Accountancy firms in Ireland are advising wealthy clients to complete the transfer of assets to their children before Finance Minister, Brian Cowen delivers his maiden budget in December.
According to reports in the Irish media, there is a strong possibility that Mr Cowen will do away with a tax break allowing Capital Acquisitions Tax to be set-off against Capital Gains Tax where the liabilities arise as a result of the same event.
The Irish Independent on Friday quoted accountancy firm Grant Thornton as advising that:
"Any proposed gifts of property, where both of these taxes arise, should be contemplated before this date and discussed with your tax adviser."
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