Disposal of business/farm on retirement
30/04/1997
Query
Must ten year requirement be absolute with regard to terminally ill.
Decision
Revenue accepted that the requirement of S.598 was met in one case where very exceptional circumstances applied. A sole trader was terminally ill. The business required a high level of personal input by him. His wife did not consider that she could manage the business in the period of some months before his death. Had a request made to Revenue without the traders knowledge. The assets had been in the traders' possession for nine years.
Capital Gains Tax
Section 598, Taxes Consolidation Act, 1997
Origin: Direct Taxes International and Administration
File ref:4107/97