Capital Gains Tax (CGT) is the tax paid on the profit made on the disposal of assets. Assets include land, property, shares, antiques, jewellery, paintings, goodwill and currency other than Irish currency.
With current tax free threshold amounts being low and the tax rate being high, it is important to plan in advance to maximise any tax exemptions and reliefs that are available to minimise the tax impact.
In the context of any plan to pass on the business is taxation. CGT would be one of the key taxes to consider. In order to maximise the exemptions and reliefs available, good forward tax planning is the key.
Contact our dedicated tax team now at info@CACMAccountants.ie