- retirement relief
This is a relief from CGT for those who sell their business when they retire. Retirement relief applies to individuals aged 50 or over (or those who retire early for reasons of ill health) who dispose of the whole or part of a business, business assets or shares in a trading company (in which the individual is a full time employee and holds more than 5 per cent of the voting rights.In tax years to 5th April 1999 100 per cent relief is available on gains up to ₤250,000 and 50 per cent relief on the next ₤750,000 of gain. For each of the four tax years starting on 5th April 1999 up to the year ending 5th April 2003 the 100 per cent threshold will be progressively reduced by ₤50,000 and the 50 per cent threshold by ₤150,000. The relief will be fully withdrawn in the tax year starting 5th April 2003.
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