Retirement and Succession Planning, Are you Ready?
It is 2018, and the economy is going in the right direction. Now is a great time to consider your retirement and succession planning options.
Are you a sole trader, self-employed professional or business owner approaching 55 years of age?
If so, did you know that you may qualify for valuable tax relief on the sale of your business or shares in your private limited company and pay little to no tax?
Retirement Relief can provide an exemption from Capital Gains Tax (“CGT”) for many business owners (up to €750,000 proceeds are exempt on business sales to parties outside of the family, whereas no threshold applies on the sale of your business to a son or daughter).
You do not have to actually retire (in the popular sense of the word) in order to qualify for this relief; You can sell qualifying assets on or after the date on which you attain the age of 55 years. Differing levels of relief are granted to individuals who are 66 years or over when they make the disposal.
This relief, coupled with income and corporation tax reliefs available for sole trader pension contributions, can help sole traders, self-employed professionals and business owners provide for themselves and their families in retirement.
Contact SCK group for a consultation on your retirement and succession planning options – the reliefs available have many qualifying criteria, including the time in which you have worked in the business, and it is important to plan in advance to ensure the most beneficial outcome.