Incorporating a Farming Business The Facts. Frank O Flynn and Robert Henson Partners Mason Hayes & Curran
|
|
- Angela Cannon
- 6 years ago
- Views:
Transcription
1 Incorporating a Farming Business The Facts Frank O Flynn and Robert Henson Partners Mason Hayes & Curran
2 About Mason Hayes & Curran Key areas of expertise include: Corporate Law Commercial Law Real Estate Tax Financial Services Litigation across a range of sectors including agrifood, energy, healthcare, technology and banking. We have long-standing relationships with ICMSA, Kerry Group and Donegal Creameries.
3 The facts of farming through a company Overview of body corporate and various roles of farmer in a corporate structure Tax and Non-Tax Advantages & Disadvantages Who suitable for / Who not suitable for If suitable, considerations on incorporation and corporate structure Succession planning Setting-up a farm company Duties and Responsibilities of directors Q&A
4 Farm Company Big decision Not for everyone Sole Trader v Company Company is a separate legal person Company becomes the farmer Farmer becomes shareholder, director, lender, landlord, employee Consideration for Sale Directors loan Access to trading profits Drawings Pension Contributions Leveraged finance, tax efficient borrowing
5 Farm Company Commercial Advantages Company has limited liability Ownership can be split between multiple shareholders Transfer of ownership interests can be easily effected Different rights and restrictions can attach to different ownership interests Ability to split legal and beneficial interest in shares Certain arrangements between shareholders can be kept private in a Shareholders Agreement Perpetual succession Succession planning - ability to handover value in company but retain control though different classes of share Floating charge
6 Farm Company Tax Advantages Profits accruing at 12.5% vs. up to 55% Flexibility as to level of salary/dividends taken Maximises monies earmarked for future investment and expansion 87.5% of profits can be available for reinvestment vs. 45% Ability to repay debt quicker and at lower tax rate - 50,000 capital repayment costs 57,142 through a company vs. 111,111 as individual Pension planning Various tax reliefs available to minimise tax impact on incorporation Transfer of Business Relief, Retirement Relief, Transfer at Tax Written Down Value Election Ability to extract funds over time at CGT rate of 33% rather than income tax of 55%
7 Farm Company - Commercial Disadvantages The farming business is no longer yours Significant governance and compliance obligations for Directors Corporate veil can be lifted Limited liability status can be negated by requirement for personal guarantees Another layer of paperwork Annual accounts to be filed - more onerous than for sole trader Filed accounts are publically available Accountancy and company secretarial fees Company s constitutions and annual return are publically available documents Onward sale buyers likely to want assets not company
8 Farm Company - Tax Disadvantages Additional tax administration Revision to previous year tax bill with cessation of trade Double charge to tax on sale Company and Individual levels If significant building capital allowances unused, may be preferential to retain in personal ownership but impacts CGT TOBR Stamp duty of 2% can arise on incorporation PRSI Employer s PRSI of 10.75% can arise but tax deductible by company and 1.75% saving vs. dividend route Close company surcharge on non-farming and passive income Personal losses forward cannot be used by the company Future eligibility for Agricultural Relief for CAT purposes Loss of Income Averaging
9 Considerations Influencing Incorporation Planning further expansion Looking at sustained and increasing profits Drawings are less than profits of farming business Asset Appreciation Stage and Availability of Personal Allowances Banking arrangements, if any Family circumstances, Succession Planning & Exit Strategy Upfront tax costs e.g. CGT at 33%, 2% stamp duty on land and goodwill values Pension Arrangements
10 If suitable, considerations on incorporation and corporate structure What assets are transferred? Are Land & Buildings Transferred Impact on CGT Reliefs Valuation of Goodwill and other assets Valuations need to be capable of standing up to Revenue scrutiny Consents required, if any Basic Payment Scheme Application & Entitlements Registration of herd numbers Customer, merchant and Co-Op notifications
11 Succession planning - Gifting Transfer of Farm/Shares in Farm Company to Child By Way of Gift Transferor Subject to CGT at 33% on deemed market value gain Availability of Retirement Relief Can be CGT Free Availability of Entrepreneur Relief CGT Rate of 20% on 1M lifetime limit Beneficiary Subject to CAT at 33% on gift element Availability of Agricultural or Business Property Relief Reduces Tax to 3.3% Tax Free Threshold - 310K Availability of Same Event Credit Stamp duty on transfer at 1% or 2% Young Trained Farmers Relief Relief on transfer of farming land where CGT Retirement Relief applies
