How much of your estate are you leaving to revenue when you die?
CApital acquisitions
The amount of capital acquisitions tax paid to revenue in 2018 was €522 million. (Source: revenue.ie June 2019)
For every €1,000,000 you pass to your estate, without careful planning, it may lead to an inheritance tax liability of up to €330,000 (Source: Capital Acquisitions Tax Consolidation Act 2003 as updated).
What you can avoid
Poor estate planning could also lead to:
– The break-up of your family or company assets.
– Your assets having to be sold to cover the tax liability.
– Your family having to borrow to pay the tax bill.
– Excessive or unnecessary tax bills.
– Potential family conflict.
This tax can become a burden where your finances are tied up in your business or property and cash cannot be easily accessed.
If you do not plan ahead your family may have to make the difficult decision to sell your business or family home for a potentially lower price than its real value.
This is a tax that can be avoided if planned for properly.
Steps to take to minimise or rEduce this tax bill
We can help you plan for your individual requirements based on your particular family and / or business circumstances. Tap the button below and fill out our estate planning check list to start.