EY Brexit Tracker - 13 major financial services companies in the UK have confirmed they are moving some staff and/or operations to Dublin

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EY Brexit Tracker - 13 major financial services companies in the UK have confirmed they are moving some staff and/or operations to Dublin

According to the EY Brexit Tracker* launched today, 13 major financial services companies in the UK have confirmed they are moving some staff and/or operations to Dublin. Cormac Kelly, Advisory Leader for International Financial Institutions, EY Ireland; and Sarah Connellan, Tax Partner, People Advisory Services at EY Ireland, comment on the tracker.

Cormac Kelly, Advisory Leader for International Financial Institutions and Brexit at, EY said: “Ireland’s place at the top of the list of European locations is an endorsement of the strength of Ireland as an emerging financial hub and of the importance of the IFSC. It is vital that we now build on our success to date, attracting global firms to locate their European headquarters here and facilitating the migration and growth of value generating jobs.  This will generate growth in our important Financial Services sector and benefit the economy but will require continued investment in our infrastructure and support from the government in addition to the changes needed to our personal tax regime.”

Sarah Connellan, Tax Partner, People Advisory Services at EY Ireland added: “With Brexit looming, it’s absolutely essential we don’t lose sight of our competitiveness when it comes to attracting the best talent to the country. Currently, Ireland’s personal tax regime is uncompetitive and inhibits job creation, with a marginal tax rate that continues to be one of the highest in the OECD. While it was positive to see the introduction of the new KEEP scheme announced in the Budget this week, it was disappointing that no reference was made by the Minister to address marginal tax rates. It is important that attention is paid to reducing the top marginal tax rate in Ireland so we can attract key talent and inward investment to our economy post Brexit.

“One incentive we do have in place is the Special Assignment Relief Programme (SARP), which applies to foreign workers coming to Ireland or Irish people who have not been resident in Ireland for the previous five years. However, the current entry level of €75,000 means that while this is very beneficial for higher earners, it doesn’t address those earning lower salaries.  Lowering the threshold for SARP would increase our competitiveness to attract a broader base of workers and would help in addressing the marginal tax issue for those either returning to Ireland or who haven’t worked in Ireland in the previous 5 years,” Sarah concluded.

Article Published: 12/10/2017