Entrepreneurs’ Relief - Asset Sales
The new Entrepreneurs’ Relief, which comes into play from 6 April 2008, will (subject to certain criteria) reduce the capital gains tax due when shares in trading companies – or business interests – are sold.
It will not, however, be available where business assets are sold in isolation, rather than as part of the disposal of a business. This would include, for example, the sale of land owned and used by a farmer, unless the sale could be argued to be of a distinct business.
This is likely to be an area of debate with the Revenue and, in many cases, might only be settled by the Courts.
Date: 10th March, 2008
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