Dominic Coyle

Dominic Coyle

Deputy Business Editor

Dominic Coyle is deputy business editor at The Irish Times, managing a team of 12 writers and editors providing business coverage throughout the paper and in dedicated business supplements across six days of the weeks. He also writes regularly for the paper, predominantly on pharmaceuticals, medical devices, pensions and personal finance, including a popular reader’s Q&A on personal finance matters.

The rules of the help-to-buy scheme are clearly defined in legislation. The basic intention is that it helps first-time buyers meet the deposit requirements for buying a home.
Why does Help-to-buy penalise us for using our land as a deposit?

Q&A: Law does not provide for cash sum for people who put up deposit ‘in kind’

There is no upper limit on how much anyone can receive in a given tax year under the exemption – only that no more than €3,000 comes from any one person.
Making the most of the small gift exemption

Q&A: Dominic Coyle

What tax do I pay to Revenue on a US bequest?
Who pays tax on inheritance from US-based relative?

Q&A: Dominic Coyle answers your personal finance questions

Since 2014, people who pay PAYE have had to pay PRSI on income – such as rental income, dividends, bank interest, etc – that previously had been outside the PAYE net.
Self-assessment and PAYE taxpayers

Q&A: Since 2014, PAYE taxpayers’ ‘unearned income’ has come under revised rules

Just how much tax your relative would have to pay depends on the precise nature of the relationship and the thresholds in place at the time the inheritance takes place. Photograph: Getty Images
Will inheritance affect disability allowance payment?

Q&A: Dominic Coyle answers your personal finance questions

It’s important to step back from instinct and take a cold look at the case for investing. Photograph: Cyril Byrne
Getting a fix on the price of AIB shares

Q&A: Dominic Coyle

There are specific rules in place to ensure that charities can benefit from tax relief in relation to donated cash, assets and property. Photograph: Getty Images/iStockphoto
What are the tax implications of giving to charity?

Q&A: Dominic Coyle

Announcing a new investment in University of Limerick spinout Altratech were (from left): Niall Olden, managing partner at Kernel Capital, Altratech chief executive Dr Tara Dalton, co-founders Dr Brian Farrell and Dr Tim Cummins, and Cyril McGuire, chief executive of Infinity Capital.
Viral test firm Altratech raises €5.2m

Kernel Capital and Infinity Capital invest in Clare company aiming to tackle infectious diseases

The current tax-free cap on inheritances/gifts from parents is €310,000. A reader plans to put this towards a house purchase.
Turning a parental loan into a gift

Q&A: Dominic Coyle

The new health centre, which involves the refurbishment of an existing office building, will be let to a number of GPs as well as providing space for the HSE and for a pharmacy.
MedicX acquires primary healthcare centre in Tallaght for €15.5m

British-listed firm’s Irish portfolio worth about €50m

AIB: The bank’s shares were trading at €9.20 last week. At that level, the bank is seen by investors to be worth €24.97 billion. Photograph: Cyril Byrne
AIB shares and irrational exuberance

Q&A: Dominic Coyle answers your personal finance questions

Medical device giant Medtronic has reported 13 per cent growth in profits for the full year to end-April. Photographer: Munshi Ahmed/Bloomberg
Profits jump 13% at medical device giant Medtronic

World’s biggest standalone medical device group increased sales in all business segments

How do we determine the rate of interest at which we charge our daughter? Photograph: Alan Betson
Would you charge your daughter interest on a loan?

Analysis: Dominic Coyle answers one family’s conundrum

I discovered in the last week that my shareholding has now increased despite my leaving Apple many years ago. Photograph: Brendan McDermid/Reuters
Making sense of my Apple shares

Q&A: Dominic Coyle

“I recently received a solicitor’s letter demanding a large sum of money be paid to my ex-partner as she wants the money she put in at the beginning to buy the house, such as deposit etc, back.” Photograph: Dominic Lipinski/PA
Ex-partner wants to force former girlfriend out of home

Q&A: Dominic Coyle answers your personal finance questions

Minister for Finance Michael Noonan disclosed the figure on Thursday in a written response to Fianna Fáil finance spokesman Michael McGrath
Over 2,300 taxpayers disclose offshore income before deadline

