In our current blog, we examine the tax implications for beneficiaries of foreign trusts. Here are a number of examples: A US resident and domiciled individual settles €5 million in a trust for his child. He has never been resident in Ireland The trust is irrevocable and the settlor has no entitlement to any benefit […]

In this blog we are looking at the various ways in which the distribution of the benefits from an Estate can be varied from the terms of the Will. We look at the tax treatment of three scenarios. Scenario 1 A mother leaves her estate to her children Anne and Martin. House in the estate […]

As tax advisors we come across many diverse scenarios in regards to the transfer of a site to a child. We recently had a case where a mother, Margaret wished to gift a site in her garden to her son, Joseph and his partner, John. We considered three different scenarios. The site is transferred in […]

As experienced Tax Advisors to Accountants we are often requested to support our clients with regard to Trusts queries. In most cases the drafting of a Will is straightforward, with the assets left to a spouse or divided amongst the children, however, sometimes the disposer will want to make provisions for someone who is vulnerable […]

Following on from last month’s blog we promised to provide further assistance and tips on how to add great value to your client relationships.  You can check out our previous blog here In addition to the age profile of your clients, there are various time periods which must be observed when claiming certain reliefs and exemptions: […]

John, Co Founder of Professional Tax Adviser’s recently attended the Revenue Business Division’s latest meeting, in his role as Branch Representative for the Institute of Taxation. As part of the meeting, Revenue gave an insight into the sectors they will be looking at, in terms of compliance, over the coming months. Here were some of […]

Free use of property Budget 2021 originally changed the deemed interest on interest free loans to the borrowing rate. Previously it had been the available deposit rate. This could have had a serious impact for parents lending money to children e.g. for a house deposit. The new rate could easily have triggered a taxable gift […]