ILN Today Post

Understanding insurance indemnity principles and providing lender protection

Real estate finance lenders need to achieve three things:

  • First ranking security over the real estate asset.
  • Maintenance of the real estate asset’s value by ensuring all damage is reinstated (and insurance proceeds applied accordingly).
  • Fixed security over any lump sum payment.

This all sounds simple enough but on nearly every real estate finance transaction insurance requirements are the last to be agreed. It can be helpful for both lenders and borrowers to understand how insurance claims are dealt with by insurers to be able to agree insurance requirements and ensure that the borrower’s broker will be able to deliver on these.

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Best Talent Development & Workplace Wellness Award Finalist

We would like to extend our thanks and appreciation to all of our staff who have worked so hard on our wellness and talent development initiatives which has resulted in HOMS Solicitors being shortlisted as a finalist in the Limerick Chamber Regional Business Awards 2017 Best Employer: Talent Development & Workplace Wellness Award category.

These programmes and initiatives form part of our journey and continuing commitment to our 2020 plan which aims to make HOMS Solicitors a great place to work and to provide pathways for talent development.

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Best Large Business Award Sponsor

Congratulations and best of luck to the three shortlisted finalists, Shannon Group plc, Optel Group and Roadbridge, in the Best Large Business category of the Limerick Chamber Regional Business Awards 2017. We are delighted to be sponsoring the award again this year. The winner will be announced on 17th November at the Limerick Chamber President’s Dinner.

The awards are designed to acknowledge companies in the local region who strive for success and recognise the hard work, commitment and innovative approach each business showcases which contributes to the growth of the business as well as the Limerick region. There are eight award categories this year. Congratulations to all of the finalists.

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Residence in Italy: a prerequisite for wealthy natural persons to enjoy the tax benefit for incomes generated abroad (Flat Tax)

Residence in Italy: a prerequisite for wealthy natural persons to enjoy the tax benefit for incomes generated abroad (Flat Tax)
Authors: Antonello Corrado, Emanuele Cretaro A special tax regime for individuals who transfer their tax…
Antonello Corrado
Emanuele Cretaro

This legislative provision (for further details see Dr. Simone Maria d’Arcangelo’s newsletter), aimed to attract and encourage the transfer of residence in Italy of individuals with high earning potential, provides that, as an alternative to the ordinary legislation (regulated by Article 24 of the Consolidated Income Tax Law)1 , is applied to the alien a special tax regime and in some cases particularly favorable.

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Talking Tax – Issue 102

ATO Updates

GST on Property – Buyer beware – you might have to pay GST to the ATO

The Government has released a draft of the Treasury Laws Amendment (2017 Measures No. 9) Bill 2017: Real property transactions (Cth) (Bill) which, from 1 July 2018, will make purchasers of certain residential premises liable to pay the GST directly to the ATO.

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Hall & Wilcox pro bono partner, RACS named Finalist at Human Rights Awards

Congratulations to Hall & Wilcox’s pro bono partner, The Refugee Advice and Casework Service (RACS) who has been listed as a Finalist at the 2017 Human Rights Awards.

The RACS Fast Track Response team has assisted in the completion of urgent applications for protection of more than 5,200 people before the 1 October deadline.

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Get Ready to Respond to IRS Letter 226J: Employer Shared Responsibility Payment Assessments

In a recent update to the IRS’ Questions and Answers on Employer Shared Responsibility Provisions under the Affordable Care Act, the IRS has advised that it plans to issue Letter 226J informing applicable large employers (ALEs) of their potential liability for an employer shared responsibility payment for the 2015 calendar year, if any, sometime in late 2017.  The IRS plans to issue Letter 226J to an ALE if it determines that, for at least one month in the year, one or more of the ALE’s full-time employees was enrolled in a qualified health plan for which a premium tax credit (PTC) was allowed (and the ALE did not qualify for an affordability safe harbor or other relief for the employee). The IRS will determine whether an employer may be liable for an employer shared responsibility payment, and the amount of the potential payment, based on information reported to the IRS on Forms 1094-C and 1095-C and information about the ALEs full-time employees that were allowed the premium tax credit.

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Tenth Circuit Holds That Irreparable Harm Cannot Be Presumed for Trade Secret Injunction

In First Western Capital Management Co. v. Malamed, Case Nos. 16-1434, 16-1465 & 16-1502 (10th Cir. Oct. 30, 2017), the Tenth Circuit Court of Appeals held that a district court erred in issuing a preliminary injunction to a party under federal and state trade secret law where the court presumed that the party would be irreparably harmed absent the injunction.

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Information Report. Simplified resolution of tax burden entrusted to the tax collection agent (so called “Rescheduling plan-bis for payment notices”)

Information Report. Simplified resolution of tax burden entrusted to the tax collection agent (so called
Author: Simone Maria d’Arcangelo With the last October 26 press release the Revenue Agency has…
Simone Maria d’Arcangelo

Three, in fact, are the assumptions of the “simplified resolution of the loads entrusted to the tax collection agent” introduced by Law Decree No. 148/2017.

1) Loads resolution entrusted to the Tax collection Agent from January 1, 2017 to September 30, 2017.

The Revenue Agency will send by March 31, 2018 a statement of the sums that were entrusted to it by September 30, 2017 and for which the payment notice has not yet been notified.

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ILN Today Post

New rules for the application of resources from own Social Security Regimes (RPPS)

On October 19, 2017, the National Monetary Council (CMN) published Resolution 4,604 amending the standard (Resolution 3,922 / 2010), which provides for the application of the resources of the Social Security Own Regimes (RPPS) established by the Union, Federal District and Municipalities.

The changes brought by the CMN came to adapt the management of assets of the RPPS to the best investment practices, increasing to the austerity, transparency and security in the applications of the resources.

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