Retirement Relief


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Retirement Relief

A capital gains tax cut formerly given in the United Kingdom to persons over 50 who sold their assets related to business.
References in periodicals archive ?
Stephen Alambritis of the Federation of Small Businesses said, "This really takes us back to 1998, when we had capital gains tax retirement relief, although the exemption threshold then was much higher than pounds 100,000.
Retirement relief, if you qualify, exempts the first pounds 50K of any gain and 50 per cent of the next pounds 150K (pounds 125K in total).
Apart from the obvious danger about a business failing, the Budget this year has made a large dent in the future rewards of selling a business by phasing out Retirement Relief.
COVENTRY tax specialists Grant Thornton is warning directors aged over 50 that retirement relief on capital gains tax is phased out in April.
A If your father is over 50 and is forced to retire because of ill health, he is likely to qualify for Retirement Relief. If he has had the business for more than 10 years, he is likely to get maximum relief which means that a large chunk of the proceeds will be free of tax altogether.
CHANGE IN REGISTRATION / RE-GRADING RULES - EFFECT ON CLAIMING "RETIREMENT RELIEF" Players should be aware that a change in the League's re-grading rules with effect from the 2011 season will prevent a player from retiring as a professional (i.e.
"Like retirement relief, entrepreneur's relief is extended to the gain on a disposal of any associated asset if that disposal is undertaken at the same time as a sale of shares in the business itself.
If you decide to run it as holiday-letting business, hold over relief, retirement relief and roll-over relief for capital gains tax should be available.
# Consider realising gains on assets which might qualify for retirement relief before April 5 2003, when it will finally be abolished.
This relief was brought in to replace Capital Gains Tax Retirement Relief. As it disappears, Taper Relief builds behind it.
Apart from the obvious danger about a business falling, the Budget this year has made a large dent in the future rewards of selling a business by the phasing out of Retirement Relief.
"The proposal to ease the burden on company owners by introducing a retirement relief band of around pounds 100,000 has been met with a hollow laugh," he noted.
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