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Capital Gains Tax

  • 14-06-2007 8:28pm
    #1
    cornertalk
    Closed Accounts Posts: 13 ✭


    Hey guys,

    If someone inherits a business, can they use the business' retained earnings to pay the CGT payable?
    Any answers would be greatly appreciated!
    Thanks!


Comments

  • #2
    Kinetic^
    Closed Accounts Posts: 13,249 ✭✭✭✭Kinetic^


    This is something you need to talk to an accountant about. It's not that straight forward tbh.

    It's also Capital Acquisitions Tax that needs to be paid......if there is a liability of course.


  • #3
    Kingkong
    Registered Users Posts: 562 ✭✭✭Kingkong


    If the business in a Limited company you must first transfer the funds required by paying a divident which wil tigger an income tax libability then you can use the funds to the CGT liabiity. There is business reliefs for inhertiancing a family business which reduce your CGT liability.


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