TCA 1997, ss 598 and 599 provides that CGT Retirement Relief may apply for an individual aged 55 years or more on the disposal of a business or farm owned for 10 years or more (which can also include assets, such as land and buildings, owned personally but used in the trade). An individual is not required to retire in order to avail of this relief.
Where the asset disposal is to a child and the disponer is under 66 years of age, full CGT Retirement Relief may apply regardless of the consideration received. Where the disponer is 66 years of age or over, the relief is limited to the amount that would apply if the proceeds (or market value in the case of a gift)
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