Dominic Coyle

Dominic Coyle

Deputy Business Editor

Dominic Coyle is Deputy Business Editor at The Irish Times

A Clerys deal, another fine for Google and what really brings happiness

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

About a billion packs of medicines cross the UK-EU border each year.
Drug companies warn of ‘hard Brexit’ risk to medicines in EU

Pharma chief says 45 million packs of medicines a month move from UK to EU

The US authorities expect citizens to file tax returns with details of their worldwide income, capital gains and any inheritances.
Tax options for Irish-American couple

Q&A: Dominic Coyle answers your personal finance questions

Derek Young, founder and chief executive of i360 Medical, which has signed a collaboration agreement with EU health technologies innovation hub EIT Health. Photograph: Dara Mac Donaill
i360 Medical signs collaboration deal with EIT Health

Derek Young’s group to identify breakthrough technologies in EU

There is no tax liability on any bequest to you from your former husband, so there are no legal grounds that I can see for your husband’s solicitor withholding 15 per cent of the bequest to cover tax
Bequest from separated former husband only partly paid

Q&A: Dominic Coyle answers your personal finance questions

As a general rule, you are not allowed do anything to artificially inflate a capital loss. Photograph: Nick Bradshaw
Foreign exchange and capital losses on property sale

Q&A: Dominic Coyle answers your personal finance questions”

Non bank lenders could squeeze mortgage rates.
In search of low mortgage rates, drug budgets and C&C goes to Cheltenham

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

Drugs developed by major pharma companies, including Pfizer, Amgen, AstraZeneca and Johnson & Johnson’s Actellion business, are among those that have now secured approval. File photo. Photograph: Simon Dawson/Bloomberg
Ten new medicines waited more than two years for HSE approval

Medicines generally blocked on basis of price as Ipha says delay ‘unacceptably long’

Photograph: iStock
Tax defaulters, rich lists, Brexit fallout and Amazon’s new home

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

If the house with the loss was your family home, you cannot offset the loss now or at any future time.
I’m selling two houses – one at a loss and the other at a big gain

Q&A: Dominic Coyle answers your personal finance questions

‘I am a first-time buyer and am looking to self-build a small two-bedroom home with my fiance on a small corner site.’ File photograph: Getty Images
Can I use a site as a deposit for a mortgage?

Q&A: Dominic Coyle answers your personal finance questions

Sam Bailey from Rathcoole, Co Dublin, his father Paul, mother Fiona and sisters Kayla and Sarah, protesting over the HSE’s decision not funding the drug Spinraza, outside the Dáil on Thursday. Photograph: James Forde
Shouting the loudest often proves the catalyst in a broken drug-approvals process

Spinraza is the latest in a series of controversial drugs that have put Ireland’s unique approval system in the spotlight

Spinraza activists protest outside the Dáil in Dublin. The drug is used to treat people suffering with spinal muscular atrophy. Photograph: Garrett White/Collins Photo Agency
Most new drugs for treating rare diseases not approved for sale in Ireland

Pharma body says less than one-third of medicines for rare diseases licensed for patients in Europe are available in the Republic

The High Court has ordered Roadstone to allow inspection of three Dublin quarries in the hunt for the source of pyrite that has damaged new homes. Photograph: Cyril Byrne
PTSB ready for fines; Roadstone inspections; and EU criticism of housing policy

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

France’s minister of the economy and finance Bruno Le Maire speaking at the Institute of International and European Affairs in North Great Georges St.Photograph: Alan Betson
PTSB’s profits soar; bad news for SMEs; and Brexit logic

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

Can the bank legally keep these deeds as the apartment is worth more than the loan on it? Photograph: iStock
We’ve cleared our mortgage but bank is holding on to deeds

Q&A: Dominic Coyle answers your personal finance questions

Pharmaceutical companies have rejected allegations that they are pursuing “predatory pricing” for new medicines. Photograph: Getty Images
Drug companies angry at allegation of ‘predatory pricing’

