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Retirement Relief - Breach of limits

  • 11-03-2017 8:48am
    #1
    Heisenburg81
    Closed Accounts Posts: 322 ✭✭


    Hi Folks,

    Am I interpreting this correctly;

    €750,000 proceeds limit on qualifying business assets/shares when aged between 55 and 65 and disposing outside the family;
    If you sell more business assets in a later sale, I have read that the retirement relief is clawed back on the earlier sale.
    Does this clawback relate purely to assets in that same business?

    If a person wants to sell investment properties and obviously willing and able to pay CGT at 33% on the gains, does this effect their earlier claimed retirement reliefs, or is it just a lifetime limit on business assets shares?


Comments

  • #2
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    Heisenburg81 wrote: »
    Hi Folks,

    Am I interpreting this correctly;

    €750,000 proceeds limit on qualifying business assets/shares when aged between 55 and 65 and disposing outside the family;
    If you sell more business assets in a later sale, I have read that the retirement relief is clawed back on the earlier sale.
    Does this clawback relate purely to assets in that same business?

    If a person wants to sell investment properties and obviously willing and able to pay CGT at 33% on the gains, does this effect their earlier claimed retirement reliefs, or is it just a lifetime limit on business assets shares?

    It is a lifetime limit on the disposal of assets which, at the time of disposal, are qualifying assets as defined in section 598.

    It should be relatively easy (in a lot of cases), to render an asset non-qualifying, it just requires sound tax planning to avoid triggering a clawback.

    In the example you cite of investment properties, they aren't qualifying assets and therefore are ignored for RR purposes.


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