Protect Your Legacy

Retirement Relief provides Capital Gains Tax relief when transferring a business or farm to a child or to any individual, subject to age restrictions and other conditions. It can allow for tax-free transfers up to certain limits, making it a valuable tool in succession planning.

Bare trusts allow you to transfer assets to beneficiaries while retaining control until a specified time. They offer flexibility in estate planning and can be tax-efficient, particularly for transferring assets to minor children.

Entrepreneurial Relief can significantly reduce Capital Gains Tax from 33% to 10% on the disposal of business assets, up to a lifetime limit of €1 million. This relief is crucial for business owners planning to transfer their company to the next generation tax-efficiently.

Section 72 policies are specifically designed to cover inheritance tax liabilities, ensuring beneficiaries can inherit assets without a tax burden. Section 73 policies help cover potential gift tax liabilities on non-cash assets, providing protection when transferring property or other valuable gifts.

Strategies to reduce inheritance tax include utilising Section 72 life assurance policies, maximising the annual small gift exemption of €3,000 per recipient, and structuring your estate using trusts. Each method has specific benefits and considerations based on your unique circumstances.

In Ireland, the tax-free threshold for inheritances from parents to children (Group A) is €400,000. For Group B (close relatives), it’s €40,000, and for Group C (all others), it’s €20,000. Amounts above these thresholds are subject to Capital Acquisitions Tax (CAT) at 33%.