Revenue has updated the Tax and Duty Manual which provides guidance on the capital gains tax (CGT) relief on disposals within family of business or farm under section 599 TCA 1997. The updated guidance incorporates the increased age and monetary thresholds effective for disposals made on or after 1 January 2025.
The guidance also addresses the updated age limits and monetary thresholds in the context of the aggregation rules relating specifically to the disposal by an individual of shares or securities in a family company to a child.
The requirement to claim the relief as part of a return in a relevant year of assessment is included in section 3b.6.
In addition, the Tax and Duty Manual has been updated to clarify matters relating to the phrase "substantially on a full-time basis", as set out in the definition of "child" for the purpose of the relief.