Over recent years many people who have never had any ambitions to be a landlord, have found themselves reluctantly becoming one. Having outgrown their home for which they overpaid, they are left with no option but to rent it out, as selling is simply not an option.
So the kids have flown the nest, you find yourself with empty rooms in your home and living on your pension. Your most prized asset, being your family home, could also become a source of tax free income for you.
Retirement Relief may apply to business owners who either sell or gift their business where a gain has arisen on its disposal. This relief allows an exemption from Capital Gains Tax (CGT) at 33%.
Contrary to its title “Retirement Relief”, you do not actually have to be retiring to avail of this relief. Read more
In general, a gift from one individual to another may result in either Capital Acquisitions Tax (CAT) at 33% falling due, or a reduction in the recipient’s lifetime tax free threshold.
However, CAT legislation allows for an exemption from tax for the first €3,000 of any gift given by one individual to another, per year. Read more