Row between industry and body that advises the HSE over access to market for new medicines

Perrigo says it believes a tax assessment issued last November for the year 2013 is incorrect as a matter of law. Photograph: Adam Bird/Bloomberg via Getty Images
Perrigo files for judicial review of €1.6bn Revenue tax bill

Revenue should not have issued notice of amended assessment of liability, firm says

Medtronic chairman and chief executive Omar Ishrak. He said Crospon was doing well. Photograph: Brendan McDermid/Reuters
Medtronic to close Crospon medtech plant in Galway

Leading medical device manufacturer says operations will move to other plants, including one in Galway

Lauren Whelan (15), from Lorretto Crumlin who is an SMA sufferer with Spinraza activists portesting outside the Dáil. Photograph: Garrett White/Collins
Drugmaker urges HSE to revisit pricing of muscle-wasting disease treatment

Health body has informed patients and Biogen it will not sanction use of Spinraza

Women continue to snub pensions in large numbers. Ann O’Keeffe, head of individual life and pensions at Aviva, describes the “largely stagnant” figure for women saving for retirement as “worrying”.
Women continue to snub pensions as a financial priority, study finds

Just 6% of respondents considered their pension a priority, finds research for Aviva

Phoenix acquired the insurance books of a number of companies that operated in the Irish market down the years, including Abbey Life and Standard Life.
Has my Abbey Life policy developed Phoenix syndrome?

Q&A: Dominic Coyle answers your personal finance questions

Datalex chief executive Aidan Brogan who has lost his chief financial officer after a matter of weeks. Photograph: Cyril Byrne
Barchester banker, Fitzpatricks walks, and Gove gives farmers the Brexit shivers

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

Thousands of Irish people will have up to €2bn in pension funds unlocked next month when the Budget 2019 increase in the State pension takes effect.
State pension rise unlocks billions of euro in savings

Increase will bring the full contributory State pension to €12,911.60 per annum

It is disconcerting that three different qualified legal specialists have given you three different answers. Photograph: iStock
How do I minimise tax liability on a house inherited from my aunt?

In your case, whether you receive it as a gift or an inheritance, the same CAT rules apply

Modernisation would generally be allowed against capital gains but, in the absence of receipts, I think you’ll find it hard to persuade Revenue. Photograph: iStock
What tax do I owe on a rental property I bought in 1987?

Brace yourself: there will be a fairly sizeable capital gains tax bill on this property

Pharmaceutical company MSD has submitted plans for a major expansion of its Carlow facility. Photograph: Brenda Fitzsimons
Drug giant MSD seeks permission for major expansion of Carlow plant

Company expects to add 170 jobs to 400-plus already working at manufacturing plant

Richard Pops, chairman and chief executive officer of Alkermes. Photograph: Patrick Fallon/Bloomberg
Irish drug firm Alkermes sees revenues rise 15% in Q4

Company reports 21% rise in sales to $1.09bn and reduced losses in 2018

An Taoiseach Leo Varadkar speaking at the European Financial Forum, in Dublin Castle. Photograph: Dara Mac Dónaill
Anglo rewind; Brexit betting and Johnny Ronan in Cherrywood

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

‘Revenue’s interest is to ensure that it collects the tax it is due from individuals and corporate entities.’ File photograph: Nick Bradshaw
Will a mislabelled bank transfer come back to haunt me?

Q&A: I am concerned it may be considered income to me if it is noticed by Revenue

My pension fund charges are higher than the investment return

Q&A: Dominic Coyle answers your personal finance questions

Shot of drug bottles on a conveyor. iStock
State fails to save millions on HSE medicines bill

Lobbyists call for extending use of cheaper ‘copycat’ drugs where available

Any gift of a share in the property would count towards the lifetime limit of tax-free gifts and inheritances.
Selling a property I bought with my sister

‘Would there be capital gains tax on my sister’s portion?’

