Tuesday August 11, 2020

Succession planning: Tax issues for family firms

In any transfer of a property or business during a person's lifetime, three taxes arise: capital gains tax, capital acquisitions tax (or gift tax) and stamp duty.

3rd February, 2013
Mairead O'Grady: 'While there are some reliefs and exemptions, these taxes are based for the most part on a percentage of the value of the property or business.'

The past year has seen significant activity in business succession with the owners of many family businesses opting to take advantage of bottom-end property and business values. This is primarily due to the current tax landscape. In any transfer of a property or business during a person's lifetime, three taxes arise. These are capital gains tax (CGT), capital acquisitions tax (CAT or gift tax) and stamp duty.

While there are some reliefs and exemptions, these...

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