When attending to legal affairs, we believe that we cannot separate the legal ramifications from the tax ramifications. We are passionate about giving the best advice possible to our clients. Part of this involves working with our clients accountants or tax advisors in the will drafting stage and at the administration stage.

The taxes most relevant to our area include Captial Acquistions Tax, Capital Gains Tax, Stamp Duty and Discretionary Trust Tax.

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Please contact us to discuss possible ways of reducing Capital Acquisitions Tax that could be relevant at the Will drafting stage or if you are a legal personal representative or beneficiary. We are not qualified tax advisors but will work with your tax advisor to ensure the most tax efficient route is taken.

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We have set out some examples of exemptions from capital acquisitions tax below.

  • Exemption transfers between spouses or civil partners
  • Exemption for support maintenance and education payments
  • Exemption for a dwelling house. On a day-to-day basis we find this exemption really useful. Remember that there are very different conditions applying to this depending on whether you wish to transfer the property during your lifetime or leave the property under your Will
  • Exemption relating to qualifying expenses of incapacitated individuals
  • Exemption for charities. Our friends in the charity sector do amazing work. There may be a particular charity close to your heart and you can make provision for the charity in your Will. When drafting your Will, we will include a Receipt Clause and will also mention the cy-pres doctrine to you. We ourselves believe in giving back to our community. Please see details of what we are currently doing.

There are also various Reliefs from Capital Acquisitions Tax available. We have set out a couple of examples.

  • Agricultural relief. Our principal Elaine Byrne is from a farming background and has a keen interest in all matters agricultural. Elaine realises first-hand that agricultural relief and the availability or otherwise could mean the difference between retaining a family farm or selling a family farm. If you are planning your affairs and own agricultural property please speak to Elaine about agricultural relief so that your Will is drafted with this in mind. If you are a beneficiary again please speak to Elaine at the earliest opportunity, bearing in mind the different valuation dates.
  • Business relief. If you are involved in business, planning your affairs or if you’re a beneficiary of a business, you should speak to us and your tax advisor re this. Our principal having opened her own practice is a keen business lady and realises the very hard work that goes into a business