardiac issues

Undeclared foreign property could land you in big trouble with both the tax authorities and the Department of Employment Affairs and Social Protection.
Undeclared foreign property spells trouble with Revenue and Welfare

Q&A: Dominic Coyle: ‘I suspect your friends face a difficult and costly time’

Liam Butler, owner of Haven Pharmacy in Birr, Co Offaly: ‘I cannot see us getting back to where we were until after the next flu season. 2020 is a write-off for a lot of pharmacies’
‘People’s habits change quickly... that’s what keeps me awake at night’

Pharmacies are struggling with reduced turnover and increasing Covid-19 costs

Drug delivery business Avectas has licensed a therapy from Galway-based ONK Therapeutics that targets what are called B-cell malignancies – blood cell cancers such as non-Hodgkin’s lymphoma (above)
Irish pharma deal hopes to significantly improve cancer treatment

Avectas, backed by industry veteran Seamus Mulligan, takes a stake in Galway-based ONK Therapeutics

Ireland’s pharmaceutical sector remains confident of its strength in the face of US president Donald Trump’s latest comments about bringing medicine production back to the US, but not complacent. Photograph: Oliver Contreras / EPA
No quick fix for Trump on reshoring pharma from Ireland

Irish medicines industry remains alert to longer-term dangers for investment in State

Chef and restaurant owner JP McMahon in his Michelin-starred Aniar Restaurant in Galway. Photograph: Joe O’Shaughnessy.
Top chef says restaurants cannot survive social distancing rules

Michelin-starred JP McMahon says he cannot open any of his three restaurants under two-metre rule

Photograph: iStock
Solicitor of dead husband has the will but he has closed down

Q&A: Dominic Coyle answers your personal finance questions

Regardless of what you have agreed to pay for your new home, the bank will get a professional valuer to value the property. Photograph: Getty
Bank official stalling on mortgage application citing Covid

Q&A: Dominic Coyle

Given that your mam is already retired, it is quite likely that this will be the final home she buys, so she will never benefit from any profit – or suffer from any loss – in its value anyway. Photograph: iStock
Should my mam wait for house prices to drop before buying?

Q&A: She’s looking for a home, so there’s no point in trying to second-guess the market

Fulfil Nutrition chief executive Brian O’Sullivan, who has announced that he will leave the company later this year. Photograph: Aidan Crawley
Fulfil Nutrition CEO Brian O’Sullivan to leave company

Industry veteran and company insist there is no animosity behind sudden move

A total of 427,000 workers are now being paid through the temporary wage subsidy scheme put in place to limit job losses during the Covid-19 pandemic. Photograph: Daragh Mc Sweeney/Provision
Covid forces another 64,600 workers onto wage subsidy scheme

Revenue says over 50,000 companies have now signed up for emergency payments

Feargal O’Rourke, managing partner at PwC which has announced that its partners will take a cut in pay as a result of Covid-19 crisis. Photograph: Conor Mulhern
KPMG and PwC partners take major pay cuts in ongoing Covid-19 crisis

Both Big Four accounting firms commit to protecting jobs for their staff for as long as possible

Richard Pops, chief executive of Alkermes, which reported a 30 per cent rise in sales of its key drugs in the first quarter. Photograph: Patrick Fallon/Bloomberg
Alkermes reports 30% rise in sales of key drug

Company pulls full-year guidance on coronavirus disruption to healthcare systems

People are staying away from doctors and hospitals during the Covid crisis even when they have potentially serious medical conditions, according to new data.
Sharp fall in cancer diagnoses during coronavirus crisis - data

Patients who are slow to present during crisis and social distancing in labs is affecting testing

Selling your property: bear in mind Revenue will want to know which month you bought and sell in; they don’t just round up to the nearest year
Unravelling tax bill on a property bought in stages

Q&A: Dominic Coyle

When a patient is discharged, the all their user data is wiped from the tablet which is then sanitised and available for another patient. Photograph: Alan Betson
Irish medtech Oneview offers virtual hospital rounds for Covid-19 patients

Devices have been rolled out in four teaching hospitals in New York

Companies that narrowly missed a deadline to qualify for the temporary Covid-19 wage subsidy scheme should be shown some leniency, the Green Party has said. Photograph: Alan Betson
Covid-19 wage subsidy relief for companies that missed deadline

Revenue relents on strict rules to help save jobs and businesses

While the tax filing deadline recurs each month, by missing the March 15th date employers have locked themselves out of the wage subsidy scheme regardless of how many months it remains in place. Photograph: Getty Images
Jobs at risk as employers are shut out of Covid-19 wage subsidy

Missed tax deadline could prove fatal for businesses damaged by shutdown

Rental potential: not having received rent means that certain costs cannot be claimed. Photograph: Getty
Will house bought for my parents land me with a tax bill?

