AI Summary of 597A. Entrepreneur relief.
This section outlines the definition of 'chargeable business assets', which includes new business assets and ordinary shares issued after 1 January 2014 and before 1 January 2019. The assets must have a minimum acquisition cost of €10,000 and be utilised in a qualifying enterprise.
It details tax relief provisions for individuals disposing of capital assets, allowing for a tax credit against capital gains tax on future disposals when the proceeds are reinvested in chargeable business assets. Notably, provisions are included for the transfer of assets to a wholly owned company, provided there is no intention to secure a tax advantage.
597A. Entrepreneur relief.
(1) In this section -
'chargeable business asset' means an asset, including goodwill but not including shares (other than shares mentioned in paragraph (b)), securities or other assets held as investments, where that asset is acquired at a cost of not less than €10,000 on or after 1 January 2014 but on or before 31 December 2018 and which -
(a) is, or is an interest in, an asset used wholly for the purposes of a new business carried on by a qualifying enterprise, or
(b) is a holding of new ordinary shares, issued on or after 1 January 2014 -
(i) in a qualifying company carrying on new business, or
(ii) in a holding company which owns 100 per cent of the ordinary share capital of a qualifying company carrying on new business,
of which an individual claiming relief under this section -