Transfer fast to avoid tax grab
The minister has signposted that he will deal with capital and transfer taxes in the December budget, said John O’Callaghan of IFAC Accountants.
“Given the reduction in the market value of land and assets in general, coupled with the threat of the abolition or cutback in capital taxation reliefs, I recommend farmers contemplating transfers to consider the benefits of transferring prior to the December Budget and have their plans properly costed for taxation purposes prior to transfers being effected,” said O’Callaghan.
