This article is from page 19 of the 2011-10-04 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 19 JPG
SHANNON businesses with queries on the tax system are being encouraged to attend a seminar at the Oakwood Arms Hotel next week. The event is of particular relevance to family-owned businesses.
An overview of the various tax reliefs available will be provided at the event, which is organised by Shannon Chamber of Commerce.
Tips on how to qualify and how to make the most of tax reliefs will also be provided at the breakfast event on Thursday, October 13, from 7.45am to 9.30am.
“Dwindling tax-free thresholds have meant that with each passing year, the tax cost of succession has increased. The four-year National Recovery Plan points to reliefs and exemptions from capital gains ttax (CGT), capital acquisitions tax (gift and inheritance) and stamp duty being either abolished or greatly restricted,” said Shannon Chamber’s Chief Executive Officer, Helen Downes.
“Family-run businesses need to plan their succession strategies, not let them happen haphazardly. Practical issues such as making provision for retiring owners need to be addressed, as does the importance of taking legal advice when formalising arrangements. This seminar is the Chamber’s way of bringing this critically important issue to the fore,” added Ms Downes.
“Handing over assets or businesses to the next generation is a major decision and recent and proposed changes to the tax system have made it an even more urgent consideration,” said Eamonn Murphy, Tax Director with Grant Thornton, Limerick, who will speak at the seminar.
Speakers will share their experiences on structuring succession plans to get the best results for the individuals involved, balancing the intentions of the parties and the tax implications which arise.
To reserve a place at this seminar, contact Jackie Finucane at Shannon Chamber, alternatively participants can email admin@shannonchamber. ie or phone 061 708341.