Entrepreneur Relief, Retirement Relief and the Interaction Between the Two
The CGT reliefs commonly known as Entrepreneur Relief (“ER”) (contained in s.597AA TCA) and Retirement Relief (“RR”) (contained in both s.598 TCA where the disposal is to a third party), are well known and very valuable reliefs that are available to SME owners the length and breadth of Ireland. However, what is not well known or well understood, is the interaction between the two reliefs and how they apply simultaneously but more importantly how the reliefs can be maximised. We intend to deal with the interaction between RR on disposals to third parties under s.598 TCA and RR on disposals to children under s.599 TCA in a future article.
Gift and Inheritance tax planning – Business Asset Relief
The decision to pass on a business to the next generation can be a big step for any family. Whilst commercial and family dynamics are key concerns, the matter of taxation should be high up on the agenda to ensure that tax costs for the outgoing shareholders and the incoming family members are minimised.Therefore, Business Relief is an extremely important relief to consider if much of your family’s accumulated wealth is tied up in a business. We have outlined below the key benefits and conditions of Business Asset Relief.
Irish Expats Returning to Ireland – Have you tax planned your move?
According to the CSO, the year to 30 April 2020 saw the highest number of Irish ex pats (28,900) returning to Ireland since 2007. It is vitally important that the ex pat’s financial affairs are managed in a way that the move to Ireland is tax efficient, particularly if they are currently living in a tax jurisdiction with low personal income tax and capital gains tax rates. There are many relevant tax matters which should be considered prior to moving back to Ireland. Our experienced tax team can provide important assistance in this regard.
Inheritance & Gift tax planning assignments completed recently
Warren & Partners have over 25 years of experience providing inheritance & gift tax planning solutions to clients all over Ireland. We see an increasing demand for our services to enable the tax-efficient transfer of business or personal assets to the next generation.
Covid 19 related concessions re benefit in kind and personal tax residency
In late December, Irish Revenue updated their guidance regarding various Covid-19 related concessions in relation to benefit in kind (BIK), cross border employment and tax residence due to a person’s force majeure presence in the State due to Covid-19. We have summarised the key points below.
Supporting businesses across Ireland and the UK through the final stage of Brexit and beyond
The UK left the EU on 31 January 2020 but has retained the key elements of membership during a ‘transitional phase’. On 31 December 2020, the transitional phase will end. We outline below what key consideration for businesses based in Ireland.
July Jobs Stimulus - Tax Relief for Business Owners
On 23 July 2020, the Government announced the July Jobs Stimulus which aimed to provide financial support to Irish individuals and companies adversely affected by the Covid-19 pandemic. We have summarised below details of the key tax reliefs that have been introduced in this package.