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Business relief

Business relief

Business Relief

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.

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 conditions and criteria

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

 

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