Business Relief If you inherit or receive a gift of business property, you may qualify for Business Relief. Business Relief reduces the taxable value of the business property which Capital Acquisitions Tax (CAT) is calculated on by 90%. This is subject to conditions. A business is any activity, trade, profession or vocation which generates income or profits…
Small gift exemption / Use of Bare Trusts Small gifts of up to €3,000 per year can be gifted to family members each per year without gift tax being paid and without affecting the lifetime exemption thresholds of the beneficiary. Bare trusts are very often used by grandparents (or godparents, uncles, aunts etc) who want…
Inheritance tax – pay by installments Tax law provides for the payment of inheritance or gift tax by means of 60 equal monthly installments where a beneficiary takes: 1) an absolute interest in immovable property i.e land or buildings 2) agricultural property consisting of land, buildings and farm machinery 3) relevant business property or a…
