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Warren & Partners are a boutique Irish tax and business advisory firm based in Ballsbridge, Dublin. Our experienced-team of tax advisors will create unique tax solutions for your specific business needs.
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Some recent posts from our experts.
Entrepreneur Relief – Important Definitions
Following on from my article in February Entrepreneur Relief, Retirement Relief and the Interaction Between the Two, I intend to discuss in detail the definitions of “holding company” and “qualifying group” as they apply to anyone intending to claim Entrepreneur Relief (“ER”) under section 597AA of the Taxes Consolidation Act 1997 (“TCA”) on the disposal of shares in a holding company.
Ireland – Remaining Competitive in an Ever Changing Global Tax Environment – 2023
Ireland’s exchequer tax receipts for 2023 are already beating expectations. While multinational corporate tax receipts have been a big contributor, the domestic economy continues to play a pivotal role. This is evident from the busy start to 2023 that Warren & Partners are seeing within our client base of Irish private companies, entrepreneurs, partnerships, and private clients.
Gift and Inheritance Planning
In the first of our series on inheritance and gift planning we outline below one of the principal reliefs available to reduce the tax bill.
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.