Now may be the time to take action
As a business owner, the transition of a family business to the next generation is a huge decision. It typically involves consideration of a number of issues, including identification of the successor, family dynamics and the impact on the wider business and non family employees. There are also significant tax implications.
While tax should not be the sole driver of the decision around the timing of the transfer of a business, recent changes to capital gains tax (CGT) retirement relief means that business owners who are considering transferring their business have a decision to make in 2024. Should they transfer before or after 1st January 2025?
Note: Davy does not provide tax advice and we recommend that you also obtain a additional professional advice (including inter alia, legal and tax advice) suitable to your own individual circumstances, before making a decision.
Tax information discussed on this page is provided for Irish Resident investors only by way of general guidance and is neither exhaustive nor definitive and is subject to change without notice, including potentially retrospectively. It is based on Davy’s understanding of Irish Tax legislation, as at 26th June 2024. It is not a substitute for professional tax advice. Please note that Davy does not provide tax advice. You should consult your own tax advisor about the rules that apply in your individual circumstances
Warning: The value of your investment may go down as well as up
Warning: The above information is not recommendation or investment research. It does not purport to be financial advice and does not take into account the investment objectives, knowledge and expererience of any particular person. There is no guarantee that by putting a financial or investment plan in place, you will meet your objectives. The value of your investment may go down as well as up. You should speak to your advisor, in the context of your own personal circumstances, prior to making any financial or investment decisions. Please note that Davy does not provide tax advice. You should consult your own tax advisor about the rules that apply in your individual circumstances.