Capital Gains Tax (CGT) is a tax charged on the capital gain made on the disposal of any asset. It is payable by the person making the disposal. The gain is considered taxable income.
Our focus is on providing a service which:
- Minimises the tax arising on commercial transactions
- Ensures that capital losses and other tax exemptions are used efficiently to minimise taxes arising on gains.
- Enhances the tax efficiency of transferring assets to the next generation. This can include looking at issues such as retirement relief.
- Allows shareholders restructure their business or expand their operations in a tax efficient way.
- Avails of the Irish Holding Company capital gains tax exemption for disposals of trading subsidiaries.
The general consensus amongst tax professionals is that the way in which capital gains are taxed will change in the near future. We can expect that the level of tax paid on capital gains will be increased in order to raise more taxes. Given the likely changes and current low asset valuations, now may be the time to make plans for the transfer of assets in a tax efficient manner. transaction which is likely to give rise to capital gains tax should for more information contact our dedicated tax adviser, Rory Hussey.