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Inheritance & Gift tax planning assignments completed recently
July 14, 2022
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.
How do we help with tax planning?
We use our deep knowledge of capital gains tax, capital acquisitions tax and trust tax to implement tax-efficient Wills and use capital gains tax and inheritance tax reliefs and exemptions to solve difficult scenarios for clients. Below we have set out some recent inheritance & gift tax projects we have been working on:
Assignment using Entrepreneur, Retirement and Business Asset Relief
This assignment for a Family business valued at €6M featured:
- Shareholders (parents) wished to pass the business to their daughter during their lifetime, but also extract significant funds for their personal use.
- Without planning, the shareholders would have incurred a significant CGT liability.
- After planning and utilising capital gains tax relief and business asset relief, the parents were able to take significant funds from the business and transfer the business to their daughter tax-efficiently.
Agricultural relief assignment
We have advised on:
- claiming agricultural relief on farmhouses and mansion houses, and
- structuring Wills to ensure agricultural relief could be claimed post death.
Passing the family home to the next generation
Despite the introduction of significant restrictions to this relief in 2016, we have worked with several clients to ensure that the dwelling house exemption could be claimed through a tax-efficient Will.
We have also enabled clients to receive gifts of the property during their lifetimes tax-efficiently, while enabling the parent to continue living in the property.
Family Trust assignments
Domestic trusts have re-emerged as a useful tax planning tool if constructed and managed correctly. We recently advised parents with significant property assets and one child how to use a family trust to plan the timing of the CAT liability and minimise the tax costs of the structure.
Please contact Tom Mahon, Fergus McCarthy or Anthony O’Callaghan if you would like to discuss a case – we can help you!
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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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