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Can you explain TCA 1997 s 598(6)(c) in simple english. I have a husband and wife client with two businesses which they hold 50:50. One has a balance sheet value of 600 and the other one 250. They are putting the company with the higher value balance sheet into an mvl now but the wife transferred her shares in that company to her husband last year as they expect the other company to treble in value over the next 5 years and the husband would be 66 at that stage. Does the section quoted mean that her retirement relief threshold is reduced by 300k from 750k to 450k by virtue of passing half the value of the company to her husband? Thanks.

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Asked on 16 November 2018 1:15 pm
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