Retirement Relief
TAXES CONSOLIDATION ACT
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 connected with the company, or
(III)subject to subsection (1)(f), shares or securities in a company which are disposed of directly or indirectly to another company where, immediately following the disposal, the individual is connected with the first-mentioned company;
“family company”, in relation to an individual, means, subject to paragraph (b), a company the voting rights in which are –
(i)as to not less than 25 per cent, exercised by the individual, or
(ii)as to not less than 75 per cent, exercisable by the individual, his or her civil partner, a member of the individual’s family, or a member of the family of the civil partner of the individual, and, as to not less than 10 per cent, exercisable by the individual himself or herself;
“family”, in relation to an individual, means the husband or wife of the individual, and a relative of the individual or of the individual’s husband or wife, and “relative” means brother, sister, ancestor or lineal descendant;
“farm partnership”, means a milk production partnership or a registered farm partnership (within the meaning of section 667C);
“full-time working director”, means a director required to devote substantially the whole of his or her time to the service of the company in a managerial or technical capacity;
“family of the civil partner” in relation to an individual, means any brother, sister, ancestor or lineal descendant of the civil partner;
“holding company” means a company whose business (disregarding any trade carried on by it) consists wholly or mainly of the holding of shares or securities of one or more companies which are its 75 per cent subsidiaries;
“milk production partnership” has the meaning assigned to it by the European Communities (Milk Quota) Regulations 2000 (S.I. No. 94 of 2000) as amended or extended from time to time;
“payment entitlement” has the same meaning as it has for the purposes of Regulation (EU) 2021/2115 of the European Parliament and of the Council of 2 December 2021 [OJ No. L435, 6.12.2021, p.1];
“qualifying assets” in relation to a disposal, includes –
(i)the chargeable business assets of the individual which a Part from tangible moveable property he or she has owned for a period of not less than 10 years ending with the disposal and which have been his or her chargeable business assets throughout the period of 10 years ending with that disposal
(ii)
(I)the shares or securities, which the individual has owned for a period of not less than 10 years ending with the disposal, being shares or securities of a relevant company that is a company –
(A)which has been a trading company, or a farming company, and the individual’s family company, or
(B)which has been a member of a trading group, of which the holding company is the individual’s family company
during a period of not less than 10 years ending with the disposal and the individual has been a working director of the relevant company for a period of not less than 10 years during which period he or she has been a full-time working director of the relevant company for a period of not less than 5 years, and
(II)land, machinery or plant (if any) which the individual has owned for a period of not less than 10 years ending with the disposal, and which –
(A)was used throughout that period for the purposes of the relevant company, and
(B)is disposed of at the same time and to the same person as the shares or securities referred to in subparagraph (I)
(iia)payment entitlements, where they are disposed of at the same time and to the same person as land to the extent that the land would support a claim to payment in respect of those payment entitlements
(iii)land used for the purposes of farming carried on by the individual which he or she has owned and used for that purpose for a period of not less than 10 years ending with the transfer of an interest in that land for the purposes of complying with the terms of the Scheme
(iv)land which has been let by the individual at any time in the period of 5 years ending with the disposal, where –
(I)immediately before the time the land was first let in that period, the land was owned by the individual and used for the purposes of farming carried on by the individual for a period of not less than 10 years ending at that time, and
(II)the disposal is a disposal referred to in section 652(5)(a), and
(v)land which has been let by the individual at any time in the period of 25 years ending with the disposal where –
(I)immediately before the time the land was first let in that period of 25 years, the land was owned by the individual and used for the purposes of farming carried on by the individual for a period of not less than 10 years ending at that time, and
(II)the disposal is –
(A)to a child (within the meaning of section 599) of the individual
(B)to an individual, other than a child referred to in clause (A), where that disposal occurs on or before 31 December 2016, or
(C)to an individual, other than a child referred to in clause (A), provided the land was let to a person for the purposes of farming during the period of 25 years referred to in subparagraph (I) and each letting of the land was for a period of not less than 5 consecutive years;
“relevant year of assessment” means the year of assessment in which the disposal for which relief is claimed under this section or section 599 is made;
“the Scheme” means the scheme known as –
(i)the Scheme of Early Retirement From Farming introduced by the Minister for Agriculture and Food for the purpose of implementing Council Regulation (EEC) No. 2079/92 of 30 June 1992 [OJ No. L.215, of 30.7.92, p.91.]
