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Tax on gifted shares in Company I work in

One_Of_Shanks · 2017-11-28 13:10:01

Hi, Could anyone please tell me what is the tax situation with CGT/Gift tax if a father retires and passes on his 75% shares of the business to his Son. If the Son works in the same business and has done for several years. Are those shares then considered a gift and therefore subject to Capital Gains Tax or is the Son then…

28-11-2017 1:10pm

#1

One_Of_Shanks

Closed Accounts Posts: 2,436 ✭✭✭

Join Date: August 2014

Posts: 2392

Hi,

Could anyone please tell me what is the tax situation with CGT/Gift tax if a father retires and passes on his 75% shares of the business to his Son. If the Son works in the same business and has done for several years.
Are those shares then considered a gift and therefore subject to Capital Gains Tax or is the Son then exempt due to him running the business now?

I googled it and found bits and pieces but becoming more confused by the minute

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Comments

#2 28-11-2017 2:01pm

dbran

Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭

Join Date: October 2004

Posts: 2041

Hi there

You need proper advise from a qualified accountant or tax adviser, not google.

There is business retirement reliefs for CGT and CAT which can be availed of but due to the potential liabilities that could be generated you need proper advice.

Regards

dbran

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