Above the sums that would be exempt for inheritance tax, the rate of tax is currently at 33% in Ireland. It is possible to significantly reduce this tax burden with proper, timely planning.

If you would like to minimise the impact of inheritance tax on your assets we provide an inheritance tax planning service where we will sit down with you and work out a plan specific to your circumstances.


When does inheritance tax arise?

When a person dies, Inheritance tax is due on their estate. Gift tax arises when you receive a benefit from someone during their lifetime.


When should tax planning begin?

Not everyone is comfortable with talking about death. It is our reluctance to face the inevitable that is the biggest cause of problems. There are reliefs that can reduce inheritance tax significantly, but they invariably need a structure to be in place for at least two years before the relief can apply and this period can extend much longer in particular circumstances. Therefore, waiting until we are frail or in poor health before we finally tackle the issue often means it is simply too late to make much of a difference. Planning should start early.


What is an Inheritance Tax planning service?

Inheritance tax planning involves a review of the individual’s current exposure to inheritance tax. Fundamental to this is an understanding of the current value of all the assets, and any gifts already made by the individual in the past.

You may have formed a view about where you would like certain assets to go, and having a tax efficient will in place is important to ensure your wishes are carried out.


How can TaxAssist help with Inheritance Tax Planning?

Once the current inheritance tax bill has been established, we will consider ways to reduce this.

As part of this service you will talk to an experienced tax professional several times to establish the nature of your estate, any plans you have already in place and what inheritance tax would be due if you change nothing. You will then receive a detailed written report and follow up meeting to put a plan in place to minimise the inheritance tax your beneficiaries will pay.


How can Inheritance Tax be reduced?

There are a number of steps to take and these include:

  • making structured use of available annual exemptions such as the annual small benefit exemption
  • identifying any reliefs available, such as business property relief, retirement relief and agricultural relief and restructuring your affairs to avail of them.
  • Spreading value across a wider family network.


A review will also identify other taxes which may be triggered, and any reliefs which may be available to mitigate those taxes.


Should I use a Trust for Inheritance Tax Planning?

You may wish to use a trust as a structure to protect assets and pass them to the next generation. Trusts can be useful tools, especially where young children or infirmed family members are concerned.


Ask us about your Inheritance Tax plan

Whether you have questions or are ready to get started, get in touch with us today via our contact form or by calling 01 854 0664. 

Our team of experienced, independent, and friendly advisers will work to understand your business to allow them to make appropriate recommendations. We know managing taxes yourself can be difficult and time consuming which is why it pays to seek tax advice from a professional tax advisor who has supported people and businesses in your position many times before.