Disclosures amount to more than €70m so far with final figure expected next week

“I made a loss on a foreign property. Am I right that I can set the amount off against future gains?” Image: iStock
Lose some, win some: offsetting a capital loss against a capital gain

Q&A: Dominic Coyle answers your personal finance questions

After May 4th, Revenue will no longer give credit for voluntary disclosure of offshore assets. If individuals don’t act on the deadline, they could be open to prosecution.
PAYE worker offshore tax disclosure deadline looms

Deadline for submissions to Revenue Commissioners is 5.30pm, Thursday, May 4th

At the announcement of MSD’s €40 million investment in its Ballydine plant in Co Tipperary were (from left) site lead Ger Carmody with Liz O’Donnell, director of policy, government affairs and communications at MSD Ireland and Ger Brennan, managing director for human health at MSD Ireland.
MSD invests €40m in Tipperary plant

Spray drying facility is the latest element in a €75 million upgrade of the Tipperary plant

“Revenue strongly encourages anyone in receipt of dividends . . . to ensure that they have declared this income to Revenue and, if they have not done so, to make a disclosure of the foreign income to Revenue before 5.30pm on Thursday.”
PAYE workers face penalties in offshore tax clampdown

Data from US Internal Revenue Service shows undeclared share dividend income

A Revenue official says initial information from the US under new arrangements for the exchange of tax information shows a number of PAYE taxpayers have outstanding tax issues
PAYE workers may be unaware of Revenue tax liability

Tax clampdown with deadline of Thursday may affect some with overseas earnings

Under Irish tax law a person who is tax resident here but not domiciled in Ireland pays tax only on their earnings here and on any assets they buy and sell in this country
Indian rental income and the offshore assets clampdown

Q+A: Dominic Coyle answers your personal finance questions

After May 1st, Revenue has said that failure to disclose and pay tax due on foreign income and assets will be seen as an act of deliberate tax evasion
Revenue warns offshore assetholders not to avoid disclosure

Penalties of 10% for those who meet May 1st deadline, with charge rising to 100% later

The Revenue view is that holding offshore assets is a deliberate effort to evade tax.
If you have any assets overseas you need to read this

Revenue wants to know about your holiday homes, pensions and even UK bank accounts

Aside from the investment gain, there is no problem moving the money from the UAE fund to Ireland to use as a down payment on a property and no additional taxes will apply when you transfer the funds to Ireland. Photograph: Steve Crisp/Reuters
Making sense of tax liability on offshore fund in UAE

Q&A: Dominic Coyle

Enforced encashment of the Canadian retirement fund makes the position clearer in Irish tax terms.
Is my Canadian pension fund an offshore asset?

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

Cardinal Health is acquiring Medtronic’s patient care, deep vein thrombosis and nutritional insufficiency units. (Photograph: Munshi Ahmed/Bloomberg)
Cardinal Health to buy Medtronic units for $6.1bn

Tullamore medical supplies plant with 350 staff among those under new ownership

A son under the age of 18 cannot take the inheritance until he reaches that age. Until then, it would have to be held in a bare trust for his benefit.
Son still in school faces inheritance tax bill

Q&A: Dominic Coyle

Istanbul: Ireland has a double-taxation agreement with Turkey covering tax on income, among other things. Photograph: Chris Hondros/Getty Images
How do I give Revenue details of my Turkish apartment?

Q&A: Dominic Coyle looks at a complication arising from a holding of foreign property

Dr Mark Heffernan, co-founder and chief executive of Nexvet Biopharma.
Zoetis pays $85m for Irish petcare biopharma Nexvet

Tullamore company developing drugs to help dogs and cats deal with pain

Richard Pops, Alkermes chief executive, received a lower salary last year. Photograph: Dara Mac Dónaill / The Irish Times
Alkermes executives take a hit on pay package

Irish-domiciled biopharma group reported 31% rise in sales last year

Brendan Farrell, chief executive of Hibergene Diagnostics: company is “grateful to our investors for providing the funding which will enable Hibergene to significantly expand both its range of diagnostic products and its global reach”. Photograph: Peter Houlihan
Meningitis test firm raises €6.7m to fund expansion

Diagnostics group Hibergene plans to bring new tests to market and break into US

Technology giant Intel is closing its final salary pension scheme after the cost of funding it multiplied in recent years.
Intel shuts pension scheme for Irish staff

US computer chip giant blames rapidly rising costs for decision to shut final salary scheme

The rules have tightened in relation to ‘dwelling house relief’
Can my parents gift me a house without tax implications?

