Entrepreneur relief
Entrepreneur Relief
You may claim tax relief from capital gains tax if you made gains from disposing business assets such as selling your business etc
There is a lifetime limit of €1 million on the gains that you can claim relief on.
Only gains on disposals made on or after 1 January 2016 are counted in the limit.
The business assets must have been owned for a continuous period of 3 years in the 5 years immediately prior to the disposal of those assets and you mush have spent more than 50% of your time in service of the business in a continuous period of 3 yrs in the 5 years before the disposal.
If you can claim this relief, you must pay CGT at the rate of 10% on gains from the disposal of business assets. This is reduced from the normal rate of 33%.
Subject to qualifying conditions
Any queries on the above give me a call on on 091 763817 or email me at oliver@taxreturnhelp.ie