Are flats a business for CGT relief?

summereire

In principle, does a block of flats qualify for the below relief? Not lived in by the owner, just purely owned and operated commercially.

Any ideas, or references, are much appreciated.

Retirement Relief (Page 16 of CGT Guide) This relief applies where you dispose of certain "qualifying assets". These include assets used for the purpose of a trade, profession or farming and shares in certain family trading companies. You must be at least 55 years of age at the time of the disposal and satisfy a number of other conditions. It is not necessary that you retire to claim the relief.

http://www.revenue.ie/en/tax/cgt/cgt-faqs.html#section4

ants09

my advice is if you are going to try and claim retirement relief then seek professional advice from your accountant or tax advisor as it be money well spent.

if its for research reasons then the following link should help explain what qualifying assets are

http://www.revenue.ie/revsearch/search.jsp namely on page 17

summereire

Thanks for your reply - yes I most certainly will, my question was more in general is this done and are there any resources mentioning it.

Page 17 doesn't seem to mention whether or not renting accommodation is considered suitable for the relief. The reason I ask is I would imagine a lot of people are in a similar situation, but haven't been able to find any guidelines.

I asked one friend who is an accountant and didn't know, and said to look it up online, I may just approach the Revenue directly.

ants09

summereire wrote: »

Thanks for your reply - yes I most certainly will, my question was more in general is this done and are there any resources mentioning it.

Page 17 doesn't seem to mention whether or not renting accommodation is considered suitable for the relief. The reason I ask is I would imagine a lot of people are in a similar situation, but haven't been able to find any guidelines.

I asked one friend who is an accountant and didn't know, and said to look it up online, I may just approach the Revenue directly.

not all business assets are qualifying business assets - ie investment property

this is backed up on page 17 of that revenue book as only qualifying business assets are stated there

hope this helps your question

as previously stated if you are going to claim retirement releif then my advice is to seek a accountant or tax advisor as its money well spent

summereire

Thanks - will do