Revenue eBrief No. 197/24
15 July 2024
Tax and Duty Manual Part 19-06-03b - Relief on disposals within family of business or farm (S599 TCA 1997) has been updated to reflect Finance (No. 2) Act 2023 changes. This includes:
- updates to the age thresholds effective for disposals made on or after 1 January 2025
- update to monetary thresholds effective for disposals made on or after 1 January 2025
- update to 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 inclusion of details on the requirement to claim the relief as part of a return in a relevant year of assessment
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.