Q&A: Dominic Coyle answers your personal finance questions

Galway-based medical device company Neuravi: its EmboTrap device captures and removes clots from blood vessels and restores blood flow. Photograph: Andrew Downes.
Johnson & Johnson buys Irish stroke care firm in multimillion euro deal

Sale of Neuravi is largest deal for a venture-backed medtech in Europe since 2009

Pfizer is still looking to close its current non-contributory defined benefit plan to 900 staff, including the 250 workers at the Cork facility. Photograph: Andrew Kelly/Reuters
Drug company Pfizer has settled pensions row at Cork plant

Negotiation between union Siptu and Pfizer has ended an eight-week overtime ban

Sigmoid chief executive Ivan Coulter highlights the ‘very powerful validation’ the involvement of Dr Falk Pharma brings Sigmoid.
Sigmoid Pharma signs landmark deal with Dr Falk Pharma

Major player in gastrointestinal therapy to invest in and partner with Irish firm

Technology and a growing determination to clamp down on tax evasion means tax authorities worldwide are getting more aggressive in this area and are more open to the idea of mutual co-operation and better able to deliver on it
You, your bank and Revenue: Big Brother or fair play?

Q&A: Dominic Coyle answers your personal finance questions

There could be Visa card problems early next week, depending on the arrangement with individual banks, if the entire backlog of transactions stalled by the three-day suspension is not processed. Photograph : Matt Kavanagh
Visa Europe suffers three-day outage at settlement system

Company says technical glitch did not affect ability of consumers to use cards

Once you draw down the first tranche of the mortgage and make your claim for relief, you give your solicitor your Help-to-Build access code and claim number which will have been provided by Revenue. Photograph: Rui Vieira/PA Wire
Never mind the contractor on self-build Help-to-Buy claims

Q&A: Dominic Coyle

Dublin has accounted for almost half of all projects undertaken and more than half of the total cost of the Home Renovation Incentive since it was launched in 2013. Photograph: Frank Miller
Homeowners spend €1.2bn over four years renovating homes

Almost 77,000 projects completed under incentive scheme, at average cost of €16,000

Ireland belongs to a group of 54 “early adopters” exchanging information relating to accounts open on or after January 1st, 2016.
Which countries’ tax authorities share data with Revenue?

Q&A: Revenue has agreements in place that cover more than 100 jurisdictions

The ReActiv-8 device has begun a new trial aimed at securing a premarket approval for the US.
Mainstay Medical targets US back pain market

Company has already begun commercialising back pain device in Europe

Pfizer, Novartis, Roche, AbbVie, Bayer and Merck are among the 47 pharma companies analysed in the report compiled by PatientView. Photograph: Getty Images
Two-thirds of Irish patients have faith in Big Pharma

Drug companies rank lower overall for innovation and reputation in worldwide report

Self-build: only after you have made your claim under the Help to Buy Incentive, does the solicitor enter the picture
Who applies for Help to Buy on self-build projects?

Q&A: Dominic Coyle

Oneview chief executive James Fitter and founder Mark McCloskey: “Innovative healthcare leaders like LG Health select Oneview for its inherent ability to improve the patient experience.” Photograph: Peter Moloney
Oneview Healthcare wins new hospital contract in US

Irish group will provide interactive patient care software in Lancaster General Hospital

Revenue’s clampdown is targetting a smallish number of people who over many years have been fairly blatantly gaming the system. Photograph: Gareth Fuller/PA Wire
Is my UK pension an offshore asset?