12 CGT Retirement Relief Key Provisions Individual must be 55+ years at date of disposal dispose of a qualifying asset Have owned for the qualifying period If family transfer, no upper limit unless Farmer is 66+ years where upper limit of 3M applies If non-family transfer and individual under 66 years, full relief for sales proceeds up to 750,000. If sales proceeds exceed 750,000, CGT is capped at 50% of the difference between the sales proceeds and 750,000 If non-family transfer and individual 66+ years, full relief for sales proceeds up to 500,000. If sales proceeds exceed 500,000, CGT is capped at 50% of the difference between the sales proceeds and 500,000 Relief not automatic Must be claimed in income tax return No obligation to retire 6 year clawback period for disposals to a child assessed on child
13 Agricultural Relief Key Provisions Market Value of Agricultural Property on Gift/Inheritance is reduced by 90% where Beneficiary is a Farmer. A Famer is An individual in respect of whom at least 80% of his/her assets, after taking the gift/inheritance, consist of agricultural property and Who uses the property/assets for agricultural purposes for a period of at least 6 years or who leases out the agricultural property for not less than 6 years for agricultural use. Agricultural Property includes Agricultural land, pasture and woodland situated in the European Union; Crops, trees and underwood growing on such land; Farm buildings and dwelling houses (and the land on which they are situated) that are proportionate in size and character to the requirements of the farming activities; Farm machinery situated on such property; Livestock and bloodstock situated on such property; European Union single farm payment entitlements. Milk quotas where transferred together with agricultural land (Revenue practice) 6 year clawback period
14 Business Property Relief Key Provisions Market Value of Relevant Business Property on Gift/Inheritance is reduced by 90% where certain conditions are met. Relevant Business Property is a business i.e. the business of a sole trader an interest (i.e. share) in a business unquoted shares of a company carrying on a business provided that the beneficiary controls at least 25% of the voting rights of the company; Owns any percentage of the issued share capital of the company and controls (directly or with the family) that company; or At least 10% of the issued share capital of the company and has worked as a full-time director/employee of the company throughout the period of 5 years up to the date of gift/inheritance Businesses which consist wholly or mainly of dealing in currencies, securities, stock or shares, land or buildings or the making or holding of investments do not qualify 6 year clawback period
15 Succession planning - Inheritance Transfer of Farm/Shares in Farm Company to Child By Way of Inheritance Transferor Beneficiary No CGT Subject to CAT at 33% on inheritance Availability of Agricultural or Business Property Relief Reduces Tax to 3.3% Tax Free Threshold - 310K No Stamp duty on inheritance
16 Setting up a farm company Type of Company, LTD most suitable Process for setting-up Company Name Nominal value of share capital Director(s) Company secretary Registered office Initial shareholders Bank Account Company Secretarial services Accountant / Auditor Tax Registrations
17 Role and Responsibilities of directors What is a director Defacto directors Shadow directors I acknowledge that, as a director, I have legal duties and obligations imposed by the Companies Act, other statutes and at common law Common law and Statutory duties Fiduciary duties Statutory duties Companies Act 2014 Office Director of Corporate Enforcement
18 Q&A Frank O Flynn Robert Henson Mason Hayes & Curran t +353 (0) m +353 (0) e foflynn@mhc.ie Mason Hayes & Curran t +353 (0) m +353 (0) e rhenson@mhc.ie
Farming Through A Company
Farming Through A Company Kevin Connolly Financial Management Specialist kevin.connolly@teagasc.ie [Updated January 2018] A company is.. A separate legal entity The company becomes the famer Business profits
More informationCAPITAL ACQUISITIONS TAX
PENSIONS INVESTMENTS LIFE INSURANCE CAPITAL ACQUISITIONS TAX AN ADVISERS GUIDE For Financial Advisers only - this is not a customer document CONTENTS 1. INTRODUCTION 2 2. MAKING A WILL 3 3. INHERITANCE
More informationTRADING AS A FARMING COMPANY
TRADING AS A FARMING COMPANY Kevin Connolly Financial Management Specialist Teagasc Rural Economy and Development Programme (REDP) Teagasc Pig Farmers Conference 2014 Cavan Crystal Hotel 22 nd October
More informationCurrent Farm Taxation Issues
