Speakers. Succession & Inheritance Taxation Seminar. October/November 2012
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- Meagan Brooks
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1 Succession & Inheritance Taxation Seminar October/November Speakers - Sandra O Sullivan - Maura Coppinger - Pat Hogan - Gráinne McDermott - Mary Murphy Agenda Transfers Who liable to Tax Cost? Capital Gains Tax Stamp Duty Reliefs & Exemptions Pitfalls & Clawbacks Planning Opportunities Related Issues Lifetime Transfers Succession - Capital Acquisitions Tax - Capital Gains Tax - Stamp Duty Death Transfers Inheritance - Capital Acquisitions Tax - No Capital Gains Tax - No Stamp Duty 3 4 Capital Gains Tax Capital Gain How Calculated What is Liable? - Land & Buildings - Business Assets - Houses (Principal Private Home Exempt) - Company Shares - Single Farm Payment Entitlements 30% Windfall Tax 80% When are Returns Due? Proceeds/Deemed Proceeds Base Cost Indexation Allowable/Non-allowable Expenditure Enhancement Expenditure 5 6 1
2 CGT Calculation - Example CGT Reliefs & Exemptions Acquired 28 acres of farm land in 1980 for 55,000 Disposed of in November at MV of = 450,000 Disposal Consideration 450,000 Deduct: Cost of acquisition, indexed for inflation; 55,000 x 3.742= 205,810 (205,810) Capital Gain 244,190 30% 73,257 Transfers between Spouses Annual Exemption Principal Private Residence Small Disposals (Chattels) Transfer of site Retirement Relief Special 7 Yr exemption 7 8 Special 7 Yr exemption Retirement Relief Purchases between: - 7 December 2011 & - 31 December 2013 Disposed after 7 years Full CGT Relief Aged 55yrs or more Owned for continuous 10yr period Used for trade for 10yr period Different rules depending on recipient: - To a child - To person outside the family Clawback (6yr 10 yr) 9 10 Retirement Relief Transfers I Retirement Relief Transfers I Intra-Family Transfers (Over 66yrs): CGT Retirement Relief on Business and Farm Assets Intra-Family Transfers: Previously => No Upper Limit (i.e. full relief available) => Must be over 55Yrs From 2014 => No Upper Limit if aged yrs => Upper limit of 3m introduced if over 66yrs 350 ac Farmland disposal Cost equivalent of 900,000 Market Value in 3,500,000 Previously Market Value 3,500,000 Cost/Portion of Cost 900,000 Chargeable Gain 2,600,000 Nil
3 Retirement Relief Transfers I Intra-Family Transfers (Over 66yrs): 350 ac Farmland disposal Cost equivalent of 900,000 Market Value in 3,500,000 From m Limit Excess Deemed Consideration / Market Value 3,000,000 3,500,000 Cost 900, ,000 Chargeable Gain 2,100,000 2,600,000 Relieved Gain (2,100,000) 500,000 Retirement Relief Transfers II Third Party Transfers: Previously => Upper Limit 750,000 => Must be over 55Yrs From 2014 => Upper limit 750,000 only available if aged yrs => Upper limit reduced to 500,000 for individuals over 66 yrs (Transitional measures in place for people aged 66yrs before 31 December 2013) Taxation Seminar Succession & Inheritance 150, Retirement Relief Transfers II Third Party Transfers: 74 ac Farm disposal Cost equivalent of 150,000 Proceeds in 740,000 Previously From 2014 Proceeds 740, ,000 Cost 150, ,000 Chargeable Gain 590, ,000 Nil 149,000 Marginal Relief ( 740, ,000)*50% 120,000 Pitfalls/Clawbacks Leased Land Cumulative limit for 3 rd party disposals New Limits for Transfers to Children Inter-spouse Transfers Use of Capital losses Disposal Aggregation post Age 66yrs CGT Planning Opportunities CGT Filing Obligations Maximise 3 rd Party Retirement Relief Timing of Transfers/Disposals Planning where 500k/ 750k/ 3m limits are exceeded How?.. Online/Paper What?.. Part of Annual Return of Income When?... Due date for Payment.. Due date for Return
4 Stamp Duty Cases where No Stamp Duty arises: Lifetime transfer = Stamp duty Transfers on death via will/intestacy Non-Residential 2% Residential Property - First 1% - 2% 1% Sale of commercial Forestry Transfer/purchase of machinery, livestock, cash, single farm payments Transfers between spouses 1% on full open market annual rent Reliefs I Reliefs II Consanguinity Relief Young Trained Farmer - Who?...Related Individuals - Who?...Young Trained Farmer - What?...50% rate reduction - What?...Exemption from Stamp Duty - When?...Up to 31 Dec When?...Transfer before 35 yrs old Example: Young Trained Farmer Relief Reliefs - Abolished Consolidation Relief Market Value of Land With No Relief No YTF Relief** With Relief - Abolished 30 June ,000 (20ac * 10k) 4,000 2,000 Zero 400,000 (40ac * 10k) 8,000 4,000 Zero 800,000 (80ac * 10k) 16,000 8,000 Zero 1,200,000(120ac* 10k) 24,000 12,000 Zero 2,000,000(200ac* 10k) 40,000 20,000 Zero 3,000,000(300ac* 10k) 60,000 30,000 Zero ** No YTF relief but includes consanguinity relief Transfer of a site to a child - Abolished 8 December 2010 (Note: CGT Relief on transfer of site to a child still available)
