Finance (No. 2) Bill 2023 was published on 19 October 2023. We have considered below the additional measures that were not included in the Budget Day announcements, together with further detail on some of the key Budget measures.
The Bill also legislates for the new international tax rules for the taxation of large corporates.
Of particular interest in terms of succession planning are the changes to CGT Retirement relief. Whilst the extension of the age limit in respect of the €3m cap will be welcomed by smaller businesses, the introduction of a €10m cap for all transfers prior to age 70 will be an impediment for larger business and may negatively impact on inter-generational lifetime transfers. Both changes apply from 1 January 2025 so it will be important to review succession plans in light of the new rules.
The specific legislation implementing the new Capital Gains Tax (‘CGT’) relief for Angel Investors and amendments to the exemption from income tax for farm leases will be contained in the Committee Stage amendments to the Bill.
For further detail on any of these measures and how they impact you and your business please contact your usual RBK tax contacts.