Current Farm Taxation Issues Kevin Connolly Financial Management Specialist Teagasc Farm Management & Rural Development Knowledge Transfer kevin.connolly@teagasc.ie Presented on 28 th November 2013 Outline
More informationChanges in farm holding structures. Long Term leasing / collaborative farming. Update on BPS
Changes in farm holding structures Long Term leasing / collaborative farming Update on BPS Growth in Agriculture Huge growth in agriculture Success of Food Harvest 2020 Ireland produces sufficient food
More informationCAPITAL ACQUISITIONS TAX
Market Street Skibbereen Co. Cork, P81 W603 Tel: +353 (0)28 21177 Fax: +353 (0)28 21676 E-Mail: info@wolfe.ie Web: www.wolfe.ie CAPITAL ACQUISITIONS TAX Capital Acquisitions Tax ( CAT ) includes both Gift
More informationGuide to Capital Acquisitions Tax Interventions
Guide to Capital Acquisitions Tax Interventions Table of Contents 1. Introduction...2 2. What exemptions/reliefs can be claimed?...3 3. What is the Valuation Date?...4 4. CAT Interventions...4 5. Agricultural
More informationCAT CAPITAL ACQUISITIONS TAX
CAPITAL ACQUISITIONS TAX Charge to tax DISPONER AND DISPOSITION Capital Acquisitions Tax (CAT) applies to gratuitous benefits, for example, a gift (s 4) or an inheritance (s 9). The person who provides
More informationFarmers and the taxation of certain farm payments. Part
Farmers and the taxation of certain farm payments Part 23-01-10 All Single Payment Scheme entitlements held by farmers expired on 31 December 2014. Under the revised Common Agricultural Policy 2014 2020,
More informationSUCCESSION & ESTATE PLANNING THE CORNERSTONE OF ALL GOOD FINANCIAL PLANS. Leigh Cullen 16 April 2018
SUCCESSION & ESTATE PLANNING THE CORNERSTONE OF ALL GOOD FINANCIAL PLANS Leigh Cullen 16 April 2018 Welcome Talking about today Succession planning process Irish taxes Tax reliefs for trading assets Trusts
More informationAssisting finance professionals to pass industry exams and helping meet their CPD requirements with our accredited CPD system Wizard Learning Ltd
Tax Tables 2018/19 Assisting finance professionals to pass industry exams and helping meet their CPD requirements with our accredited CPD system Wizard Learning Ltd 1. Income Tax rates 2. Personal Allowances
More informationTax Tables 2017/18. ** 31,500 in Scotland
Tax Tables 2017/18 Assisting finance professionals to pass industry exams and helping meet their CPD requirements with our accredited CPD system Wizard Learning Ltd 1. Income Tax rates 2. Personal Allowances
More informationSFA BUSINESS BYTES SERIES 2 BUYING OR SELLING A BUSINESS
SFA BUSINESS BYTES SERIES 2 BUYING OR SELLING A BUSINESS 1 01 MAZARS CORPORATE FINANCE JOHN BOWE 2 Date CONTENTS Introduce Mazars Corporate Finance Buying a business Clear focus on why? Financing Options
More informationBudget October, 2014 Summary of Key Tax Changes
PERSONAL TAX Changes to Income Tax There is no change in the standard rate (20%) but the marginal rate (41%) of Income Tax in reduced to 40% with effect from 1 January 2015. There s an increase in the
More informationGuidelines for buying and selling a business or company
Guidelines for buying and selling a business or company Introduction This section covers the main tax issues that arise when buying or selling a business owned by a sole trader, a partnership or a company.
More informationCapital gains tax for business owners
Capital gains tax for business owners Introduction The capital gains tax (CGT) legislation favours business assets by providing a number of tax reliefs. The one with the widest scope is entrepreneurs relief,
More informationFront runner across the sport. Clearing the hurdles
Front runner across the sport Clearing the hurdles At Grant Thornton our equine industry experts provide a high level overview of some of the current key areas and challenges that people within the equine
More informationFarm Tax Planning Guide 2018
Farm Tax Planning Guide 2018 Accountants & Statutory Auditors, Farm Taxation Specialists Contents Income Tax Efficient use of bands... 10 Tax Credits... 10 Stock Relief... 16 Capital Allowances... 16 Leasing
More informationSpeakers. Succession & Inheritance Taxation Seminar. October/November 2012
www.pwc.ie 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?
More informationBARNES ROFFE LLP PROPERTY AND TAX PLANNING 13 SEPTEMBER 2018
BARNES ROFFE LLP PROPERTY AND TAX PLANNING 13 SEPTEMBER 2018 BARNES ROFFE LLP STEPHEN CORNER FCA, LLB (Hons), Barrister Partner THE LANDSCAPE Tax avoidance has become immoral There is an estimated 5B tax
More informationReed Case V profits 310, ,000 Corporation tax at 25% 77,500 95,000. Group relief from VLL (58,750)
Answers Professional Level Options Module, Paper P6 (IRL) Advanced Taxation (Irish) December 2010 Answers 1 Briefing notes for a meeting with John and Martha Heaney Prepared by: Tax assistant Date: 10
More informationFinance Act Summary of the main measures including those affecting the farming sector.