5 Stamp Duty Filing Obligations CAT Recap! How?.. Online What?.. Return & Payment When?... Within 30 days of date of execution of transfer! 30% Tax Free Thresholds - Class A: 250,000 - Class B: 33,500 - Class C: 16,750 Gifts/Inheritances Aggregated Main Reliefs Available: - Agricultural Relief - Business Assets Relief - Favourite Nephew Relief CAT Additional Points CAT / CGT Offset CAT/CGT Offset Miscellaneous CAT Issues CAT Planning Allowance for Capital Gains Tax against Capital Acquisitions Tax arising on the same event E.g. - Ann gifts land to her brother Eoin - Land Cost Ann 90,000 - Now Land valued at 200,000 - Eoin pays 100,000 - Assume: Eoin s CAT B Threshold has been used Ann s CGT Annual Exemption has been used CGT / CAT Offset Misc CAT Issues & Planning CGT Calculation Value at date of gift 200,000 Original Cost 90,000 Chargeable Gain 110,000 CGT 30% 33,000 Insurance Policies Free Use of Land Free Use of Money CAT Calculation Gift (market value - purchase price paid) 100,000 CAT Planning Points CAT 30% 30,000 CGT/CAT Offset (33,000) Final Tax CAT Liability Nil
6 Case Study 1: Tax implications for Tom & Joan Tom and Joan parents both farming as a partnership for over 35yrs; Original Land Cost equivalent 300,000 Aim: 3 Children to benefit as follows: - Kate Farm land & Buildings 3m - Laura Monetary Payment 400k - Mark Monetary Payment 400k Capital Gains Tax With Retirement Relief No Retirement Relief Proceeds 3,000,000 3,000,000 Cost(Excl Indexation) 300, ,000 Chargeable Gain 2,700,000 2,700,000 Nil 810, Tax Implications for Kate - CAT Tax Implications for Kate - SD Capital Acquisitions Tax With Agri. Relief No Agri. Relief Market Value of Land 3,000,000 Market Value 3,000,000 3,000,000 Agri relief 90% 2,700,000 n/a 300,000 3,000,000 CAT Threshold (250,000) (250,000) Taxable 50,000 2,750,000 15, ,000 CGT/CAT Offset (810,000) NET CAT 15,000 No Consanguinity Relief & No YTF Relief Consanguinity Relief but No YTF Relief With YTF Relief 60,000 30,000 Zero Tax Implications for Laura & Mark Family Farm Partnerships Capital Acquisitions Tax Market Value 400,000 CAT Threshold (250,000) Taxable 150,000 45,000 Routine Taxation of Partnership - Taxable person - Calculation of Profits/Losses Family Summary Total Tax Cost With All Reliefs 135,000 With No Reliefs 945,000 - Division of Profits (Partnership Agreement) - Returns Required
7 Family Farm Partnerships Why is so complex? Transfer into a partnership with a child - Capital Structure - Income Sharing Structure Measures for transitioning Control - Capital Gains Tax - Capital Acquisitions Tax - Stamp Duty Structuring to reduce tax cost of transfers Financial Issues: - Financial Independence for parents - Funding payments to siblings - Viability of business for successor Recent trend of farm incorporation Debt /Loans Structuring to reduce tax cost of transfers Financing Issues Tom & Joan - Small 3000 annual gifts to Laura & Mark Kate - Make payments to siblings - Annuity payment to her parents Financial independence for parents : - Income Stream for Parents - State pension - Private pension - Continuation of Income generation through a farm partnership; - A Deed of Covenant payable by the successor Financing Issues Funding payments to Siblings Financing Issues Funding payments to Siblings By Parents: By Farmer Sibling: Pay non-farm successors cash lump sum: - Savings - Private Pension draw down - Proceeds of Life Policy - Policy s arranged for the discharge of CAT - Non Agricultural Investment - Lump sum payment to parents - Bank Financing - Annual Payment - Share in farm profits for a period of time
8 Financing Issues Successor Farm Viability Incorporation Question Tax Costs Advantages Division of assets Disadvantages Ongoing funding of Deeds of Covenants Transfer to a company Tax Implications Commercial Viability is Key A Question of Fact Transferring as Sole Trade V s as a Company Income Tax Issues Rules of Cessation Averaging of Farm Profits Losses Land Leases Stock Relief Single Farm Payment VAT Issues Debt / Loans Transferring to a partnership Loan used to make capital contribution to a partnership Debt/Loans Transferring Farm Assets Transfer of a site by VAT registered farmer to a child Farm Leases Debt transfer where: - Sole trade transferring to successor - Sole trade transferring to a company - Sole trade transferring to a partnership Sale of SFP
9 Revenue Update Questions... Hot Topics Audit Tips Revenue Attitude Thank You 49 This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. firms help organisations and individuals create the value they re looking for. We re a network of firms in 158 countries with close to 169,000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at PricewaterhouseCoopers. All rights reserved. refers to the Irish member firm, and may sometimes refer to the network. Each member firm is a separate legal entity. Please see for further details. 9
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