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My client, aged 70, the managing director and majority shareholder of a trading company which has be in existence for many years, wishes to transfer 15% of his shareholding by way of gift to another director in the company, the value of which is approximately €450,000. Can he claim entrepreneur relief on this transfer or is he ruled out because he is transferring as distinct from selling the shares. He has used up €600k of his retirement relief previously, so I think the other €150k cannot now be used because he is now over 65, so the only route would be entrepreneur relief. Is this correct? What would the entrepreneur relief tax calculation be taking that he has already claimed retirement relief of €600k and the shares to be transferred are worth €450k

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Asked on 10 September 2019 12:02 pm