Greencore had committed to buying back just under 37 per cent of any shareholder’s holding. Photograph: Cyril Byrne
Will Greencore buy back all my shares and when will I get paid?

Share buyback follows exit of convenience foods producer from US market

Mortgage dilemma, food for thought, and a €10m insect farm

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

Greencore chief executive Patrick Coveney at the company’s agm. Photograph: Cyril Byrne
Greencore’s £509m share buyback offer oversubscribed

Sandwich group offered return of value to shareholders after sale of US business

Facebook beat expectations with its latest results. Photograph: Loic Venance/AFP/Getty Images
Corruption inquiry in South Africa, Lane for the ECB; and a fivefold return for investors

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

Sterling wobbles, Apple’s stumble and Greencore’s Brexit airlift

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

Having sold off its US business unexpectedly, Greencore has decided to return to shareholders £509 million (about €580 million) of the €93 million it got in that deal.
Will I make a profit on the Greencore share buyback?

Rights issues and a share split complicate calculation of shareholding value

With a properly constructed will a son or daughter can avail of the dwelling house exemption on the family home while also inheriting a share of a holiday home. Photograph: Nick Bradshaw
Don’t fall foul of rules on dwelling house exemption

Q&A: Dominic Coyle

Greencore: The share buyback means you either sell out some or all of your interest, or give up the chance to benefit from the return of capital following the company’s sale of its US operations. Photograph: Cyril Byrne
Special dividend vs share buyback at Greencore

Q&A: Dominic Coyle

Planning a marathon? There’s a new Irish app for that.
Donohoe defends his budget; crowdfunding failure; and Digicel’s challenge

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

Greencore is asking shareholders to either accept or reject a tender offer for their shares. Photograph: Dara Mac Dónaill / The Irish Times
Greencore’s tender offer – what does it mean for me?

Q&A: Dominic Coyle

Men are also nearly 50 per cent more likely to be offered membership of a bonus scheme, and more likely to be offered health insurance and income protection. Illustration: iStock
Work perks: men more likely to get bonuses, women flexitime

A survey of employee benefits shows a gender divide in the nature of perks offered

John Stapleton: “They still kind of think, ‘well I still don’t know what form of Brexit it’s going to be, so I’ll just wait and see until it happens and then I’ll get ready’.” Photograph: Alan Betson
John Stapleton: Food king's recipe for success

The serial food entrepreneur who invented fresh chilled soup worries that UK business is not ready for Brexit

Revenue has tightened the rules significantly regarding the dwelling house exemption. Photograph: iStock
Gifting property to my son

Q&A: Dominic Coyle

Investing in and carrying out the necessary work on a “doer-upper” for onward sale is a complex enough issue. Photograph: iStock
Taxing questions on undeclared ‘doer-upper’ in Romania

Q&A: Dominic Coyle

The dwelling house exemption allows someone to inherit a property tax-free provided that they have lived in it for three years before the homeowner’s death and that it was the main home of the person who has died. Photograph: iStock
Revenue opts not to appeal court ruling on dwelling house relief

Decision opens door for refunds but not everyone will benefit

The bill relates to the sale in 2013 of rights to the company’s blockbuster multiple sclerosis drug Tysabri.
Shares in Perrigo slump to 9-year low

Company confirmed it faces Revenue demand for €1.64bn in back taxes

If a son or daughter dies before a parent, their inheritance from the parent will become part of their own estate.
What happens terminally ill son’s inheritance from mother?

Mother’s estate will be divided in accordance with the will she has made

Revenue had made it clear that new tax treaties meant it had access to foreign tax records in a way it never had before. Photograph: Nick Bradshaw
Who needs to worry about offshore assets?