(ii)the Scheme of Early Retirement From Farming introduced by the Minister for Agriculture, Food and Rural Development for the purpose of implementing Council Regulation (EC) No. 1257/1999 of 17 May 1999[OJ No. L.160, of 26.6.99, p.80.] or
(iii)the Scheme of Early Retirement From Farming introduced by the Minister for Agriculture and Food for the purpose of implementing Council Regulation (EC) No. 1698/2005 of 20 September 2005 [OJ No. L277 of 21 October 2005, p.1];
“trade”, “farming”, “profession”, “office” and “employment” have the same meanings respectively as in the Income Tax Acts;
“trading company” means a company whose business consists wholly or mainly of the carrying on of one or more trades or professions;
“trading group” means a group of companies consisting of the holding company and its 75 per cent subsidiaries, the business of whose members taken together consists wholly or mainly of the carrying on of one or more trades or professions;
“75 per cent subsidiary” has the meaning assigned to it by section 9.
(b)For the purposes of the definition of “family company”, where a company which is a holding company would not but for this paragraph be an individual’s family company, but would be such a company if the individual had not at any time on or after the 6th day of April, 1987, and before the 6th day of April, 1990, disposed of shares in the company to a child (within the meaning of section 599) of the individual, the company shall be deemed to be the individual’s family company.
(c)In this section, references to the disposal of the whole or part of an individual’s qualifying assets include references to the disposal of the whole or part of the assets provided or held for the purposes of an office or employment by the individual exercising that office or employment.
(d)For the purposes of the definition of “qualifying assets”, there shall be taken into account –
(i)
(I)the period of ownership of an asset by a spouse or civil partner of an individual as if it were a period of ownership of the asset by the individual, and
(II)where a spouse or civil partner of an individual has died, the period of use of an asset by the spouse or civil partner as if it were a period of use of the asset by the individual,
(ii)where the chargeable business assets are new assets within the meaning of section 597, the period of ownership of the old assets as if it were a period of ownership of the new assets,
(iia)the period for which an individual was a director or, as the case may be, a full-time working director of the following companies as if it were a period for which the individual was a director of a ‘relevant company’ (which, for the purposes of this subparagraph, means a company referred to in paragraph (ii) of the definition of qualifying assets in subsection (1)(a)):
(I)a company that was treated as being the same company as the relevant company for the purposes of section 586,
(II)a company involved in the same scheme of reconstruction or amalgamation under section 587 with the relevant company,
(iib)the period of use of land by an individual as a partner in a farm partnership as if it were also a period of use by the spouse or civil partner of the individual where the spouse or civil partner –
(I)is a co-owner of the land,
(II)used the land for a period ending on the date the farm partnership commenced, and
(III)was issued with a certificate by the Minister for Agriculture and Food,
(iii)where the qualifying assets are shares or securities in a family company to which section 600 applies, the period immediately before the transfer to the company of chargeable business assets during which those assets were owned by the individual as if it were a period of ownership of the individual of the qualifying assets or a period throughout which he or she was a full-time working director, as may be appropriate, and
(iv)a period immediately before the death of the spouse or civil partner of the individual throughout which the deceased was a full-time working director as if it were a period throughout which the individual was a full-time working director.
(e)For the purposes of paragraph (v)(II)(C) in the definition of ‘qualifying assets’, land let under one or more than one conacre agreement before 31 December 2016 shall not affect entitlement to relief under this section, where a letting of the land for a period of not less than 5 consecutive years commences on or before 31 December 2016.
