Finance Bill change is an attack on SMEs

Finance Bill change is an attack on SMEs

Recent amendments to the CGT retirement relief for entrepreneurs deal a nasty blow to small business owners

Capital gains tax (CGT) retirement relief has long stood as the reward, in tax terms, for the small-to-medium entrepreneur. It allowed disposals of business where proceeds up to €0.75 million were exempt from CGT, and there was no limit on the value of businesses transferred to children. Basic requirements were that a person be over 55 years of age and under 66 years.

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