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Ask Ronan Your Own Question
Ronan, Solicitor
Category: Republic of Ireland Law
Satisfied Customers: 2206
Experience:  B. Corp Law, Ll.B. Dip Comm Prop. In general practice for more then 6 years
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I and my two of my adult children inherited some land from

Customer Question

I and my two of my adult children inherited some land from my brother. We have been able to claim business relief on the inherited land. We must hold the land for 6 years or replace it with other accepted business assets in order to avoid a claw-back of the business relief. It does not suit us to hold the land. My question is whether residential property which is rented out to tenants constitutes an acceptable business for business relief under the CAT regulations for inheritance purposes? If we cannot hold the property as individuals could we form a company to acquire the assets?
Submitted: 3 years ago.
Category: Republic of Ireland Law
Expert:  Ronan replied 3 years ago.
No unfortunately a business dealing with interests in lands or property are specifically excluded under Section 93(3) of the CAT Consolidation Act 2003

93(3) A business or interest in a business, or shares in or securities of a company, is not relevant business property if the business or, as the case may be, the business carried on by the company consists wholly or mainly of one or more of the following, that is, dealing in currencies, securities, stocks or shares, land or buildings, or making or holding investments.

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