Brian Brennan (Wicklow-Wexford, Fine Gael)
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52. To ask the Minister for Finance in the absence of any capital gains tax relief on family-owned businesses, if he intends to provide any reliefs to a business owner who wishes to retire and pass the business to the next generation, and who are over 65 years; and if he will make a statement on the matter. [24719/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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Capital Gains Tax(CGT) relief is provided for in sections 598 and 599 TCA 1997 and is commonly referred to as ‘retirement relief’. However, a taxpayer does not have to retire in order to qualify for this relief. The relief may apply on the disposal, by way of sale or gift, of qualifying assets once the individual making the disposal is at least 55 years of age and has owned and used the assets for the purpose of the trade for the 10 years prior to the disposal. Differing levels of relief are granted to individuals depending on their age at the date of disposal and depending on who they make a disposal to. Family-owned businesses may avail of this relief subject to meeting the criteria.

In circumstances where an individual has chosen to defer the CGT liability, the relevant qualifying assets are subject to a 12-year retention period. Where the child disposes of such assets within 12 years of the date of transfer, the deferred CGT, which would have been charged on the individual, is assessed and charged on the child, in addition to the tax on any gain made by the child on his/her disposal of the assets.

Further information in relation to CGT Retirement Relief is available at: www.revenue.ie/en/gains-gifts-and-inheritance/cgt-reliefs/disposal-of-a-business-or-farm.aspx