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.

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.

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

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

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

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

Non bank lenders could squeeze mortgage rates.

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

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

Photograph: iStock

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.

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

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

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

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

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

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

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

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

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

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

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”.

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.

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

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.

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

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

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

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

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

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

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

Q&A: Dominic Coyle answers your personal finance questions

Shot of drug bottles on a conveyor. iStock

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.

‘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

Share buyback follows exit of convenience foods producer from US market

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

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

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

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.

Rights issues and a share split complicate calculation of shareholding value

Planning a marathon? There’s a new Irish  app for that.

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

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

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

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

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

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.

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.

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

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

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

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

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

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

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.

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

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.

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 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.”

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.”

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.

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

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.

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

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

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.

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

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

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

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

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

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

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

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

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

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?”

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

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

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

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

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

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

‘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

Q&A: Dominic Coyle

Ivan Coulter: “This is a company with fantastic potential.” Photograph: Dara Mac Dónaill

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.

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.

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

‘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

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

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

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

‘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

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

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

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

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