I have a B&B in dublin. It's deemed 50% Residential 50% Commercial.
I'm 64 and thinking about retiring, I've heard that it has to be deregistered as a business for 3 years before sale, or capital gains tax will apply on the 50% commercial part. I need options and advice on if I deregister and rent out the house in a house share type arrangement (or even to a family) for the 3 years, does this still mean it's a business (if I am, or am not living in a Mews on the property) therefore would it still be deemed commercial at sale time ?
Also what tax would be payable on the rental income given my age ?
- what are the details of retirement relief ?
thanks and regards ...