Estate Planning and Inheritance Tax Solicitor in Kerry
Good planning can significantly reduce the inheritance tax your family pays. We help Kerry clients plan ahead for homes, farms, businesses and savings.
Planning ahead
Inheritance tax in Ireland, known as capital acquisitions tax, is charged on gifts and inheritances above certain tax-free thresholds. The thresholds depend on the relationship between the person giving and the person receiving, and they are revised from time to time in the Budget.
Ways to reduce the tax
- A well-drafted will that directs assets to those who can make best use of thresholds and reliefs.
- Lifetime gifts, including use of the annual small gift exemption.
- Agricultural relief for farmland passing to active farmers.
- Business relief for qualifying business assets.
- Retirement relief from capital gains tax on transfers of farms and businesses.
- Dwelling house exemption in certain circumstances.
A joined-up approach
Each relief has detailed conditions, and the timing of a transfer can make a big difference. We work with your accountant so your will and any lifetime transfers fit together.
Protecting your own position
Planning should never leave you short. We make sure your income and security are protected before assets are passed on.
Frequently Asked Questions
What are the current inheritance tax thresholds?
Thresholds depend on the relationship and are updated in the Budget. We will confirm the current figures for your situation.
Can I give money to my children tax free each year?
Yes. Each person can generally receive a small gift each year from any one person tax free, without reducing their lifetime threshold.
When should I start planning?
As early as possible, as some reliefs depend on holding assets for a period of time.
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