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Amendment of section 599 of Principal Act (disposals within family of business or farm)
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50. Section 599 of the Principal Act is amended—
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(a) in subsection (1)—
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(i) in paragraph (b)—
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(I) in subparagraph (i), by the insertion of “on or before 31 December 2024” after “his or her child”,
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(II) in subparagraph (iia), by the insertion of “and on or before 31 December 2024” after “2014”,
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(III) in subparagraph (iii), by the insertion of “and on or before 31 December 2024” after “2014”, and
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(IV) by the insertion of the following subparagraphs after subparagraph (iii):
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“(iv) where an individual who has attained the age of 55 years but has not attained the age of 70 years disposes of the whole or part of his or her qualifying assets to his or her child on or after 1 January 2025, and the market value of the qualifying assets is €10,000,000 or less, relief shall be given in respect of the capital gains tax chargeable on any gain accruing on the disposal;
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(v) where an individual who has attained the age of 55 years but has not attained the age of 70 years disposes of the whole or part of his or her qualifying assets to his or her child on or after 1 January 2025, and the market value of the qualifying assets is greater than €10,000,000, relief shall be given in respect of the capital gains tax chargeable on any gain accruing on the disposal as if the consideration for the disposal had been €10,000,000;
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(vi) where an individual who has attained the age of 70 years disposes of the whole or part of his or her qualifying assets to his or her child on or after 1 January 2025 and the market value of the qualifying assets is €3,000,000 or less, relief shall be given in respect of the capital gains tax chargeable on any gain accruing on the disposal;
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(vii) where an individual who has attained the age of 70 years disposes of the whole or part of his or her qualifying assets to his or her child on or after 1 January 2025 and the market value of the qualifying assets is greater than €3,000,000, relief shall be given in respect of the capital gains tax chargeable on any gain accruing on the disposal as if the consideration for the disposal had been €3,000,000.”,
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(b) by the substitution of the following subsection for subsection (2):
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“(2) (a) Where an individual who, having attained the age of 66 years, disposes of qualifying assets to his or her child in the period commencing on 1 January 2014 and ending on 31 December 2024, the consideration for each such disposal shall be aggregated for the purposes of subparagraphs (iia) and (iii) of subsection (1)(b).
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(b) Where an individual who, having attained the age of 66 years, disposes of qualifying assets to his or her child—
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(i) in the period commencing on 1 January 2014 and ending on 31 December 2024, and
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(ii) on or after 1 January 2025,
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then, the consideration for all such disposals shall be aggregated for the purposes of subparagraphs (iv), (v), (vi) and (vii) of subsection (1)(b), provided that, where the consideration so aggregated for such disposals in the period referred to in subparagraph (i) of this paragraph is greater than €3,000,000, the consideration that shall be so aggregated in respect of such disposals in that period shall be €3,000,000.
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(c) Where an individual who, having attained the age of 55 years, disposes of qualifying assets to his or her child on or after 1 January 2025, then, the consideration for each such disposal shall be aggregated for the purposes of subparagraphs (iv), (v), (vi) and (vii) of subsection (1)(b).”,
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(c) in subsection (7)—
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(i) by the substitution for all of the words from and including “Where” down to and including “her child” of the following:
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“(a) Where an individual—
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(i) who, having attained the age of 66 years—
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(I) disposes of shares or securities of a family company to his or her child in the period commencing on 1 January 2014 and ending on 31 December 2024, or
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(II) disposes of shares or securities of a family company to his or her child—
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(A) in the period commencing on 1 January 2014 and ending on 31 December 2024, and
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(B) on or after 1 January 2025,
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or
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(ii) who, having attained the age of 55 years, disposes of shares or securities of a family company to his or her child on or after 1 January 2025,”,
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and
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(ii) in paragraph (b), by the insertion of “there is” before “a disposal”,
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and
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(d) by the insertion of the following subsection after subsection (7):
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“(8) A claim for relief under this section shall be made by the individual making the claim in the return required to be delivered by that individual under Chapter 3 of Part 41A for the relevant year of assessment.”.
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