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Will my business assets be subject to Inheritance Tax ?

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Relief from CAT is available where the business property is acquired under a gift or inheritance. This relief works by reducing the value of the qualifying asset which pass under a gift or Inheritance by 90%. The qualifying business assets must have been owned by the disponer for at least 5 years in the case of a gift and at least 2 years in the case of an inheritance. Qualify business assets are as follows;

  • Unquoted shares or securities of an Irish company
  • Land, buildings, machinery or plant owned by the disponer but used by a company controlled by the disponer
  • Quoted shares or securities of an Irish company which were owned by the disponer prior to them being quoted.

Note : This relief will be clawed back if the assets are disposed of within 6 years of the gift/inheritance.

GETTING PROFESSIONAL ADVICE

If you have a query about inheritance tax, you can get qualified expert advice from George Skelton, gskelton@rda.ie  He can also advise on complex tax issues such as.

  • Tax Planning & Consultancy
  • VAT Advisory
  • Transaction Structuring
  • Tax Compliance
  • Research & Development Tax Credits
  • Company Restructuring
  • Succession Planning