This article is reviewed and approved by Paul Murran, Managing Partner, Peter O’Connor & Son LLP.
Inter vivos transfers are asset transfers made during your lifetime, offering a strategic way to manage wealth and reduce tax obligations. Common assets include property, cash, shares, or personal valuables, often gifted to family members.
In Ireland, the recipients of these transfers are subject to tax laws such as Capital Acquisitions Tax (CAT), which applies to gifts exceeding tax-free thresholds. Beneficiaries can receive €3,000 per year tax-free through the Small Gift Exemption, and certain reliefs, like Agricultural Relief or Business Relief, can reduce tax liabilities for specific asset types. Donors may also need to consider Capital Gains Tax (CGT) on the assets being transferred.
Proper planning and documentation are essential to ensure compliance with Irish tax laws and to avoid unintended tax consequences. Inter vivos transfers can help reduce the taxable value of your estate, provide financial support to loved ones, and ensure wealth is distributed according to your wishes.
At Peter O’Connor & Son Solicitors, we offer expert advice to structure inter vivos transfers efficiently, assisting with tax planning, documentation, and compliance to safeguard your financial goals.