Dáil Éireann Debate, Thursday - 27 June 2013
101. Deputy Brendan Griffin asked the Minister for Finance if Revenue will confirm that a person (details supplied) in County Kerry will qualify for retirement relief in respect of their share of the land which they and their spouse wish to transfer to their son; and if he will make a statement on the matter. [31349/13]
Amharc ar fhreagraI am advised by the Revenue Commissioners that, in broad terms, retirement relief is a relief given to an individual on the disposal of all or part of the qualifying assets of his business. Section 599 Taxes Consolidation Act 1997 provides that where an individual who is at least 55 years of age makes a disposal to his or her child of all or part of the individual’s qualifying business assets, the capital gains tax chargeable on any gains arising on the disposal is fully relieved. In the case of a person and their spouse (details supplied) who wish to transfer their share of land to their son, Revenue are not in a position to confirm whether they will qualify for retirement relief on the transfer as the details provided are insufficient to enable them to determine if all of the relevant conditions for the relief have been met.
In order to establish if they would qualify for retirement relief the person should contact their local Revenue District Office with details of their PPSN and the full facts and information concerning the land being transferred.
