Capital Gains Tax Planning

Capital Gains Tax is often referred to as a voluntary tax as it mainly occurs when a consensual sale of property has taken place.  Given that the taxpayer will generally know in advance that a profit will be generated on an asset sale, careful prior planning can substantially reduce this tax cost.

Depending upon your circumstances, we may be able to advise you in the following ways.

  • making sure you have claimed all valid tax deductions including professional fees, enhancement expenditure, indexation relief where relevant
  • making sure you have claimed all eligible reliefs including retirement relief, principal private residence relief,  set-off against current year or brought forward losses, annual exemption, etc
  • reviewing whether any elections could benefit you, such as nominating your principal private residence, if you own and occupy more than one house,
  • crystallising a paper loss on other investments if relevant. ·    examining whether trusts or pension funds could be used as a capital gains tax planning device
  • considering changing the ownership of the asset, particularly if your spouse has unused annual exemptions or current year or brought forward capital losses
  • restructuring the asset held.  This can be particularly useful within areas of corporate finance, where equities can be exchanged for loan notes, which can be redeemed over a number of years, taking advantage of more than one year's worth of annual exemption.
  • influencing the timing of the sale, including considering whether the disposal can be spread over more than one tax year, to maximise available reliefs and exemptions.


By seeking our advice you can rest assured that you will not be paying any more Capital Gains Tax than you absolutely have to.  In addition, we shall complete all of the necessary paperwork for you and communicate with the Revenue Commissioners to agree the liability on your behalf.


For more information on this service please contact

Robert Browne
Tel: 046 943 7900
Mob: 087 413 3975
Email: rbrowne@ohd.ie


 
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