Capital gains exemption on the sale of a business branch worth up to €300,000 (2004-2005)

Article 13 of the Act of 9 August 2004 creates Article 238 quaterdecies of the General Tax Code: business capital gains on the sale for consideration of a complete branch of commercial, industrial, craft or professional activity are exempt when the value of the assets sold, used as the base for registration duties, does not exceed €300,000. The seller must be a business subject to income tax, a non-profit body, a local authority or a company at least 75% owned by individuals. Real estate gains remain taxable. The scheme covers sales between 16 June 2004 and 31 December 2005.