Revenue is pursuing those who failed to take advantage of amnesty on disclosure

You will not be allowed to go back and pay now PRSI stamps that were missed for whatever reason 12 years ago, not least as you have since retired. Photograph: iStock
Short trip abroad cost me a non-contributory pension

Q&A: Dominic Coyle answers your personal finance questions

Inheritance tax is a self-assessed tax in Ireland and not really an issue for an estate agent. Photograph: iStock
UK tax rules on an Irish inheritance from my mother

Q&A: Dominic Coyle answers your personal finance questions

In this case, your mother effectively handed over ownership of the property to you with what is called a right of residence. Photograph: iStock
Mother’s right of residence and my tax bill

Q&A: Dominic Coyle answers your personal finance questions

The minimum your daughter would need for a State pension is 10 years of social insurance/PRSI payments. That would give her a pension equivalent to 25 per cent of the prevailing full pension
Will Nepalese charity work cost the chance of State pension?

Q&A: Dominic Coyle answers your personal finance questions

Poor pension coverage among some workers has contributed to scepticism about superannuation schemes. Photograph: Bryan O’Brien
Pension regimes struggle to gain trust of workers, says OECD

Governments must encourage better pension coverage and simplify communication

Among the publicly quoted companies, Bank of Ireland’s pension hole of €478 million is the largest.
Defined-benefit pension plans’ progress slips in last few months

Major plans eroded their deficits in early 2018 but tumbling markets take toll again

Budget blues; no Amigo; and keeping the price down on broadband

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

In cases where contributions are missing from a social insurance record, Welfare will ask for any evidence – payslips, P60s, etc – to show that PRSI payments had been deducted.
Challenge Welfare on those missing PRSI payments

Law provides for investigation in cases where contribution records go missing

The announcement follows the acquisition of Genomics Medicine Ireland by Chinese genomics specialists WuXi Nextcode for an undisclosed sum. File photograph: Getty Images
Genomics research: Chinese group to lead $400m investment

Genomics Medicine Ireland intends to recruit 600 people over the next five years

“You will have close to somewhere between 43 and 44 years of social insurance coverage – assuming you do keep working up to 2024.”
Will home caring credits get me a full pension?

Government plans to allow up to 20 years’ credits for time taken to care for family

“Everyone is allowed a principal private residence so I would expect that Revenue would be happy that, for the brief period you owned it, this was your family’s principal private residence.”
Inheritance of father’s home will not create tax charge

House valuation of €140,000 is well below inheritance tax threshold

Government plans for mandatory pensions are likely to disappoint, the Society of Actuaries has said.
Saving plan for mandatory pensions could lead to poor return, say actuaries

Industry professionals join unions in concerns over age limits and State contribution

Brexit warning; sidestepping housing crisis; and future’s bright for airlines

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

Ireland needs an influx for foreign workers if it is to have any hope of meeting the 30,000 target for new homes to be delivered every year says the ESRI.
Rent challenge; relying on foreign workers; and top market rents on the docks

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

For anyone retiring after 2020, the pension eligibility will be worked out on a simpler basis than now – the total contributions approach. Photograph: iStock
Rearing a family and access to the State pension

Q&A: Dominic Coyle answers your personal finance questions

Inflazome chief executive Prof Matt Cooper with co-founder Prof Luke O’Neill (centre) with Fountain Healthcare Partners managing director Dr Manus Rogan (left) and and Dr Jeremy Skillington, vice-president of business development at Inflazome. Photograph: Nick Bradshaw
Irish biotech Inflazome in €40m fundraising

Inflazome in one of the largest European biotech fundraisings this year as it targets range of serious inflammatory diseases

Shares in Mainstay Medical, the Irish medical device company targeting chronic back pain, crashed to record lows after a key clinical trial failed.
Shares crash as Mainstay back pain device fails clinical trial

Company insists other data support case for its implanted electrical stimulation device

Irish residents paid almost €3 million in unpaid taxes and penalties on properties in the British Virgin Islands
Revenue nabs 190 Irish residents for hidden offshore assets

