Succession & Estate Planning
Passing on your business or wealth tax-efficiently to the next generation, with reliefs properly planned.
Passing on what you have built
Most people spend a lifetime building a business, a farm or a nest egg, and far less time thinking about how to pass it on. Succession and estate planning transfers your business or wealth to the next generation tax-efficiently, with the right reliefs claimed and the family looked after. We advise business owners, farmers and families across Mullingar, Longford, Trim and Athlone.
Done well, succession planning is the difference between an asset passing intact and a chunk of it going in tax. Done late, or not at all, it can leave the next generation with a bill they have to sell assets to pay.
Two taxes, planned together
Passing on a business or farm usually engages two separate taxes, and the art of good planning is in managing both at once:
- Capital gains tax (CGT) arises for the person making the disposal, but retirement relief can reduce or remove the CGT on a qualifying business or farm, whether you sell or hand it on. Our CGT planning service looks at this in detail.
- Capital acquisitions tax (CAT) arises for the person receiving the gift or inheritance, but business relief and agricultural relief can dramatically reduce the taxable value of qualifying assets. Our CAT planning service covers thresholds and reliefs.
When these reliefs are combined and the transfer is structured correctly, it is often possible to pass a business or farm to the next generation with little or no tax. But each relief has strict conditions, and many of them must be satisfied for years before the transfer, which is why early planning matters so much.
Family businesses and farms
Succession is rarely only about tax. It is also about fairness between children, keeping the business viable, and making sure the people taking over are ready. We help families work through the practical questions, who takes what, how to treat children who are not involved in the business, and how to fund any equalisation, and then build a tax-efficient structure around the decisions you make. For business owners, this often dovetails with a company reorganisation to separate trading and investment assets cleanly.
Honest about a changing landscape
Retirement relief, agricultural relief, business relief and the CAT thresholds are well-established features of Irish tax, but the detail changes. Age limits, value caps, thresholds and qualifying conditions are reviewed regularly, and some have changed recently. We confirm the precise position that applies to your situation and your timing before you act, and we work alongside your solicitor so the legal documents and the tax structure line up.
Plan now for peace of mind
The earlier you plan, the more options you have and the more tax you can save. Book a free consultation with our succession team at any of our four offices, and we will help you pass on what you have built, on your terms.
FAQs
Frequently asked questions
When should I start succession planning?
As early as possible. The most valuable reliefs, retirement relief on the disposal of a business or farm, and business and agricultural relief from capital acquisitions tax, depend on conditions that often have to be met for a number of years before a transfer. Starting early gives you time to satisfy those conditions and to put the right structure in place; leaving it late can cost the family a great deal.
What is retirement relief and how does it help?
Retirement relief can substantially reduce or eliminate the capital gains tax on the disposal of a qualifying business or farm, whether you sell to a third party or pass it to your children. There are age-related conditions and limits, and they have been the subject of recent change, so the relief needs to be planned around your specific circumstances. We will confirm the current rules and how they apply to you.
How can I pass on a farm or business to my children tax-efficiently?
A well-planned transfer can combine reliefs across more than one tax, retirement relief on the capital gains tax side, and agricultural or business relief on the capital acquisitions tax side, so that the next generation inherits with little or no tax. Each relief has strict qualifying conditions, and the timing and structure of the transfer matter a great deal. This is exactly the kind of planning we specialise in.
Do I need a solicitor as well as an accountant?
Usually yes. We handle the tax planning and structuring; your solicitor handles the legal documents, wills, transfers and any trusts. We are happy to work alongside your solicitor so that the legal and tax sides fit together, and we can recommend one if you do not already have a solicitor you use.
Get in touch
Let’s talk about your business
Book a free, no-obligation consultation with one of our chartered accountants. We listen first, then show you exactly how we can help.