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Inheritance Tax Planning

29/10/2019

Capital Acquisitions Tax (CAT) has changed drastically since 2008, giving rise to substantial tax due in the passing of an estate. Subsequently, life companies have emerged with improved tax efficient solutions.

Changes in Taxation
In 2008, a child could inherit up to €521,208 free of tax with any surplus subject to taxation at just 20%. Today, a child’s taxfree inheritance is limited to €320,000, with any surplus subject to taxation at 33%.

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Irish Tax Institute - Customs and Preparing for Brexit Event

14/10/2019

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On the 10th October 2019, the Taoiseach, Leo Varadkar T.D. and the UK Prime Minister, Boris Johnson M.P. announced that they could see a “pathway to a possible deal” on Brexit. The EU and the UK have agreed to intensify discussions over the coming days in an attempt to agree an orderly withdrawal of the UK from the EU. The outcome of these negotiations is still very uncertain.

In the absence of any transitional arrangement, Revenue intend to operate on the basis that customs procedures apply from “Day 1” - 1 November. In the panel discussion at the Institute’s recent event on Customs and Preparing for Brexit, Celine O’ Neill from Revenue’s Brexit Policy Unit outlined some practical issues for businesses preparing for customs, including:

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IMPORTANT CHANGES TO RENTAL LEGISLATION

2/10/2019

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The Residential Tenancies (Amendment) Act 2019 was signed into law on May 31st 2019. There are a number of changes enacted and will come into effect at various dates over the next few months.

NOTICE OF TERMINATION OBLIGATIONS AND PROCEDURES
Effective from 4th June, the legislation provides for a number of changes such as:

Where a landlord intends to sell – a landlord must enter into a contract for sale within 9 months of the termination date or must offer to relet the property to the tenant.
Where a landlord intends to substantially refurbish the dwelling – the landlord must provide certification by a registered professional that the works would pose a threat to the health and safety of the occupants, would require vacation of the property and would take at least 3 weeks to complete. The landlord must offer the property back to the original tenant on completion of the works
Where a landlord intends to move in or move family in and where a landlord intends to change the use of the dwelling – the landlord must offer the property back to the tenant should it become available for let from 12 months from the expiry of the notice of termination.

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