Finance Act 2017 Summary of the main measures including those affecting the farming sector. Finance Act Update Published on 15 th January 2018 [Update on original Budget 2018 summary published on 10 th
More informationINCORPORATION.
INCORPORATION Incorporation The issue of whether to run your business as a company or a sole trader or partnership is an important one. In this factsheet, we summarise the potential tax savings available
More informationProfessional Level Options Module, Paper P6 (IRL) 1 Lorraine Smith. Chartered Certified Accountants. Any street Any town.
Answers Professional Level Options Module, Paper P6 (IRL) Advanced Taxation (Irish) June 2018 Answers 1 Lorraine Smith Mrs Lorraine Smith Any street Any town Re: Tax planning Dear Lorraine, Chartered Certified
More informationCorporate & Personal Tax Opportunities
Corporate & Personal Tax Opportunities 29 NOVEMBER 2017 FIONA MURPHY TAX PARTNER Agenda Rewarding & incentivising staff Overview of Ireland s intangible regime Exit/Succession Planning Tax implications
More informationGrowth Finance Expertise. Transfer of Family Business. Business Banking
Growth Finance Expertise Transfer of Family Business Business Banking 1 Business Banking Family businesses are the keystone of the Irish economy, notable family firms include the Musgrave Group, in family
More informationProfessional Level Options Module, Paper P6 (IRL)
Answers Professional Level Options Module, Paper P6 (IRL) Advanced Taxation (Irish) June 2013 Answers 1 (a) The proposal to pay the fee in money s worth (the travel voucher) rather than money does not,
More informationIntroduction. Income Tax
Taxation Introduction This section is designed to provide background information on how tax may affect the farm business and contains a summary of how the system operates. Tax is an increasingly complex
More informationBUDGET 2016 ADVISORY SERVICES UPDATE
PENSIONS INVESTMENTS LIFE INSURANCE BUDGET 2016 ADVISORY SERVICES UPDATE This document provides commentary and summary of the main changes announced in the Budget Tuesday 13 th October 2015. Economic commentary
More informationBUDGET Tax Guide
BUDGET 2019 Tax Guide Contents Page Main Tax Credits & Allowances 2 Income Tax Bands / Tax on Savings 3 Mortgage Interest Relief 4 PRSI / Domicile Levy 5 Universal Social Charge 6 Property Relief Surcharge
More informationAGRI-TAXATION REVIEW IFA report and analysis
AGRI-TAXATION REVIEW 2014 IFA report and analysis October 2014 TABLE OF CONTENTS 1 SUMMARY OF RECOMMENDATIONS... 3 2 BACKGROUND TO REVIEW... 4 2.1 PURPOSE OF REVIEW... 4 2.2 IFA APPROACH TO AGRI-TAXATION
More informationTAXFAX 2009/
TAXFAX 2009/2010 www.blickrothenberg.com Table of contents Allowances and Reliefs 2 Individuals - Income Tax Rates 2 National Insurance Contributions 3 Capital Gains Tax 4 Inheritance Tax 5 Trusts - Income
More informationBudget October 2018 FIONA MURPHY TAX PARTNER RBK
Budget 2019 10 October 2018 FIONA MURPHY TAX PARTNER RBK Budget 2019 is about securing our future Backdrop - Positives > Good global growth forecasts Government revenues were up 5% on the same period last
More informationTAXFAX 2013/2014.
TAXFAX 2013/2014 www.blickrothenberg.com TAXFAX 2013/2014 CLICK TO VIEW Allowances and Reliefs 2 Individuals - Income Tax Rates 3 National Insurance Contributions 3 Capital Gains Tax 4 Inheritance Tax
More informationPASSING ON BUSINESS ASSETS LIFE ADVISORY SERVICES
PENSIONS INVESTMENTS LIFE INSURANCE PASSING ON BUSINESS ASSETS LIFE ADVISORY SERVICES We advise that your client seeks professional tax and legal advice as the information given is a guideline only and
More informationFinance Bill 2017 gives effect to the taxation-related measures announced on Budget Day which include:
Finance Bill 2017 Press Release - Notes to Editors: Measures announced on Budget Day: Finance Bill 2017 gives effect to the taxation-related measures announced on Budget Day which include: Income Tax Key
More informationSuccession Planning for You and Your Business a Framework for Wealth Creation & Preservation
Succession Planning for You and Your Business a Framework for Wealth Creation & Preservation Ciaran Desmond Ciaran Desmond Solicitors 1 st February 2016 Succession Planning for Your Business Non Tax Considerations
More informationPrivate Client Services pre Budget tax matters to consider. Gifts and inheritances - Capital Acquisitions Tax (CAT)
05 September 2013 Issue 10/2013 Tax alert Ireland Private Client Services pre Budget 2014 - tax matters to consider Contacts If you require further information, please call your regular contact in EY or
More informationINCORPORATING YOUR FARM BUSINESS
INCORPORATING YOUR FARM BUSINESS If you carry on a farm business, and have significant income, transferring the farm business to a corporation may provide some benefits as there are tax planning opportunities
More informationCONTRACT SI2.ICNPROCE
CONTRACT SI2.ICNPROCE009493100 IMPLEMENTED BY FOR DEMOLIN, BRULARD, BARTHELEMY COMMISSION EUROPEENNE - HOCHE - - DG ENTREPRISE AND INDUSTRY - Study on Effects of Tax Systems on the Retention of Earnings
More informationThe IHT legislation currently grants four major 100% exemptions/reliefs from IHT that are potentially of interest to farmers:
IHT and farming. Long range tax planning Michael Steed s tax blog September 2012 Introduction There is no doubt that IHT has a major impact on long range tax planning for farms. Farms are valuable assets
More informationContents. About Arthur Weller What Expenses Can I Offset Against Rental Income? Switch Property With Your Spouse...
