Entrepreneur Relief
Entrepreneur Relief
The relief provides that a 10% rate of CGT applies in respect of chargeable gains selling or transferring your business. Normally without this relief a CGT rate of 33% would apply on any gains.
Conditions of the relief
The qualifying business assets must have been owned by you for a continuous period of three years in the five years immediately prior to the disposal of those assets.
Where a business is carried on by a company, you must own not less than 5% of the shares in the qualifying company.
You must have been a director or employee of the qualifying company and was required to spend not less than 50% your time in the service of the company or companies in a managerial or technical capacity and have served in that capacity for a continuous period of three years in the five years immediately prior to the sale of the company.
Any queries on the above give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie