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Business Risk Services
Our Business Risk Services team deliver practical and pragmatic solutions that support clients in growing and protecting the inherent value of their businesses.
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Corporate Finance and Deal Advisory
We offer a dedicated team of experienced individuals with a focus on successfully executing transactions for corporates and financial institutions. We offer an integrated approach, with our corporate finance specialists working seamlessly with tax and other specialists to ensure that every angle is covered.
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Economic Advisory
Our all-island Economics Advisory team combines expertise in economics and business with a wealth of experience across the public and private sectors.
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Forensic Accounting
We have a different way of doing business by delivering real insight through a combination of technical rigour, commercial experience and intuitive judgment. We take pride in delivering responsive and tailored solutions to all our clients, capitalising on the wealth of experience housed within our Belfast and wider Forensics team
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People and Change Consulting
The Grant Thornton People & Change Consulting practice works with clients on these issues as well as on all aspects of how they attract, retain, engage develop, deploy and lead their people.
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Restructuring
We work with a wide variety of clients and stakeholders such as high street banks, private equity funds, directors, government agencies and creditors to implement solutions which provide the best possible outcomes.
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Technology Consulting
Motivating and assisting our clients to pursue, maintain and secure the benefits of digital solutions is at the core of our Digital Transformation teams' agenda and goals. We work with business leaders to deliver efficient digital strategies and operating models that provide new or enhanced capabilities.
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Corporate and International Tax
Northern Ireland businesses face further challenges as they operate in the only part of the UK that has a land border with a country offering a lower tax rate.
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Employer Solutions
Our team specialises in remuneration and incentive planning and works closely with employers, shareholders and employees to ensure that business strategies are aligned and goals achieved in the most tax efficient, cost-effective manner.
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Entrepreneur and Private Client Taxes
Our team of experienced advisors are on hand to guide you through any decision or transaction ranging from the establishment of new business ventures, to realising value on exit, to succession planning and providing for loved ones.
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Global Mobility Services
Grant Thornton Ireland offer a different approach to managing global mobility. We have brought together specialists from our tax, global payroll, people and change and financial accounting teams across Ireland and Northern Ireland, while drawing on the knowledge and insights of our global network of over 143 offices of mobility professionals to provide you with a holistic approach to managing global mobility.
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Outsourced Payroll
Our outsourced service provides valued service to over 150 separate PAYE schemes. These ranging from 1 to 1000 employees, working for micro, SME and global employers. The service is supported by the integrated network of tax and global mobility teams and the wider Grant Thornton network delivering a seamless service. Experienced staff deliver a personal service built around your business needs.
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Tax Disputes and Investigations
Our Tax Disputes and Investigation team is made up of tax experts and former HMRC investigators who have years of experience in dealing with a variety of tax investigations. Our expertise and insight can guide you through all interactions, keeping your cost at a minimum while allowing you to continue with the day to day running of your business.
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VAT and Indirect Taxes
At Grant Thornton (NI) LLP, our team helps Northern Ireland businesses manage their UK and global indirect tax risks which, as transactional taxes, can quickly become big liabilities.
Inheritance Tax Planning - Looking for a Silver Lining
26 May 2020Times of turmoil and uncertainty are inclined to push us to consider our current circumstances and our plans for the future. The Government financial support being offered during the coronavirus pandemic is essential and much welcomed, but will need to be paid for at some point in the future. It is probably safe to say that tax rates are more likely to go up, than come down in the future.
Two reports published before the pandemic outbreak suggested changes to the current inheritance tax reliefs available – one from the Office of Tax Simplification, the other from the All-Party Parliamentary Group for Inheritance and Intergenerational Fairness. Some of the recommendations in these reports would radically curb the inheritance tax reliefs currently available. Whilst the recommendations have not yet been implemented, it is not inconceivable to speculate that in the post-pandemic economy every avenue to raise revenues will be examined.
The current rate of inheritance tax on death is 40%, and on chargeable lifetime gifts is 20%. Lifetime gifts of non-cash assets will be a deemed disposal for capital gains tax purposes, and this is often a major consideration when undertaking estate planning. The main rate of capital gains tax is currently 20%, which is low compared to historical rates and other countries; increasing this rate could be another avenue explored by Government in due course.
What can be done to consolidate and protect family wealth already accrued, and is there any way to find a sliver of solace in the current economic situation? Several opportunities may exist as outlined below.
Use the fact that asset values are temporarily deflated to your advantage, by reducing your estate though making lifetime gifts to individuals, or into Trusts, if control is to be maintained. The capital gains cost, if any, of the asset disposal should be reduced.
Take the opportunity to look at business succession planning. Is it the time to bring in the next generation, or key staff? Should you consider a gift of shares or even a share scheme? Perhaps there is an opportunity for consolidation by buying-out minority shareholders.
Examine assets that currently attract inheritance tax business property relief, or agricultural property relief. Is now the time to gift, in order to secure those reliefs in case they are curtailed in the future?
Check whether the relative values of trading versus non-trading company assets now strains the company’s trading status for the purposes of inheritance tax reliefs.
Investigate whether capital losses can be crystallised.
In the midst of all this social and economic turmoil it may be a good time to get your affairs in order. Have that discussion with your trusted advisor circle or accountant; solicitor; and financial adviser, who will give the expert advice appropriate to your particular circumstances, and together you will come up with a holistic plan to protect your family’s financial future.
