A Section 72 policy is an inheritance tax planning tool. It allows for an inheritance tax liability to be provided for in a highly tax efficient manner hence easing the burden of transferring wealth from one generation to the next.
Technically a Section 72 policy is a whole of life policy set up to meet the requirements of Section 72 Capital Acquisitions Tax Consolidation Act 2003. Usually the policy is set up under a Section 72 trust making the proceeds of the policy exempt from inheritance tax.
| Relationship to Disponer | Son/Daughter | Parent*/Brother/Sister/ Niece/Nephew/Grandchild |
Relationship other than Group A or B |
|---|---|---|---|
| Group Threshold On or after 14/10/2015 |
€280,000 | €30,150 | €15,075 |
Don’t get caught out with a massive tax liability for your family when your gone.
Email me today with queries on how to solve this tax liability.
Darragh.farrell@yes.ie or 016339245