This is an incentive for serial entrepreneurs who have disposed of assets to reinvest in assets used in new productive trading activities in the period 1 January 2014 to 31 December 2018. Where they later dispose of their investment after a three year holding period, the CGT payable on that disposal will be reduced by the lower of
This will apply where the individual applies all or part of the after tax consideration on the original disposal in acquiring chargeable business assets. These include
The cost of the new investment must be at least €10,000.
A ‘full-time working director’, in relation to a qualifying company, means a director required to devote substantially the whole of his or her time to the service of the company in a managerial or technical capacity. The activities of the new business must comprise of “relevant trading activities” carried on by an individual or by a qualifying company that were not previously carried on by that individual or qualifying company or by any person connected with that individual or qualifying company.
The scheme is subject to introduction by Ministerial Order, pending clearance from the EU.
Contact your OSK Tax Advisor for further information on CGT Entrepreneur Relief.
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