(f)Goodwill, shares or securities referred to in clauses (II) and (III) of the definition of ‘chargeable business asset’ shall be treated as chargeable business assets where it would be reasonable to consider that a disposal of such assets is made for bona fide commercial reasons and does not form part of any arrangement or scheme the main purpose or one of the main purposes of which is the avoidance of liability to tax.
(2)
(a)Subject to this section, where an individual who has attained the age of 55 years but has not attained the age of 66 years disposes of the whole or part of his or her qualifying assets on or before 31 December 2024, then –
(i)if the amount or value of the consideration for the disposal does not exceed €750,000, relief shall be given in respect of the full amount of capital gains tax chargeable on any gain accruing on the disposal;
(ii)if the amount or value of the consideration for the disposal exceeds €750,000, the amount of capital gains tax chargeable on the gain accruing on the disposal shall not exceed 50 per cent of the difference between the amount of that consideration and €750,000.
(b)Subject to this section, where an individual who has attained the age of 66 years disposes of the whole or part of his or her qualifying assets on or before 31 December 2013, then –
(i)if the amount or value of the consideration for the disposal does not exceed €750,000, relief shall be given in respect of the full amount of capital gains tax chargeable on any gain accruing on the disposal;
(ii)if the amount or value of the consideration for the disposal exceeds €750,000, the amount of capital gains tax chargeable on the gain accruing on the disposal shall not exceed 50 per cent of the difference between the amount of that consideration and €750,000.
(c)Subject to this section, where an individual who has attained the age of 66 years disposes of the whole or part of his or her qualifying assets on or after 1 January 2014 and on or before 31 December 2024, then –
(i)if the amount or value of the consideration for the disposal does not exceed €500,000, relief shall be given in respect of the full amount of capital gains tax chargeable on any gain accruing on the disposal;
(ii)if the amount or value of the consideration for the disposal exceeds €500,000, the amount of capital gains tax chargeable on the gain accruing on the disposal shall not exceed 50 per cent of the difference between the amount of that consideration and €500,000.
(ca)Subject to this section, where an individual who has attained the age of 55 years but has not attained the age of 70 years disposes of the whole or part of his or her qualifying assets on or after 1 January 2025, then –
(i)if the amount or value of the consideration for the disposal does not exceed €750,000, relief shall be given in respect of the full amount of capital gains tax chargeable on any gain accruing on the disposal, and
(ii)if the amount or value of the consideration for the disposal exceeds €750,000, the amount of capital gains tax chargeable on the gain accruing on the disposal shall not exceed 50 per cent of the difference between the amount of that consideration and €750,000.
(cb)Subject to this section, where an individual who has attained the age of 70 years disposes of the whole or part of his or her qualifying assets on or after 1 January 2025, then –
(i)if the amount or value of the consideration for the disposal does not exceed €500,000, relief shall be given in respect of the full amount of capital gains tax chargeable on any gain accruing on the disposal, and
(ii)if the amount or value of the consideration for the disposal exceeds €500,000, the amount of capital gains tax chargeable on the gain accruing on the disposal shall not exceed 50 per cent of the difference between the amount of that consideration and €500,000.
(d)For the purposes of paragraphs (a) to (cb), the amount of capital gains tax chargeable in respect of the gain shall be the amount of tax which would not have been chargeable but for that gain.
(2A)
(a)In this subsection ‘solar panel’ means ground-mounted equipment used to capture solar energy and convert it into electrical energy, together with ancillary equipment used to harness, store and transfer the electrical energy.
(b)Notwithstanding that solar panels are installed on land which is suitable for farming purposes, the land shall be treated as a qualifying asset for the purposes of subsection (2) where the area of the land on which the solar panels are installed does not exceed half the total area of the land concerned.
