Category Archives: Legal Information & Updates

Budget 2025

Posted on

The following are some changes brought in by the Budget which may be of interest;

Capital Acquisition Tax. 

The threshold amounts have been increased from €335,000 to €400,000 in respect of gifts between parents and children, from €32,500 to €40,000 in respect of gifts from a brother/sister/uncle/Aunt and €16,500 to €20,000 for persons that are not blood relations.   This means that a child can now be gifted property with a value up to €400,000 tax free, anything above that amount will be taxed at 33%.

 

Young Trained Farmer Relief.

The stamp duty relief for Young Trained Farmers will be revised so that it will be available where it is claimed by an individual farmer who carries on the farm business through a company.   The leasing relief will also be amended to include farmers who have chosen to incorporate their business.

 

If you have any queries regarding estate planning or farm transfers, we would be happy to discuss same.

Commercial Rates

Posted on

As of 1st January 2024, Section 32 of the 2014 Local Government Reform Act has been repealed and effectively replaced by Section 11 of the 2019 Act, and now imposes a duty on the “person concerned” to give written notice to the Rating Authority within 10 working days as to any change in their status.

 

  • “a person concerned” is a person who either
  1. a) ceases to be a “liable person” in respect of relevant property
  2. b) becomes a “liable person”
  3. c) changes their status as a “liable person” in respect of a relevant property

 

If a person, without “reasonable excuse”, fails to provide such notification to the Rating Authority, they may be guilty of an offence and liable to a €5,000 fine.