Q&A: Dominic Coyle answers your personal finance questions

Members of staff leaving the Coty beauty products manufacturing plant in Nenagh after hearing that the factory is going to close with the loss of 200 jobs. Photograph: Brian Gavin / Press 22
Coty confirms closure of Nenagh cosmetics plant

First staff will be let go by October with final shutdown scheduled by end of 2018

Coty’s Nenagh plant, which manufactures Max Factor products, had been in competition with a plant in Kent for the business.
Nenagh to lose 250 jobs as Coty cosmetics plant closes

Business to transfer to English plant months after takeover of Procter & Gamble unit

How has your Fyffes investment grown? Photograph: Getty Images/iStockphoto
As Fyffes cheques arrive, what’s the story on tax?

Q&A: Dominic Coyle answers your personal finance questions

Will a man living in Ireland but with assets in, and a pension from, the UK – and who pays tax to HMRC – be included in any offshore investigation by Ireland’s Revenue?
Foreign domicile changes tax rules on offshore assets

Q&A: Dominic Coyle

Nabawi Mosque in Medina, Saudi Arabia: moving back to Ireland after 17 years in the country. Photograph: iStock
Offshore assets and working in Saudi Arabia

Q&A: Dominic Coyle answers your personal finance questions

Oneview chief executive James Fitter with founder Mark McCloskey. Photograph: Peter Moloney
Sales surge for hospital software group Oneview

Australian-listed Irish group reports strong pipeline for interactive patient care solution

Amarin chief executive John Thero. Photograph: Cyril Byrne / The Irish Times
Amarin reports 59% jump in sales for Vascepa drug

Irish biotech’s drug used to treat US patients with high levels of blood fats

It is likely there will be a reduction in federal funding for renewable energy and sustainable development projects in the US under a Trump administration. Photograph: Nick Ansell/PA Wire
Trump election might offer chance to invest in renewables

Pension funds could fund sustainable projects dropped by climate-sceptic president

Tax authorities in different countries are now working much more closely with each other. The Irish Revenue will receive any details about Irish taxpayers that is held by tax authorities in most other countries
Worried about Revenue clampdown on offshore assets

Q&A: Dominic Coyle

The Boston Scientific plant in Galway. Photograph: Joe O’Shaughnessy
Boston Scientific recalls Galway-made Lotus heart devices

Move follows reports of problems with locking mechanism in valve replacement products

Revenue commissioner Liam Irwin
Only 15 taxpayers voluntarily disclose undeclared offshore assets

Declarations before May 1st mean reduced penalties and chance to remain anonymous

Revenue is sending letters to more than 480,000 taxpayers warning them to disclose details of any assets held abroad before an April 30th deadline.
Revenue warns taxpayers of offshore asset clampdown

Almost 500,000 to get letters urging them to declare assets held abroad before deadline

Houses in London: the Irish Revenue will hold you liable for tax over the full period of ownership of the UK property even though the British are only concerned with gains since April 2015
Capital Gains Tax for non-residents on UK property

Dominic Coyle answers readers’ questions

“I received a form, with instructions to pay a €35 release fee.” Photograph: Alan Betson
Permanent TSB wants to charge me before returning house deeds

Why do I have to pay a charge if these documents belong to me?

Oneview chief executive James Fitter and founder Mark McCloskey. Photograph: Peter Moloney
Irish firm Oneview awarded US hospital contract

Non-profit group Barnes Jewish Healthcare to install 2,000 Oneview medical devices

Self-building: nothing in the Finance Act 2016 – which contains the rules governing the Help-to-Buy scheme – expressly lays down how a deposit should be paid in relation to self-builds. Library photograph: iStock
Can first-time buyers use land as deposit on home to meet 70% rule?

Dominic Coyle answers readers’ questions

The bottom line is that if Revenue suspects you could not afford the costs of nursing homecare from your own resources, they will disallow any tax relief claim on bills they determine were effectively paid by your mother by virtue of money she has given you. Photograph: Bryan O’Brien
Claiming relief on mother’s nursing home expenses

Q&A: Your personal finance questions answered

Paul Reid, MD of Pfizer Pharmacy. Photograph: Alan Betson
Pfizer bounces back from Allergan setback by buying, buying, buying

The drug giant’s point man in Ireland talks about acquisitions, setbacks, prices and Trump

Minister for Health Simon Harris and Health Enterprise Alliance president Sandra Gannon. Photograph: Maxwells
Minister for Health to publish consultation paper on biosimilar drugs

Simon Harris keen to increase use of cheaper versions of off-patent medicines

Arrival of biosimilars is expected to deliver savings of more than €100m over the four-year life of the agreement
Row over savings to State from ‘copycat’ drugs

Generics lobby says biosimilars are being blocked but pharma group disagrees

According to the Revenue, whether or not you qualify for the Help-to-Buy scheme would depend “entirely on the level of dereliction” of the property you are buying.
Will demolition and rebuild exclude us from Help-to-Buy?

