Retirement Relief
Retirement relief is relief on the Capital Gains Tax on the sale of shares in some circumstances if the shareholder is over 55 and has held the shares for 10 years or more prior to sale.
If the shareholder is between 55 and 66 the limit is €750,000 and if the shareholder is over 66 the limit reduces to €500,000. It should be also noted that an individual does not actually have to retire to avail of this relief, just be over 55.
This means that shareholders eligible for retirement relief will get distributions tax free up to those limits.
For help or advice on Retirement Relief, please do not hesitate to contact William on wbc@careyaudittax.ie or 061 372001.