Finance Act 2024 (“the Act”) introduced amendments to the retirement relief provisions in s599 TCA 1997. The changes, discussed below, seek to mitigate the impact of some of the amendments to s599 made by Finance (No. 2) Act 2023. The latter, had they been introduced from 1 January 2025, would have capped at €10m the relief given under s599 TCA 1997 on the disposal of qualifying assets by individuals aged between 55 and under 70. This capping would have had a significant impact on lifetime transfers of shares in many successful indigenous family businesses, where employment is significant.
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