Q&A: Dominic Coyle

Inheritance tax: there is a double taxation agreement between Ireland and the UK. Photograph: Getty
UK inheritance headache: am I taxed here or there?

Q&A: Dominic Coyle

Conor O’Kelly, chief executive, the National Treasury Management Agency (NTMA). Photograph: Dara Mac Dónaill / The Irish Times
State saving millions; who owns the private hospitals; and how to succeed at reopening the economy

Business Today: the best news, analysis and comment from The Irish Times business desk

About a quarter of employers in the State have registered for the temporary wage subsidy programme to help retain staff in jobs during the coronavirus outbreak. Photograph: Benoit Tessier/Reuters
Employers slow to take up Covid-19 wage subsidy scheme

Revenue figures show 82% of hospitality workers claiming support

Revenue briefed 550 tax advisers on the working of the temporary Covid-19 wage subsidt scheme. Photograph: Nick Bradshaw
High earners can register now for access to wage subsidy scheme

Revenue tells tax advisers that clients can avoid year-end tax bill by using credits now

Avectas’s technology allows cells to be taken from people, often critically ill, and returned to them after they have been genetically engineered to address their illness.
Seamus Mulligan leads $20m funding at medtech Avectas

Drug delivery specialist aims to be key player as medicine turns to cell technology and personalised medicine to tackle cancers

“ I work in hospitality and am temporarily laid off till such time as the business is back up and running.”
Will Covid layoff count against me on mortgage application?

Q&A: Dominic Coyle

'I have been the recipient of the €3,000 gift from my both of my grandparents for several years now.' Photograph: iStock
Grandparents’ gift requires a tax return even though no tax is owed

Q&A: Dominic Coyle answers your personal finance questions

Delivery company Deliveroo is adapting to the new reality, signing deals with most of the major convenience store brands to offer a grocery delivery service to customers.
Precipitous revenue slump, Deliveroo goes convenient; and data protection fears

Business Today: the best news, analysis and comment from The Irish Times business desk

Mainstay Medical, an Irish device company specialising in chronic low back pain, has announced plans to take the listed company private.
Irish back pain medical device group to pull stock market listings

Mainstay Medical cites poor liquidity in shares and cost for decision to take business private

Legacy issues: if a will is not drawn up in a particular way, it can be declared invalid. Photograph: Getty
I want to change my will quickly in case I fall ill. Do I need a lawyer?

Q&A: Dominic Coyle

SCSI vice-president Micheál Mahon said it was critical that Government take on board the harsh lessons learned from previous crises, especially the financial crash of 2008
Major building projects could be delayed two years after Covid crisis

Housing shortage ‘can be traced back to the failure to plan’ during last crash

Global benefits consultancy Mercer has proposed that Irish pension savers should be allowed access to their retirement pots as they face a short-term cash squeeze in the Covid-19 crisis. Photograph: Getty Images/iStock
Cash-starved workers should get access to pension funds, says Mercer

Consultants also call for new inflation-linked emergency bond to fund economic recovery

Shares in cardiovascular drugmaker Amarin slumped over 70% last night as the company lost a key patent case in Nevada.
Irish heart drug group Amarin slumps 70% over patent suit loss

Nevada court rules patents are invalid in crunch battle with generic rivals

Many lorry drivers, along with workers from a range of other sectors, have been forced out of work due to the Covid-19 crisis. Photograph: Chris Furlong/Getty Images
Will pandemic payment give me PRSI stamp as retirement looms?

Q&A: Dominic Coyle

As long as everyone stays within the rules, Revenue is comfortable that this is a well-used and, in the grand scheme of things, modest tax break.
Will Revenue want proof of €3,000 gift to child?

Q&A: Dominic Coyle

Wage subsidy: to qualify, companies must have seen their business significantly disrupted by the Covid-19 crisis.
Workers may face tax bill on emergency State wage subsidy

Weekly payments of up to €410 could lead to income tax and USC bill liability at year end

Total Produce said demand from the food service sector has fallen but demand from retailers had remained “robust. Photograph: Ariana Drehsler/AFP via Getty Images
Fruit and veg group Total Produce warns on profits

Company reports strong retail demand as food service business diminishes amid restrictions

In Ireland, both parties in divorce are expected to try to hammer out terms of a settlement – financial and otherwise – governing their arrangements post any divorce. Photograph: Dan Kitwood/Getty Images
Can husband keep savings and half the house in divorce?

