This relief is available to individuals who have reached the ripe old age of fifty-five and are disposing of all or part of their business assets. The business may have been carried on either in their sole name, in partnership or through the medium of a limited company.
While the relief from capital gains tax is called retirement relief you do not have to actually retire to avail of the relief. This means that the relief could be used by somebody trading in their own name or in partnership and deciding to trade through a limited company. The sole trader or partnership business could be sold to the limited company and provided all qualifying conditions are satisfied exemption from tax claimed under these rules.
Needless to say there are various rules and regulations attaching to the operation of the relief and we can provide advice on these for your own specific circumstances for which a separate charge will arise.