NO Capital Gains Tax

[oaky8]

My father told me he does not have to pay capital gains tax since he is over 55 can anyone tell me is this true . i told him it is too good to be true..

 

[dam099]

There is no general exemption from CGT just because you are over 55.

There is a specific retirement relief available in some circumstances

"Business/Farm


If you are aged 55 or over you may be entitled to relief from Capital Gains Tax if you sell your business, farm or shares in a family company which you have owned for at least ten years. Full relief, subject to certain conditions, is available where the assets are:

• Transferred or sold to a son or daughter
• Sold to a niece or nephew who has worked full time on the farm or in the business for the previous five years
• Sold to someone other than a son or daughter and the proceeds of the sale are less than €317,434.

This relief applies to farm property, transferred by lease as part of the EU Early Retirement Scheme, provided it first satisfies the 10 year qualifying requirement.

Marginal relief may be due where the proceeds do not greatly exceed €476,151"

There is also the general relief from CGT on your PPR (available to everyone not just over 55's)

 

[taxadvisor]

Absolutely true,

No exemption for Capital gain Tax on the basis of age.

 

[ubiquitous]

...the proceeds of the sale are less than €317,434.

The applicable limit is now €500,000.

 

[dam099]

The applicable limit is now €500,000.

Revenue ought to update their site then.

 

[ClubMan]

[broken link removed] states the €500K figure.

 

[dam099]

[broken link removed] states the €500K figure.

So it does, seems their website gives [broken link removed] information then.

 

[ubiquitous]

That information is out of date since the passing of the 2000 Finance Act.

 

[Joe1234]

I believe that there is something recent where the 55 age is reduced to 54 for someone who suffers from certain illnesses. Think it was mentioned in the last issue of Revenue Tax Briefing.