Retirement relief/Holding companies
06/03/1997
Query
Transfer of trade to subsidiary in 10 years prior to disposal.
Decision
In strictness, relief is not due, as the holding company has not been a holding company throughout the 10 years ending with the disposal. In practice, relief will be allowed where all other requirements of the section are met.
Capital Gains Tax
Section 598, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:G6(N)
03/11/1997
Query
Where a holding company is interposed or removed during the 10 years prior to disposal the taxpayer will not satisfy the requirements that he have held the shares for ten years and have been a working director for five years.
Decision
A "look through" approach may be taken and the taxpayer will be treated as satisfying both conditions.
Capital Gains Tax
Section 598, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:G6(N)(I)
06/12/2001
Query
Where a company would be a holding company within the meaning of Section 598(1) Taxes Consolidation Act , 1997 except for shares held in its subsidiary company by a limited liability company funded by the International Fund for Ireland with the object of creating employment in a disadvantaged area.
Decision
The shares held by a limited company funded by the International Fund for Ireland with the object of creating employment in a disadvantaged area should be ignored in the determination of whether or not a company is a holding company within the meaning of Section 598(1) Taxes Consolidation Act, 1997.
Capital Gains Tax
Section 598, Taxes Consolidation Act, 1997
Origin: Direct Taxes International and Administration
File ref:DTX 209MISC