Selling your business or farm – Tax relief

Selling your business or farm – Tax Relief

If you are 55 or older, you may be able to claim Capital gains tax relief when selling or transferring any part of your business or farming assets. Although this is referred to as Retirement Relief, you do not need to retire from the business or farming in order to qualify.

There are certain circumstances in which you may qualify for this relief before you are 55. These circumstances are where:

1. you are unable to continue farming due to ill health
2. you reach the age of 55 within 12 months of the disposal.

You can claim full relief when the market value at the time of disposal does not exceed €750,000. However the threshold is reduced to €500,000 if are 66 or older

You can gift your business or farm and claim full relief from CGT subject to certain maximum thresholds

Subject to qualifying conditions and criteria

Any queries give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie