Retirement relief

Selling your business or farm (other than to your son or daughter)

If you are 55 or older, you may be able to claim capital gains tax relief when selling of 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 if the proceeds are less than €750,000 and if over 66 years old if proceeds are less than €500,000

Subject to qualifying conditions and criteria

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