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Retirement Relief

54and56 · 2022-01-20 20:08:10

I looked online including on Revenue.ie and other sites but can't find (or am too think to identify) a definitive answer to the following, purely hypothetical question:- Can the 100% shareholder of a small Ltd company set up with €100 share capital back in 1980 who meets all the criteria for retirement relief but doesn't…

20-01-2022 8:08pm

#1

54and56

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Join Date: April 2015

Posts: 7340

I looked online including on Revenue.ie and other sites but can't find (or am too think to identify) a definitive answer to the following, purely hypothetical question:-
Can the 100% shareholder of a small Ltd company set up with €100 share capital back in 1980 who meets all the criteria for retirement relief but doesn't have family succession and can't find a buyer for his business, wind the business down through an orderly liquidation (collect all debts, pay all liabilities, redundancy and tax due etc) and distribute the €500,000 net proceeds (to himself) whilst claiming retirement relief or will he have to pay CGT on the €499,900 capital gain?
Thanks in advance for any clarifications.

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