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Can part of a property be sold after Retirement Relief is used for CGT?

  • 28-05-2010 2:55pm
    #1
    Registered Users, Registered Users 2 Posts: 299 ✭✭


    Hiya,

    I'd be very grateful if anyone can has any insights into this one:

    - I've just received a property from my elderly father who is 72 and in poor health
    - It's a family business and there was no CGT under Retirement Relief
    - Retirement Relief says that you can't dispose of the assets for a 6 year period after receiving them
    - Our next door neighbor is keen to buy from us a small amount of the property
    - It's a bit that sticks out into his property so it makes sense for him to have it

    My question, as you can probably guess, is can I sell my neighbor this part of the property?

    Or another alternative is that he could swap me a bit of his property for the bit of mine he wants (it's not fenced yet).

    I know that this forum isn't for specific advice but does anyone have any experience of this and whether it is possible?

    Thanks!


Comments

  • Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    Mod snip


  • Registered Users, Registered Users 2 Posts: 299 ✭✭summereire


    So if I understand correctly I can sell a part of the land after transfer and there will be CGT charged on it, but to me, and only on the part that was transferred (presumably as a percentage of the whole property's value)?

    Is a part disposal computation a form or what exactly?

    If we were swapping land so I was getting at least as much land back and therefore preserving/enhancing the assets do you thing any clawback would happen then?

    As for my father selling the bit of land to the neighbour beforehand, would that mean that there is relief on the CGT for that sale even though it's just a small part of the property, without goodwill etc?

    For retirement relief can just the property/premises be gifted or does goodwill, equipment etc HAVE to be included?

    And does the same type of business need to be carried out or can the property be used for other business?

    Thanks heaps for your help with this.


  • Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Thread closed.

    Read the charter.


This discussion has been closed.
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