Q&A: Dominic Coyle

Bank of Ireland says it will keep property deeds safely once a mortgage has been repaid until the deeds are requested by the customer. Photograph: Yui Mok/PA Wire
Tracking down deeds to my home after mortgage is paid off

Q&A: Dominic Coyle answers your personal finance questions

Simon Harris: The Minister for Health has said his department is developing a national biosimilar policy. Photograph: Dara Mac Donaill
Drug pricing deal will not deliver if ‘generics’ fail to sell

Arthritis drug Benepali barely sells while branded competitor dominates market

Medicine costs: a significant portion of the €750 million in savings expected under a drug pricing deal between now and mid-2020 may not be delivered. Photograph: Getty
State risks missing out on huge savings from generic drugs

Low sales of ‘biosimilar’ arthritis medicine paves way for branded drugs to avoid 30% cut

Healthcare potential: the MSD facility in Swords, Co Dublin. Photograph: Brenda Fitzsimons
MSD to invest up to €25m in further Irish clinical trials

Pharmaceutical company’s trials over next three years will focus on cancer treatments

Oneview chief executive James Fitter and founder Mark McCloskey. Photograph: Peter Moloney
Oneview joins UK project to improve prostate cancer care

Hospital software group to help create platform to monitor impact of patient care plans

Mainstay Medical’s has announced the first sale of its ReActiv8 neurostimulator to treat chronic lower back pain at a hospital in Koblenz, Germany
Mainstay Medical sells its first ReActiv8 implant for back pain

Iseq-listed medical device firm targets commercial growth and completion of US clinical trials

Help to buy? An estate agent’s shop window in Dublin. Photograph: Brian Lawless/PA Wire
Will first-time buyer status be lost even if nothing was paid on a UK mortgage?

Q&A: Dominic Coyle answers your personal finance questions

Under the reformed measure passed in the Finance Act, the gifting of homes under the dwelling house relief is ended unless the person concerned is a family member so incapacitated that they cannot provide for themselves.
Looking for latitude in new dwelling house relief rules

Q&A: Dominic Coyle answers your personal finance questions

For the purposes of the Help to Buy scheme, the value of a self-build is the valuation put on the property project by the mortgage lender. Photographer: Jason Alden/Bloomberg
Back from Australia but locked out of Help to Buy

Q&A: Dominic Coyle answers your personal finance questions

First-time buyers desperate to acquire their new home are sometimes very vulnerable to pressure and often unaware of how things should be done
First-time buyers should pay only 5% deposit up front

Q&A: Dominic Coyle

MOF Technologies chief executive Paschal McCloskey: “Excelsa Ventures is a perfect fit for a company like us.”
Nanotechnology pioneer raises £1.5m in venture funding

MOF Technologies to quadruple research capacity and expand production lines

To qualify for the dwelling house exemption from inheritance tax, a person must be living in the property they are inheriting for three years before the property passes to them – and for six years thereafter. Photograph: Yui Mok/PA Wire
Will short absence from family home leave brother with inheritance tax issue?

Q&A: Dominic Coyle

The rewritten section 86 importantly returns to dwelling house relief being permitted only in cases of inheritance
Donor and beneficiary must live together under new dwelling house relief rules

Q&A: Dominic Coyle answers your personal finance questions

Up to 50 workers recruited for Pfizer’s Ringaskiddy plant in Cork since 2014 have found themselves impacted by the ongoing dispute over pension entitlements. Photograph: Don Emmert/AFP/Getty Images
Siptu workers plan overtime ban at Pfizer plant in Cork

Staff at Ringaskiddy in dispute over pensions for new employees

In New York on Wednesday, Donald Trump told his first press conference as US president-elect: “We’ve got to get our drug industry back.” Photograph: Don Emmert/AFP/Getty Images
Trump poses challenge to Ireland with belligerence on Big Pharma

