Good News for those who have an Overseas Pension

The Context In recent years a withdrawal of lump sums from retirement overseas pension plans was a controversial topic, when dealing with taxpayers coming to Ireland. A common assumption was that the same €200,000 or 25% of the fund value could be taken tax-free as for an Irish scheme. Revenue had issued a precedent in […]

VAT on property, Beware, A Cautionary tale!

VAT on property, Beware, A Cautionary tale! Property is a hot topic at present, and in this month’s blog we cover the mistreatment of the Vat on the purchase of a property. The Purchase Mrs Smith purchases the freehold to a commercial property in 2015 She registers for VAT and reclaims the VAT charged on […]

Benefits from Offshore Trusts

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 […]

Deed of Family Arrangement/Disclaimer

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 […]

Transfer of a Site to a Child – A Case Study

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 […]

Trust Issues

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 […]

Top Tips on Tax Relief to Improve Client Retention

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: […]

Reduce Risk, Increase Opportunities & Improve Client Relationships

As experienced Tax Advisors to Accountants we often encourage our clients to review the profiles of their own clients on a regular basis.  This helps to identify if there are any areas of risk and also to scope out any potential opportunities that can add value to their client relationships. Here are some key areas […]

What to look out for – Free use of Property

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 […]