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Tax on sale of business?

  • 27-06-2016 04:51PM
    #1
    Registered Users, Registered Users 2 Posts: 181 ✭✭


    Hi guys. If someone had a Ltd. company and sold the website that it has for say €500k, how does that work tax wise?

    Technically the company has just earned €500k and needs to pay tax on it and then for the director to take that out of the company it would cost a huge amount in tax too right?

    Would you get double taxed in this circumstance?


Comments

  • Registered Users, Registered Users 2 Posts: 401 ✭✭Lockedout2


    If the company is in the business of selling websites then it's subject to 12.5% CT if not then it's 33% CGT in the company.

    If the shareholder wants to get it, it's 50% Income Tax or 33% CGT or maybe 20% CGT.


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