Favourite nephew or niece relief

Favourite Nephew or Niece Relief

You may qualify for Favourite Nephew or Niece relief if you receive a gift or inheritance of business assets. The relief allows the use of the Group A threshold. This is subject to conditions.

For the purpose of this relief you are a nephew or niece if you are the child of the disponer’s:

1. brother
2. sister
3. brother’s civil partner
4. sister’s civil partner.

Conditions for the relief

You must have worked for the disponer for the five years immediately before receiving the gift or inheritance. During these five years you must have worked for more than:

a) 24 hours per week at the place of business

or

b) 15 hours per week at the place of business where the business is carried on exclusively by you and either the:

• 1. disponer
  2. the disponer’s spouse or civil partner.

The relief applies only to assets used in the business and other personal assets

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