The transfer of assets by way of gift or inheritance can result in substantial tax liabilities. An integral part of any plan for the future should be estate planning. In the absence of proper planning the next generation may be faced with a tax demand of 33% of the value of the estate.

Effective estate planning can also provide for the transfer of wealth to family members in a tax efficient manner. It provides certainty which in the context of business and investment succession is a key cornerstone for continuity and smooth transition.

We have considerable expertise in this area and work with our clients to devise a strategy whereby assets can be passed to successors in a tax efficient manner without impacting on the objectives of the client.

Trust structures can often be used for asset planning and protection purposes. We advise on different trust types, the tax benefits these structures may provide and can liaise with client’s solicitors in establishing and dismantling these trust structures. We also regularly advise executors and personal representatives on inheritance tax liabilities arising in estates.

Our capital gains tax service is designed to maximise specific reliefs and exemptions provided for in tax legislation. We structure capital transactions to reduce the capital gains tax payable, while ensuring that the commercial aims of the client remain unaffected.

Some examples of our capital gains tax services are as follows:

• Minimising capital gains tax payable on transferring assets to the next generation
• Advising on the sale of shares and property
• Advising on the availability of ‘retirement relief’ and entrepreneur relief on a transfer of a company or business
• Advising on the capital gains tax implications of company reorganisations, mergers and management buy-outs and demergers
• Advising on the interaction between Irish capital gains tax and similar foreign taxes

Tax is one of the many issues to consider when passing your business on to the next generation. We have considerable expertise in this area and advise clients on tax-efficient strategies which may mitigate (or eliminate) liabilities that might otherwise arise.

We acknowledge that business succession is not a tax driven process and there is always a variety of issues to consider. We draw on our experience to provide tailored solutions that ensure the commercial and personal/family objectives are achieved.

It has become more important than ever to ensure your personal tax returns are accurately completed and filed on time with the Irish Revenue. Failure to do so can result in interest on late payment of taxes, penalties on late filing of returns and loss of reliefs in certain situations. Moreover, incorrect returns have a higher risk of being selected for Revenue audit/enquiry.

We provide a very thorough Income Tax Compliance Service working with our clients to ensure their income tax returns are completed correctly, all items requiring disclosure are accurately disclosed and all payment and filing deadlines are met.