Contents About Arthur Weller... 13 INCOME TAX 1. What Expenses Can I Offset Against Rental Income?... 16 2. Switch Property With Your Spouse... 16 3. Any Tax Due For Unemployed Person?... 17 4. I Am A
More informationINCORPORATION. A technical outline of the tax planning opportunities Written by Graham Buckell FCA CTA
1 INCORPORATION INCORPORATION A technical outline of the tax planning opportunities Written by Graham Buckell FCA CTA 1 2 INCORPORATION INDEX: Page(s) Introduction 3 Tax benefits of incorporation 4-8 Methods
More informationACCA P6 Advanced Taxation Mock Examination 2. Mock Examination Submission Form. This front sheet should be attached to your submitted answers.
Mock Examination Submission Form This front sheet should be attached to your submitted answers Name: Email address: For HTFT Partnership to complete Date received: Marker: Date returned: Overall mark:
More informationBUDGET HIGHLIGHTS 2019 BUSINESS TAX CORPORATION TAX RATE FILM RELIEF
SHEEHAN QUINN HLB Sheehan Quinn Suite 7, The Courtyard Carmanhall Road Sandyford Dublin 18 Ireland T +353 1 291 52 65 F +353 1 291 52 67 E info@hlbsheehanquinn.com www.hlbsheehanquinn.com BUDGET HIGHLIGHTS
More informationTax Issues for landlords of UK residential properties
Tax Issues for landlords of UK residential properties Tax changes affecting rental income from residential lettings There have been many changes to taxation affecting the property letting market recently
More informationProfessional Level Options Module, Paper P6 (IRL)
Answers Professional Level Options Module, Paper P6 (IRL) Advanced Taxation (Irish) December 2012 Answers 1 ABC & Co Chartered Certified Accountants Any Street Any Town 1 September 2011 James Smart Any
More informationTax Planning for Individuals
Tax Planning for Individuals 2018 03333 219 000 advice@bishopfleming.co.uk www.bishopfleming.co.uk Tax Planning for Individuals 2018 Key Updates Income tax 150k 45% 100k- 123k 60% 11,500 Personal Allowance
More informationProfessional Level Options Module Paper P6 (IRL) 1 John Field. Memorandum
Answers Professional Level Options Module Paper P6 (IRL) Advanced Taxation (Irish) December 2014 Answers 1 John Field To: Tax manager From Tax senior Re: John Field, taxation issues Date: 3 October 2013
More informationTax for family lawyers
Tax for family lawyers 15 June 2016 Deborah Clark Partner Introduction o Separation o Capital gains tax the basics o The matrimonial home o Business assets o Other assets o Inheritance tax, trusts & Wills
More informationTax Facts BRINGING TAX INTO FOCUS RATES AND ALLOWANCES GUIDE 2018 /
Tax Facts RATES AND ALLOWANCES GUIDE 2018 / 2019 BRINGING TAX INTO FOCUS www.hazlewoods.co.uk CONTENTS PERSONAL TAX Page Income tax rates and allowances 1 Timetable for self-assessment 3 Pensions 3 Capital
More informationOctober. Doing property business in the UK
October 2017 Doing property business in the UK 0 F o r w a r d This booklet has been prepared for the use of clients, partners and staff of Menzies LLP. It is designed to give some general information
More informationCapital Gains Tax Tackling Property Business Incorporations
Capital Gains Tax Tackling Property Business Incorporations Peter Rayney * FCA CTA (Fellow) TEP, Peter Rayney Tax Consulting Ltd Capital gains tax; Incorporation; Incorporation relief; Inheritance tax;
More informationYEAR-END TAX GUIDE 2015/16
YEAR-END TAX GUIDE 2015/16 Magee Gammon Henwood House Henwood Ashford Kent TN24 8DH mg@mageegammon.com 01233 630000 www.mageegammon.com YEAR-END TAX GUIDE 2015/16 CONTENTS PERSONAL TAX AND ALLOWANCES INCOME
More informationLIFE CYCLE OF A BUSINESS NUMBER 7 TAX HEALTH CHECK
TAX HEALTH CHECK 8 SELLING YOUR BUSINESS 1 WHEN SHAREHOLDERS JOIN OR LEAVE 6 7 SHARE OPTIONS LIFE CYCLE OF A BUSINESS 2 VENTURE 3 NEW BUSINESS BANK FUNDING 5 INVESTOR 4 SEEKING AN BUYING A BUSINESS NUMBER
More informationTIME:CTC. Corporate Trading Companies. Information Memorandum
Corporate Trading Companies Information Memorandum Corporate Trading Companies This document is for Authorised Financial Advisers only and for existing Shareholders for information only. Issued in the
More informationWHAT HAPPENS IF I DIE WITHOUT MAKING ANY WILL?
