Tax Tip: Incorporation

If you are carrying on business as an unincorporated entity consider transferring your business to a company to avail of the low 12.5% corporate tax rate.

Given Ireland’s favourable tax rate for corporate, trading profits most businesses are carried on by companies. Where all the assets or all of the assets apart from cash, of an unincorporated business are transferred by an individual to a company in exchange for shares issued by the company to the transferor, any gain on transfer is deferred until such time as the shares are disposed of by reducing the base cost of the new shares by the amount of the gain.

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