Mortgage Forebearance Advice Scheme

The Department of Social Protection has set up a Mortgage Forebearance Advice Scheme. Lenders who offer certain mortgage forebearance arrangements to distressed private residence borrowers are required to advise the borrower to seek independent advice from a qualified practising accountant. The accountant will be selected by the borrower from a panel of Practising certificate holders. Long & Company are authorised to provide advice under the Scheme. The advice to be […]

Redundancy rebates and tax payment difficulties

When a business is awaiting a statutory redundancy rebate and is experiencing difficulty in meeting its tax obligations because of a delay in receiving the repayment, then Revenue will defer collection of the tax for a reasonable period. The business should provide authorisation for payment of the rebate directly to Revenue using the form agreed between Revenue and the department of Enterprise, Trade and Employment, which is available on the […]

NAMA Business Plan

The Business Plan in relation to the operation of NAMA has recently been published by the Government. It is anticipated that €77bn of loans will be transferred from the banks to NAMA. This includes €9bn of rolled-up interest on non-performing loans. The underlying assets were valued at €88bn when the loans were granted. NAMA is paying €54bn for loans on these properties. The properties are currently estimated to be worth […]