Making a Will WHAT HAPPENS IF I DIE WITHOUT MAKING ANY WILL? If you die without making a Will, the law provides that your spouse is entitled to your entire estate if there are no children. If you leave
More informationLIMITED COMPANY BUY TO LET MORTGAGES
LIMITED COMPANY BUY TO LET MORTGAGES WHY SET UP AS A LIMITED COMPANY? The gradual restriction in the tax relief landlords can receive will reduce over a four year period from April 2017. This change means
More informationADVANCED TAXATION PROFESSIONAL 2 EXAMINATION - APRIL 2017
ADVANCED TAXATION PROFESSIONAL 2 EXAMINATION - APRIL 2017 NOTES: You are required to answer Question 1 and any three from Questions 2,3,4 and 5. Should you provide answers to all questions, you must draw
More informationCHARTERED ACCOUNTANTS & REGISTERED AUDITORS
DAVID M. BREEN & CO CHARTERED ACCOUNTANTS & REGISTERED AUDITORS Suite 4, Wallace House, Maritana Gate, Waterford. Tel: 051 875222 Fax: 051 875333 E-mail: david@davidmbreen.ie Web: www.davidmbreen.ie BUDGET
More information2 National tax systems: Structure and recent developments
Ireland Structure and development of tax revenues Table IE.1: Tax Revenue (% of GDP) 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Ranking Revenue (billion euros) A. Structure by type of
More informationCONTENTS Overview Personal Tax Employment Taxes Business Tax Property & Construction Agriculture Indirect Taxes Other Measures
FINANCE BILL 2017 CONTENTS Overview 3 Personal Tax 4 Employment Taxes 5 Business Tax 6 Property & Construction 7 Agriculture 8 Indirect Taxes 9 Other Measures 10 OVERVIEW On 19 October, the Department
More informationDisposals of business or farm on "retirement"
Disposals of business or farm on "retirement" Part 19-06-03 This document should be read in conjunction with section 598 of the Taxes Consolidation Act 1997 Document updated May 2018 Table of Contents
More informationThe Home Carer Tax Credit has been increased from 1,200 to 1,500 per annum.
1 Income Tax Personal Taxes Budget 2019 made only minor changes in the area of personal taxes. We have set out below details of the changes to Income Tax and USC which will take effect from 1 January 2019.