Q&A: Dominic Coyle

Billy Kane’s non-bank lender Finance Ireland is pressing pause on a planned May stock market flotation.
Tapping Apple or eurobonds to meet the economic cost of Covid-19

Business Today: the best news, analysis and comment from The Irish Times business desk

Insurers are throwing out claims for business interruption because Covid-19 was not specifically listed among the diseases covered or because the infection did not happen on the policyholder’s premises. Photograph Nick Bradshaw
Insurers cite small print in rejecting Covid-19 claims

Seen & Heard: US software group scotches Dublin plans; K Club owner offloads nursing homes

Revenue already has measures in place to reimburse people who habitually work from home for their work-related expenses. Photograph: Getty Images
People remote working can claim tax relief for lighting, heat and broadband

Employers can pay staff tax free to cover cost of home-working

Ireland is a major exporter of pharmaceutical and medical supply goods to the US
No big fall in Ireland’s production of drugs and medical technology

Trump administration looking at ways to bring production of pharmaceuticals and medical devices back to the US

Your parents could gift you up to €335,000 in assets without any worries over tax. It would mean that you would have to pay tax on any subsequent inheritance from them but that is not such an issue
Dad wants to give us the property we currently rent off him

Q&A: Dominic Coyle

The rules here dictate that you lose any entitlement to first-time reliefs once you have bought a property – or a share in a property in any jurisdiction. Photograph: Chris Ison/PA Wire
Bringing savings into Ireland to buy a home

Q&A: Dominic Coyle

The Central Bank of Ireland. Photograph: Alan Betson / The Irish Times
Banks play the good and bad cop; relief for indebted builder; and little of it for markets

Business Today: the best news, analysis and comment from The Irish Times business desk

Your experience shows the perils of making informal arrangements to suit particular family circumstances
Family arrangement on home is coming back to haunt us

Q&A: Dominic Coyle

I plan to give my cottage to my son, who is returning from abroad later this year with his wife and family. Photograph: iStock
Gifting cottage to my son will cost me €46,000 in tax

Q&A: Dominic Coyle answers your personal finance questions

Small gift exemption: a parent can transfer €3,000 a year to a child tax free. Photograph: Getty
Can I backdate small gift exemption for my young children?

Q&A: Dominic Coyle

Wind accounted for close to a third of Irish energy generation last year
Gambling group cutting jobs, Tiger Childcare expands, wind energy increase

Business Today: the best news, analysis and comment from The Irish Times business desk

Tigers Childcare managing director Karen Clince with chairman Cormac Tobin and Lilah Mahon. Photograph: Conor McCabe Photography
Tigers Childcare opens new creche in south London

Karen Clince expands group into England with centre to cater for more than 120 children

The only will that has any legal authority is the most recent one properly drawn up and witnessed. Photograph: iStock
Can I see my father’s previous wills?

Q&A: Dominic Coyle answers your personal finance questions

‘Did the bank breach data security by divulging details of the meeting I had with my branch to my brother-in-law, prompting their offer to buy me out?’ Photograph: iStock
Bank leaked my loan request to family who tried to rip me off

Q&A: Dominic Coyle answers your personal finance questions

All wills eventually become publicly available in Ireland but not until probate has been granted. Photograph: iStock
How can I view my dead brother’s will if I’m not the executor?

Q&A: Dominic Coyle answers your personal finance questions

Fallon and Byrne, Exchequer Street, Dublin. Photograph: Eric Luke / The Irish Times
On hold at Fallon & Byrne; KBC’s soured home loans; and gender pay gap in finance

Business Today: the best news, analysis and comment from The Irish Times business desk

The Central Bank has warned all parties against adding further spending fuel to an economy that is already running at full capacity. Photograph: Alan Betson/The Irish Times
Election stock shock; Crosbie closes down; and Samsung’s new phone

Business Today: the best news, analysis and comment from The Irish Times business desk

Cancer patient Maria Waters requires a drug that is not licensed in the State for the treatment of head and neck cancer. Photograph: Nick Bradshaw
Husband of cancer patient calls on drug company for ‘compassionate’ supply

Woman faces €40,000 bill for drug licensed in Ireland but not for her head and neck cancer

One of Ireland’s biggest banks has called for the introduction of a shared ownership scheme to make home ownership more affordable. Photograph: Darren Staples/Reuters
AIB calls for new scheme to allow shared ownership of homes

Lender says mortgage lending rules are shutting people out of housing market

‘Given the experience of 46,000 home owners whose lenders wrongly weasled their way out of tracker rates they had promised, it appears your lender acted with uncommon honour for the industry at that time.’ Photograph: Gareth Fuller/PA Wire
Was bank wrong to force fixed mortgage on me before tracker rate?

Q&A: Dominic Coyle

Inotrem is examining whether it can help treat septic shock by targeting a protein called TREM-1, that is attached to immune cells in the body
Septic shock study gets €5m funding from Irish life sciences VC

Fountain Healthcare invests in French start-up Inotrem which targets condition with 35% mortality rate

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