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:
- the business qualifies as relevant business property
- the business has been operated for profit for a certain minimum period of time before the gift or inheritance
- 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