Search Results for 'Inheritance Tax'

My husband passed away recently. He made a will prior to his death and he left the farm to our son. The farm was in his name, but we farmed it together all our married life. Our home was also in his name and he left me with just a life interest in my home and after my death it will also pass to our son. I am very disappointed, and I feel ill-treated. I had assumed that he would leave all to me and I could then pass all to our son on my death. I am still quite young, and I am worried about having enough money to support myself going forward. My relationship with my son can be strained at times. Is there anything I can do?

Considering retiring and passing on the family business or other assets to your children? Don’t leave them all with a large tax bill to pay.

It was encouraging to hear the Minister for Finance announce in his recent Budget speech an increase in the tax free threshold on gifts or inheritances from parents to children. The threshold now stands at €280,000 (increase of €55,000) with effect from 14 October 2015.

The issue of inheritance and gift tax (CAT) is becoming more important to many people because of the reduction in the amount an individual can receive tax free. When an individual decides to transfer his/her assets to another person, either by gift or on their death, assets over a certain value will attract CAT. The current rate of tax is 25 per cent, there is speculation that it will increase in the upcoming budget. It is important that individuals plan the transfer of assets in a tax efficient manner, as many people may be forced to sell assets they have been gifted or left on an individual's death in an attempt to pay the CAT liability.

Now may be a good time to transfer assets and/or family owned businesses to the next generation and avail of the potential tax benefits arising from reduced property values and current tax reliefs.

On March 28 several staff members of IFAC accountants Kilkenny, along with Ben Fogarthy, met with several members of Kilkenny County Macra clubs from Freshford, Mullinavat, and Kilkenny.

Now is a good time to transfer assets and/or family owned businesses to the next generation and avail of the potential tax benefits arising from reduced property values.