Wills and administration of estates

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The much anticipated changes to the Capital Acquisitions Tax (Gift and Inheritance) regime proved somewhat disappointing in the Budget some months ago which only saw a 24% increase in the tax free threshold for assets transferring from a parent to a child, increasing the threshold from €225,000 to €280,000. The Budget brought about no changes or reductions to the current rate of tax (33%) or to increasing the tax free allowances for beneficiaries of estates, or recipients of gifts, other than children.

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Companies Act 2014

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On the 23rd of December 2014 the President signed the Companies Act 2014 into law. The bulk of the new Act commenced in the summer of 2015 and now replaces the Companies Act 1963-2013. The Act is the largest single piece of legislation in the history of the State with over 1400 sections and runs to over 1100 pages. Notwithstanding this, the purpose of the Act is to simplify the law for private limited companies with shares, and to simplify a number of procedures and to up-date and codify matters such as directors’ duties.

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