More informationSBE CGT Concessions. SBE CGT & Ancillary Concessions Peter C Adams. Session 6. Small business CGT Concessions:
SBE CGT & Ancillary Concessions Peter C Adams Session 6 SBE CGT Concessions Small business CGT Concessions: CGT 15-year asset exemption CGT 50% active asset reduction CGT retirement exemption CGT roll-over
More informationEDUC Mortgages. Sean Couch
EDUC Mortgages Sean Couch Mortgages Just because you have a mortgage This does not mean you will receive a new mortgage, even if it is for the same or less than the current mortgage. New Central Bank Rules
More informationWHAT SHOULD I DO ABOUT TAX WHEN SOMEONE DIES (August 2009)
WHAT SHOULD I DO ABOUT TAX WHEN SOMEONE DIES (August 2009) Contents 1. Introduction 2. Some General Terms and Procedures 3. If you are a Personal Representative 4. If you are a Beneficiary 5. If you are
More informationTAX PLANNING CHECKLIST FOR YEAR END
TAX PLANNING CHECKLIST FOR YEAR END 2019 INTRODUCTION As the end of another tax year approaches, now is a good time to consider your financial position and check whether you have taken full advantage of
More informationThe Chartered Tax Adviser Examination
The Chartered Tax Adviser Examination November 2017 Suggested solutions Application and Interaction Question 1 - Individuals, Trusts and Estates Application and Interaction November 2017 Question 1 (Individuals,
More informationYear-end tax planning checklist. TWP: Chartered Accountants & Tax Advisers
Year-end tax planning checklist TWP: Chartered Accountants & Tax Advisers With the current tax year having begun on 6 April 2018, the clock is ticking and it is important to utilise all the tax reliefs
More informationADVISER GUIDE. WAY Flexible Inheritor Plan. Adviser guide - Technical and Tax Questions and Answers
ADVISER GUIDE WAY Flexible Inheritor Plan Adviser guide - Technical and Tax Questions and Answers For professional advisers only For plans with an appointed investment adviser WAY Flexible Inheritor Plan
More informationPersonal Tax Case Studies for Financial Advisors
Personal Tax Case Studies for Financial Advisors John P. Feeney, FCMA, QFA FLIA, AITI CTA, RPA, Ctax, CTC, PTP, SIA, CFP AITI Chartered Tax Advisor & Certified Financial Planner Agenda Tax Heads To Consider
More informationBroad shoulders and tight belts: Options for taxing the better-off
Broad shoulders and tight belts: Options for taxing the better-off Stuart Adam, Carl Emmerson and Barra Roantree Background Income vs wealth 10% of households receive 32% of pre-tax income A different
More informationI n f o r m a t i o n S h e e t
I n f o r m a t i o n S h e e t Business Borrowing Tax Efficiently We live in an age of economic uncertainty and many businesses are hampered by short-term cash flow issues. This is despite projections
More informationTAX AND FINANCIAL STRATEGIES 2014/15
TAX AND FINANCIAL STRATEGIES 2014/15 Enabling you to achieve your financial ambitions 02 Roffe Swayne 2014/15 Tax and Financial Strategies PLANNING FOR YOURSELF AND YOUR FAMILY New rules will bring exciting
More informationDiscretionary Discounted Gift Trust. Adviser s Guide
Discretionary Discounted Gift Trust Adviser s Guide Adviser s Guide to the Discretionary Discounted Gift Trust This guide is for use by Financial Advisers only. It is not intended for onward transmission
More informationIRELAND GLOBAL GUIDE TO M&A TAX: 2017 EDITION
IRELAND 1 IRELAND INTERNATIONAL DEVELOPMENTS 1. WHAT ARE RECENT TAX DEVELOPMENTS IN YOUR COUNTRY WHICH ARE RELEVANT FOR M&A DEALS AND PRIVATE EQUITY? A reduced rate of capital gains tax ( CGT ) of 20%
More informationEssential End of Tax Year Planning Guide
Essential End of Tax Year Planning Guide 2013/2014 www.mooreandsmalley.co.uk Welcome 2013 was a landmark year for tax planning. After many years of deliberation, the Government introduced a new General
More informationEffective Tax Planning for Your Family Business Succession
Effective Tax Planning for Your Family Business Succession Tax Partner at PwC Ireland, Teresa McColgan, and Tax Director at PwC Ireland, Niall Cogan impart advice on the transfer of ownership of family
More informationACCA P6 Advanced Taxation Question Based Revision - Answers
ACCA P6 Advanced Taxation Question Based Revision - Answers Question One To Tax manager From Tax assistant Date 2/12/2015 Subject: Jeremy and Sarah Turner This memo considers the transfer of investments
More informationAgenda. Irish tax landscape in 2018
Tax for SMEs 2018 Agenda Irish tax landscape in 2018 Starting out in business Capital structure Timing tax registration Clever salary packages for founders and staff Opportunities for tax relief Expansion
More informationTaxing Times. Finance Act & Current Tax Developments. kpmg.ie/financeact2017 #FinanceAct November Focus. Clarity.
Taxing Times Finance Act 2017 & Current Tax Developments kpmg.ie/financeact2017 #FinanceAct November 2017 Focus. Clarity. Insight KPMG is Ireland s leading Tax practice with over 600 tax professionals
More informationBudget 2014 Tax Rates and Allowances
Guide from DGS Accounting Services Ltd Tel: 07899918205 Email: derek@dgsaccounting.co.uk, website: www.dgsaccounting.co.uk A guide to Budget 2014 Tax Rates and Allowances A SIMPLE GUIDE TO THE TAX RATES
More informationBudget Presented by
Financial Statement of The Minister for Finance 9 October 2018. This commentary is published by Chartered Accountants Ireland as a service to Chartered Accountants. Issued October 2018. Presented by TAX
More informationBUDGET 2018 HEADLINES
BUDGET 2018 HEADLINES 10 OCTOBER 2017 Table of Contents BUSINESS TAXATION... 2 INCOME TAX... 2 PROPERTY... 4 STAMP DUTY... 4 INDIRECT TAX... 5 CAPITAL ACQUISITIONS TAX... 5 AGRICULTURE... 5 COMPLIANCE
More informationI t: I e:
Incorporation www.baldwinsaccountants.co.uk I t: 0845 894 8966 I e: info@baldwinandco.co.uk The issue of whether to run your business as a company or a sole trader or partnership is an important decision.
