Our Services at A Glance – Succession Planning
Fergal Cahill of CTS, recently made a presentation to members of the farming community on succession planning. The presentation was hosted by the Clare IFA and AIB as part of their nationwide Agri Information Evening sessions and a large audience attended on the night.
The message in Fergal’s presentation was that farms and lands enjoy a unique status in Ireland with farms being passed from one generation to the next for hundreds of years.
When considering a farm transfer it is important to formulate a plan.
We would encourage all landowners to ask themselves the following key questions when considering succession planning:
- Who is the successor?
- What assets are transferring?
- What is the reason for the transfer?
- What are the alternatives?
At CTS, we guide and advise business and landowners throughout the succession planning process. In doing so, we put our clients’ personal preferences and financial securities at the forefront of the thought process while also ensuring tax liabilities are minimised at the same time. If the process is correctly managed, we find that reliefs from Capital Gains Tax and Capital Acquisition Tax ensure that liabilities arising are confined to stamp duty.
We also find that a similar strategy can be applied in other business sectors. The tax reliefs are available so it is a case of ensuring that the conditions are satisfied.
Having advised and implemented hundreds of asset exchanges in recent years, CTS is your one-stop shop for all your succession planning needs. We have successfully implemented succession plans in a variety of sectors including retail, construction, agribusiness, nursing homes, property development, pharmacies, accommodation and many more.
At CTS, we manage all aspects of the succession process. We liaise closely with our clients’ accountants and solicitors to ensure compliance with accounting and legal requirements. The focus is on ensuring the availability of reliefs and minimising tax leakage on the asset transfer.
If you’d like to discuss any of your succession planning needs please contact us by email or call our offices on 065 6840630.