Hunt for offshore evaders was announced last November as amnesty window closed

European Commission officials said signs of overheating could become more apparent in the Irish economy going forward”. Photograph: Aidan Crawley
Post-bailout inspectors warn of risks to growing economy

EU team cites Brexit, tax and trade as four-day mission to Dublin concludes

Ciarán Murray, chairman and former CEO of Icon. Photograph: Dara Mac Dónaill
Ciarán Murray – an Icon of leadership in pharma sector

Ex-CEO of clinical trials firm honoured for impact on Irish industry

Aryzta chairman Gary McGann (L) pictured with Kevin Toland, chief executive. Photograph: Alan Betson
Aryzta investors take up 97.4% of rights

Hundreds of Irish shareholders lose out after being effectively locked out of fundraising

Pro-remain protesters take part in a rally rejecting UK prime minister Theresa May’s Brexit deal on Tuesday. Anti-Brexit groups ‘Best for Britain’ and ‘The People’s Vote Campaign’ are holding a joint rally tonight to call on MPs to say they are not buying the Prime Minister’s Brexit deal. Photograph: Jack Taylor/Getty Images
Brexit in reach, Aryzta investor lockout, and a business approach to the housing crisis

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

Aryzta chief executive Kevin Toland and chairman Gary McGann attend the company’s annual shareholder meeting in Switzerland last week. Photograph: Arnd Wiegmann/Reuters
Aryzta investors lose 90% of stake in business

Hundreds of former IAWS investors effectively locked out of €790m rights issue

Andrew Fein, an analyst at HC Wainwright, said the mineral oil controversy was “temporary noise that has been given an oversized weight by the bears”. Photograph: Hugh Macknight/PA
Amarin shares rally after sharp fall on back of trial concerns

Analysts bullish on prospects of Irish firm’s fish oil drug Vascepa as blockbuster therapy

Contact lens manufacturer Bausch & Lomb has announced an expansion of its production facilities in Waterford
Bausch & Lomb expands Waterford contact lens plant

Production lines for new lenses will create 100 jobs over the next four years

Rates charged under the Fair Deal scheme essentially come down to purchasing power. Photograph: Getty Images
Nursing home costs and Fair Deal

State is in a position to negotiate better rates than those paid by private patients

“While the initial intention was that you would be given the property, that has now changed. Who is to say it might not change again?”
Parents changed mind on giving us a home – after we had moved in

It makes sense to adopt a business approach when making large financial decisions

Amarin chief executive John Thero: detailed results for fish-oil drug Vascepa confirm initial figures for its success
Irish firm Amarin confirms heart drug success

Some concern over neutrality of placebo and whether it might have boosted Vascepa data

“I anticipate that the first review outcomes will be notified to pensioners in early 2019,” Minister for Employment Affairs Regina Doherty said. Photograph: iStock
State pension review could lead to increases for many people

Over 70,000 will get letters, and no payments will be reduced as a result of review

Minister for Health Simon Harris said pharmaceutical companies might be “reluctant to commit to significant expenditure to address issues that may, or may not, arise”. Photograph: Aidan Crawley
Call on Harris to focus on supply of medicines after Brexit

Companies say they are working actively to prepare for worst-case Brexit scenario

For all the improvements that the Total Contributions Approach promises, there is still the first step threshold of 520 paid contributions over a working life to be reached. Photograph: Bryan O’Brien
Does my wife fall short on access to new, improved pension?

Q&A: Dominic Coyle

Under Fair Deal, if your mother sells her home, then that becomes a liquid asset and liable to the 7.5 per cent payment every year without any cap. Photograph: John Stillwell/PA
Nursing home care: Can paying privately be better than Fair Deal?

