Hi Keith, what additional information are you requesting for the question below? Thanks
Hi Keith, a CGT related question is where:
It is now year 2014. Tom is aged 64 and his wife, Mary is 56.They are thinking ahead re: retirement and would like to transfer shares in their Irish co. to their children over the following periods:
In 2015, John will transfer a 10% shareholding in the Irish co. to his daughter, Louise and his wife, Mary will transfer a 10% shareholding in the Irish co. to the son Danny.
In 2017, John will transfer a 15% shareholding to Louise and Mary will transfer a 15% shareholding to Danny.
John and Mary will each transfer their remaining shareholdings in the Irish co. to Danny and Louise on their respective deaths.
1/ Tom and Joe wish to know what are the taxation consequences associated with transferring their wealth in the above manner which is proposing the transfers to happen in 2015 and 2017.
2/ Is there any way this proposal could be altered to reduce the tax COSTS?