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dc.contributor.authorDoyle, Elaine
dc.contributor.authorBirdthistle, Naomi
dc.contributor.authorGodwin, Adrian
dc.date.accessioned2019-08-12T22:37:38Z
dc.date.available2019-08-12T22:37:38Z
dc.date.issued2008
dc.identifier.urihttp://hdl.handle.net/10072/386501
dc.description.abstractDeath and taxes are reputed to be the only guaranteed inevitabilities to face everyone of us at some point. However, research carried out in Ireland indicates that the vast majority of family businesses do not plan adequately for succession.1,2 According to an article by Karina Corbett,3 family-owned firms make up 90 percent of the indigenous business sector in Ireland and provide approximately 50 percent of employment. Given that a significant portion of start-up businesses are owner-managed or family-owned, it is a worrying statistic that only 27 percent of family businesses successfully pass to the second generation and 13 percent to the third.4 Why do so many thriving family businesses fail to succeed after the first generation? It appears that the answer may be as simple as failing to plan adequately for succession. This article discusses the results of a survey of family businesses which was carried out in order to: investigate the perceived importance of succession planning; to establish whether succession planning is being carried out in Irish family businesses; and to gather data on whether family businesses in Ireland are cognisant of the tax implications of succession – and indeed of the tax reliefs that are available if particular conditions are fulfilled.5 The results confirm Naomi Birdthistle’s6 finding that the majority of family businesses do not plan adequately for succession. While owners seem very conscious that various taxes are triggered on succession, they are largely ignorant of any further details and may therefore run the risk of failing to qualify for tax reliefs as a result of lack of care and attention. These findings are further supported by the research conducted by pricewaterhouse coopers in 2007.7 They found that a surprisingly high percentage of family business owners are unaware of the domestic inheritance tax for which their heirs may be liable, even though comprehensive planning aimed at capitalising on opportunities for mitigating the tax burden is considered essential.
dc.publisherIrish Taxation Institute
dc.publisher.urihttp://www.taxfind.ie/document/ITR_2008_09_XML-c11-1169514916
dc.relation.ispartofpagefrom72
dc.relation.ispartofpageto77
dc.relation.ispartofissue5
dc.relation.ispartofjournalIrish Tax Review
dc.relation.ispartofvolume21
dc.subject.fieldofresearchEntrepreneurship
dc.subject.fieldofresearchFinance
dc.subject.fieldofresearchcode150304
dc.subject.fieldofresearchcode150201
dc.titleExamining Succession and Tax Planning in Family Businesses in Ireland
dc.typeJournal article
dc.type.descriptionC2 - Articles (Other)
dcterms.bibliographicCitationDoyle, E; Birdthistle, N; Godwin, A, Examining Succession and Tax Planning in Family Businesses in Ireland, Irish Tax Review, 2008, 21 (5), pp. 72-77
dc.date.updated2019-07-30T08:17:40Z
dc.description.versionVersion of Record (VoR)
gro.rights.copyrightThis article first appeared in Irish Tax Review, Vol. 21 No. 5 (2008), © Irish Tax Institute. The attached file is reproduced here in accordance with the copyright policy of the publisher. Please refer to the journal's website for access to the definitive, published version.
gro.hasfulltextFull Text
gro.griffith.authorBirdthistle, Naomi


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