Tax minimisation on Retirement and Transferring Assets
There’s been a lot of talk recently in the media about increasing Capital Acquisition Tax (CAT) Thresholds and quite rightly so. Currently, there is the possibility of families paying tax twice or three times or more when transferring assets down through the generations’. Assets include property, cash, shares, paintings etc. Why should tax payers be penalised for making good investments all of which are bought from after tax income in the first place. There’s RICT’s and foreign property funds in Ireland who are using trust mechanisms to pay little or no tax in some instances.
We at O’KellySutton urge our clients to plan well ahead before making any decisions about transferring assets. There are many tax mechanisms available which can be used to reduce tax exposures such as Business Relief, Agriculture Relief, Dwelling house Relief, Favourite Nephew, Discretionary Trusts, Corporate Group Structures, etc. Substantial tax savings can be secured by the correct use of our tax planning mechanisms.
If you are in the Construction Industry and a Property Investor there are action’s you can take to protect your asset base and minimise your tax exposure. Some typically end up with a lot of properties and very often not held in the right structures, leaving them paying high levels of taxes and with massive exposure to their families in the event of death. That’s not a position families should find themselves in.
Contact Pat Sutton or Patrick O’Rourke at 045 530777