Revenue E-Brief Issue 83/16, 07 October 2016
Section 597AA (inserted by the Finance Act 2015) of the Taxes Consolidation Act 1997 introduced a revised relief for entrepreneurs disposing of certain business assets. It provides that a 20% rate of CGT applies in respect of a chargeable gain or chargeable gains on a disposal or disposals of qualifying business assets on or after 1 January 2016 up to a lifetime limit of €1m.
Details of the revised relief are set out in the "Capital Gains Tax revised entrepreneur relief" Tax and Duty Manual Part 19-06-02b.
07 October 2016