More informationTax Planning For Life
Tax Planning For Life 2018-2019 0141 272 0000 / ca@maco.co.uk / www.maco.co.uk / www.mafsltd.co.uk Introduction Our annual Tax Planning For Life navigates you through a wide range of tax planning opportunities
More informationPrivate Client Services
Private Client Services Residential property Charges for non-natural persons March 2013 Residential property: charges for non-natural persons The 2012 Chancellor s Budget contained a number of announcements
More informationINHERITANCE TAX (IHT)
INHERITANCE TAX (IHT) A Simple Guide 2012/13 THE CHANCERY ADVANTAGE Expertise with a Personal Touch INHERITANCE TAX (IHT) A Simple Guide 2012/13 Contents INTRODUCTION IHT FUNDAMENTALS MITIGATING IHT IHT
More informationTax Rate Card 2018/19
Tax Rate Card 2018/19 Income Tax Rates* 2018/19 2017/18 Savings rate, 0% on first + 5,000 5,000 Basic rate, 20%* on first 34,500 33,500 Higher rate, 40%* on income over 34,500 33,500 Additional rate, 45%*
More informationYear-end tax planning checklist. TWP: Chartered Accountants & Tax Advisers
Year-end tax planning checklist TWP: Chartered Accountants & Tax Advisers With the current tax year having begun on 6 April 2017, the clock is ticking and it is important to utilise all the tax reliefs
More informationIncome Tax. Income Tax allowances Personal Allowance (1) 7,475 8,105 N/A
Income Tax Income Tax allowances table Income Tax allowances 2011-12 2012-13 2013-14 Personal Allowance (1) 7,475 8,105 N/A Personal Allowance for people born after 5 April 1948 (1) N/A N/A 9,440 Income
More informationEverything You Need To Know About Business Tax. Scilly Business Week 6 th March 2017
Everything You Need To Know About Business Tax Scilly Business Week 6 th March 2017 Income Tax Rates 2017/18 v 2016/17 2016/17 (Current year) Income Tax Personal Allowance - 11,000 Higher-rate threshold
More informationBUY TO LET OWNERSHIP OPTIONS
BUY TO LET OWNERSHIP OPTIONS WE RE THE UK S LEADING FEE FREE MORTGAGE BROKER Should the property be owned personally or through a limited company? Contents p3 p9 Should the property be owned personally
More informationTaxing Times. Finance Bill & Current Tax Developments. kpmg.ie/financebill2017 #FinanceBill November Focus. Clarity.
Taxing Times Finance Bill 2017 & Current Tax Developments kpmg.ie/financebill2017 #FinanceBill November 2017 Focus. Clarity. Insight KPMG is Ireland s leading Tax practice with over 600 tax professionals
More informationYear-end tax planning checklist
Year-end tax planning checklist Year-end tax planning checklist With the current tax year having begun on 6 April 2019, the clock is ticking and it is important to utilise all the tax reliefs and allowances
More informationAMP Personalised Portfolio
Issued ₇ November ₂₀₁₇ AMP Personalised Portfolio Product disclosure statement Part ₁ AMP Personalised Portfolio Supplementary product disclosure statement This is a Supplementary product disclosure statement
More informationAF1 IHT Part 6 IHT Reliefs
A relief reduces the amount of IHT payable. AF1 IHT Part 6 IHT Reliefs The milestones are to understand the workings of: Quick Succession relief. Business Property relief Agricultural Property relief Quick
More informationMetLife s Trust Range. A Guide to the Bare Loan Trust
MetLife s Trust Range A Guide to the Bare Loan Trust MetLife s Trust Range - A Guide to the Bare Loan Trust 1 A Guide to the Bare Loan Trust 1. What is the Bare Loan Trust? The Bare Loan Trust is an Inheritance
More informationTaxing Times. Finance Bill & Current Tax Developments. kpmg.ie/financebill2017 #FinanceBill October Focus. Clarity.
Taxing Times Finance Bill 2017 & Current Tax Developments kpmg.ie/financebill2017 #FinanceBill October 2017 Focus. Clarity. Insight KPMG is Ireland s leading Tax practice with over 600 tax professionals
More information