TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

FA20 impact on revised entrepreneur relief

The Tax and Duty Manual Part 19-06-02b – Revised entrepreneur relief (s.597AA) – includes updates to reflect amendments made to the relief by Finance Act 2020.

Section 24 of Finance Act 2020 amended section 597AA(2)(a)(ii) clause (A) such that the requirement for an individual to have owned a holding of at least 5 percent of the ordinary share capital changed. Shares can now qualify for relief if they were held for a continuous period of three years at any time prior to their disposal.

The amendment applies to disposals of chargeable business assets made on or after 1 January 2021. See eBrief No. 030/21 for further details.