Family Business Transfer of Ownership
The purpose of the incentive is to assist and facilitate family businesses to transfer their business from one generation to the next by providing benefits including governance and fiscal benefits for better management and organization within the family and the business.
The scheme is available until 31st December 2020.
The scheme support all family businesses operating in all economics sectors with the exception of the road transport, agriculture and fisheries sectors for which different thresholds and criteria apply.
The eligible costs and expenses under this scheme are in relation to:
- Transfer duty of immovable property that had been used for a period of at least three (3) years.
- The assessment of duty chargeable when an individual transfers of shares or interest in a partnership, trust, or foundation to family members.
Duty shall be charged on the first €500,000 of the value of the property transferred at the rate of €3.50 per €100.
Transfer of shares or interests in a partnership, trust or foundation held in a family business which carries on a business, no account shall be taken off the first €150,000 or such other greater amount as may be prescribed of the value of shares, or interests in a partnership, trust or foundation transferred.
In line with the De Minimis Regulation, the total amount of de minimis aid granted to a single business shall not exceed the amount of €200,000 over any period of three 3 consecutive fiscal years.
Visit our Grant Scheme Brochure: here