Our Head of Tax, Declan McEvoy, today reacted to the news that the Government has approved the plan to construct a circular bypass around Galway city.
Declan said today; “Farmers who think their land might be the subject of a compulsory purchase order in the event that the ring road moves to construction should contact their tax and accountancy advisors to get advice on how to ensure the best possible tax treatment of the sums that may be involved.
If you are a farmer on the proposed route or have a farm in the vicinity you should already take financial advice on how to navigate the best route that could help optimise your tax treatment down the road. Leaving complex tax planning to the last minute when a deal is being negotiated is never a good idea and rarely favours the farmer. For farmers it’s never too early to get good advice on financial matters.”