Business relief from gift or inheritance tax

Business Relief from inheritance or gift tax

If you inherit or receive a gift of business property, you may qualify for Business Relief.

Business Relief reduces the taxable value of the business property which Capital Acquisitions Tax (CAT) is calculated on by 90%, . This is subject to conditions.

A business is any activity, trade, profession or vocation which generates income or profits over time.

Agricultural property which does not qualify for Agricultural Relief may qualify for Business Relief.

You may qualify for Business Relief if you receive a gift or inheritance of a business, where:

1. the business qualifies as relevant business property
   
2. the business has been operated for profit for a certain minimum period of time before the gift or inheritance
3. you retain ownership of the property for a minimum period of time after the date of the gift or inheritance.

Subject to qualifying criteria or conditions

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