Q&A: Dominic Coyle

IPHA president GSK’s Aidan Lynch (centre); IPHA vice-president Paul Reid (Pfizer); and Bayer’s Itziar Canamasas with the Manifesto for Better Health ahead of the IPHA annual conference on November 8th. Photograph: Justin Mac Innes
Big Pharma bids to build bridges in Ireland

Irish industry’s chief looks for partnership as he admits trust is lacking

Traders work on the floor of the New York Stock Exchange. Shares bounced on the last day of October, softening the blow of what has been a grim month. Photograph: Justin Lane/EPA
Bad news on repossession, markets bounce and the future of banking

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

Revenue has tightened the rules significantly when it comes to inheriting a property free of tax. Photograph: iStock
Falling short of dwelling house exemption

Q&A: Dominic Coyle

I think you should have nothing to fear from Ireland’s Revenue but you do need to be careful about the issue of the joint account
Does Italian insurance payout trigger tax liability in Ireland?

Q&A: Dominic Coyle

Ivan Coulter: “This is a company with fantastic potential.” Photograph: Dara Mac Dónaill
UCD spinout drug firm takes on fatal heart condition

Atxa Therapeutics is targeting pulmonary arterial hypertension

A cash inheritance of €150,000 is below the €320,000 tax exempt threshold applying for a child inheriting from a parent, and therefore incurs no tax bill.
Stay-at-home son entitled to relief from inheritance tax

Inheriting €150,000 along with a house still leaves son outside tax net

Whan calculating capital gains tax on the sale of a property, you are allowed deduct the costs of buying or selling it.
Facing a CGT bill for house inherited from father back in 1993

Capital gains tax indexation up to end of 2002 takes some sting out of tax bill

A group of revellers reflected in a womans sunglasses as crowds arrive for the Electric Picnic festival in Stradbally, County Laois. Photograph: Niall Carson/PA
Capital flows to US; bankers and bonuses; and a new mortgage market entrant

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

Victims of the hepatitis C blood contamination scandal and Magdalene Laundry survivors will not pay tax on their compensation payments under previously unannounced measures in the Finance Bill. Photograph: Dara Mac Dónaill
Magdalene and Hep C compensation to be exempt from income tax

Government’s Finance Bill provides tax relief for victims while closing other loopholes

Fiona Reddan examines why affordable housing isn’t working in her new column. Photograph: Rui Vieira/PA Wire
Aryzta battle, desert decision and sinking feeling for apartment owners

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

Minister for Finance Paschal Donohoe: his recent budget specified a €5 weekly rise in welfare payments. Photograph: Cyril Byrne
Welfare’s weekly €5 raise has no impact on public service pensions

Q&A: Dominic Coyle

The Saudi Arabian flag is seen behind barbed wire as it flies on the roof at the Saudi Arabian consulate in Istanbul. Photograph: Ozan Kose/AFP/Getty Images
Beware money launderers; Saudis bite back; and the perils of corporate rebranding

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

Siro was one of three shortlisted bidders for the troubled National Broadband Plan (NPB) tender but pulled out in September 2017. Photograph: Andrew Matthews/PA Wire
Siro revenues multiply as network now live in 17 towns

ESB/Vodafone joint venture at ‘advanced’ stage in bringing broadband to 11 more towns

The payment that you, and most people, have known for years as family income supplement is now called the working family payment. Photograph: Getty Images
Maintenance, means tests and the working family payment explained

Q&A: Dominic Coyle

Predictably, housing was at the top of many readers’ minds when they contacted our online Budget 2019 Q&A. Photograph: iStock
Housing, welfare and childcare dominate budget Q&A

Readers seek detail on a wide range of subjects despite the absence of surprises in speech

The complexity of family arrangements never loses the capacity to surprise. Photograph: Nick Bradshaw
Mother-in-law’s gift could create a tax headache

Q&A: Dominic Coyle

There are three different categories for inheritance tax. Photograph: iStock
What is the status of grandchildren in relation to inheritance tax?

Q&A: Dominic Coyle

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