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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2024 - onwards
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598. Disposals of business or farm on "retirement".

(1)

(a) In this section and in section 599 -

"certificate" has the same meaning as it has for the purposes of Regulation 8(8)(c)(ii) of the European Communities (Milk Quota) Regulations 2000 (S.I. No. 94 of 2000) as amended or extended from time to time;

"chargeable business asset" means an asset (including goodwill but not including shares or securities or other assets held as investments) which is, or is an interest in, an asset used for the purposes of farming, or a trade, profession, office or employment, carried on by - (i) the individual (ii) the individual's family company,or (iii) a company which is a member of a trading group of which the holding company is the individual's family company, other than - (I) an asset on the disposal of which no gain accruing would be a chargeable gain, (II) subject to subsection (1)(f), goodwill which is disposed of directly or indirectly to a company, where, immediately following the disposal the individual is connecte

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