President-elect targets pharma and medtech sectors

Pfizer said the cost of funding non-contributory defined-benefit pension schemes in Ireland had risen by more than 1,000 per cent since 2009. Photograph: Dan Kitwood/PA Wire
Pfizer faces industrial action in pensions row

Workers in Cork plants object to closure of non-contributory defined-benefit plans

US president-elect Donald Trump held his first news conference since his election on Wednesday. Photograph: Don Emmert/AFP/Getty Images
Trump accuses Big Pharma of ‘getting away with murder’

President-elect says he will bring drug industry back to US and tackle high drug prices

Any incentives for first-time buyers with an eye on a second-hand home?

Q&A: Dominic Coyle

“The abuse of this scheme has been a concern of Revenue for years,” said TD Joan Collins. Photograph: Cyril Byrne
New rules make it harder for parents to gift property to their children

Perceived abuse of dwelling-house exemption to avoid paying tax has led to reform

Genomics Medicine Ireland will work with Abbvie to examine potential genetic triggers for a series of major chronic diseases in the areas of cancer, neurosciences and immunology. Photograph: Conor McCabe/GMI
Irish start-up to map genomes of 45,000 Irish people

Genomics Medicine Ireland is joining with Abbvie to develop drugs to fight cancer

Assuming the Fyffes takeover is approved, the payout to shareholders will be €2.25 per share.
Working out your gain as Sumitomo buys Fyffes

Q&A: I bought Fyffes shares at IR£1.70 in 2000. What is my capital gains tax situation?

Consistent returns over the long term are most important to pension investors. Photograph: iStock
Pension funds finish 2016 on a high after strong final quarter

Average return of 5.8% despite Brexit shock and poor start to the year

NeRRe Therapeutics targets common conditions where there is currently unmet medical need using a pathway called neurokinin receptors. Photograph: Getty Images/iStockphoto
Irish VC leads €27m fundraising for drug targeting hot flushes

Investment by Fountain Healthcare Partners to also target treatment for chronic coughing

The purchase scheme offers first-time buyers the chance to get up to €20,000 to put against their deposit on a new home. Photograph: Rui Vieira/PA Wire
120 apply for Help-to-Buy scheme in first few hours

Numbers of first-time buyers signing up for home incentive set to rise in coming days

The scheme is available only to owner-occupiers, not to the investment or buy-to-let market, and applicants will need to live in the property for five years
Help-to-Buy scheme: how does it work and how do I apply?

Revenue scheme to help first-time buyers starts in 2017

Taoiseach Enda Kenny and Bruce Cozadd, chairman and chief executive of Jazz Pharmaceuticals. Photograph: Shane O’Neill/Fennells
Jazz Pharma named as Barclays stock pick for 2017

Drug firm with Athlone manufacturing plant seen as second fastest-growing US share

Nationwide UK got confused over the status of Irish customers at its Nationwide UK (Ireland) operation
Nationwide gets into a muddle over its UK-Ireland status

Q&A: Dominic Coyle answers your questions

Bausch & Lomb
Bausch + Lomb staff back improved pay deal

Ballot on 9.5% three-year deal wins 80% support from workers at contact lens plant

The broad rule is that you can claim relief for most expenses actually incurred in providing the property for the rental market but not otherwise. Photograph: iStock
Learning the ropes on tax relief as an ‘accidental’ landlord

Q&A: Dominic Coyle

You do not have to file a capital gains tax return if the gain is under the exemption limit.
Making a CGT return when no tax is due

Q&A: Dominic Coyle answers your personal finance questions

Bausch + Lomb: A dispute between management and Siptu workers had become increasingly intransigent, but a deal was hammered out on Wednesday.
Bausch + Lomb workers ballot on improved pay deal

Siptu and management hammer out 9.5% pay rise as industrial action loomed

Nishi Ward, founder of Waste Systems (second left), Allen Martin, senior executive, Kernel Capital, William McCulla, Invest NI corporate finance director, and Andy Palmer, customer service manager, Bank of Ireland UK
Kernel Capital invests €1.2m in NI waste machinery business

Waste Systems has international market for equipment that segregates recyclables

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