(3)For the purposes of subsection (2), the consideration on the disposal of qualifying assets by the individual shall be aggregated, and nothing in this section shall affect the computation of gains accruing on the disposal of assets other than qualifying assets.
(3A)Where compensation has been received by a person under the scheme for compensation in respect of the decommissioning of fishing vessels implemented by the Minister for Agriculture, Fisheries and Food in accordance with Council Regulation (EC) No. 1198/2006 of 27 July 2006 , relief under subsection (2) shall apply as if the period referred to in paragraph (i) of the definition of ‘qualifying assets’ in subsection (1)(a) were 6 years and the reference to 55 years in paragraphs(a) and (ca) of subsection (2) were a reference to 45 years.
(3B)
(a)In this subsection –
‘Brexit compensation sum’, ‘relevant vessel’ and ‘sea-fishing boat licence’ have the same meaning respectively as they have in section 669L.
(b)Relief under subsection (2) shall apply in respect of the following payments arising as a portion of a Brexit compensation sum –
(i)compensation for the destruction of a relevant vessel, and
(ii)compensation for the surrender of a sea-fishing boat licence, as if –
(I)in subsection (1)(a), the period referred to in paragraph (i) of the definition of ‘qualifying assets’ were 6 years, and
(II)in paragraphs (a) and (ca) of subsection (2), the age attained by an individual were 45 years.
(4)Where a disposal of qualifying assets includes a disposal of shares or securities of the individual’s family company, the amount of the consideration to be taken into account for the purposes of subsection (2) in respect of those shares or securities shall be the proportion of the consideration for those shares or securities which is equal to –
(a)in a case where the individual’s family company is not a holding company, the proportion which the part of the value of the company’s chargeable assets at the time of the disposal which is attributable to the value of the company’s chargeable business assets bears to the whole of that value, and
(b)in a case where the individual’s family company is a holding company, the proportion which the part of the value of the chargeable assets of the trading group (excluding shares or securities of one member of the group held by another member of the group) at the time of the disposal which is attributable to the value of the chargeable business assets of the trading group bears to the whole of that value;
but nothing in this section shall affect liability on any gains calculated by reference to the balance of the consideration for the disposal of those shares or securities.
(5)For the purposes of subsection (4), every asset shall be a chargeable asset except one on the disposal of which by the company or a member of the trading group, as the case may be, at the time of the disposal of the shares or securities, no gain accruing to the company or member of the trading group, as the case may be, would be a chargeable gain.
(6)
(a)The total of the amounts of relief given under this section for any year of assessment and all years of assessment before such year shall not exceed such amount as would reduce the total amount of capital gains tax chargeable for all those years of assessment below the amount which would be chargeable if the disposals of qualifying assets had all been made in the year of assessment.
(b)Where at any time the relief given under this section exceeds the amount of relief which would be given if the disposals of qualifying assets for the year of assessment and all years of assessment before such year had been made in the year of assessment, any necessary adjustment may be made by means of assessment or amended assessment after the end of the year of assessment in which the last of such disposals is made.
(c)For the purposes of this subsection, a disposal of qualifying assets other than a disposal of the whole of such assets, by a husband to a wife or by a wife to a husband, or by an individual to his or her civil partner, shall, notwithstanding section 1028(5) or section 1031M(5), as the case may be, be taken into account at the market value of the assets.
(7)Subsection (2) shall apply where under section 583 an individual is treated as disposing of interests in shares or securities of his or her family company in consideration of a capital distribution from the company (not being a distribution consisting of chargeable business assets) in the course of dissolving or winding up the company as it applies where he or she disposes of shares or securities of the company.
(7A)
(a)In this subsection ‘relevant payment’ means a payment made by a company on the redemption, repayment or purchase of its own shares which, by virtue of section 176, is not treated as a distribution for the purposes of Chapter 2 of Part 6.
(b)Subsection (2) shall apply where an individual disposes of shares in his or her family company and receives a relevant payment in exchange for that disposal.
(7B)Where an individual enters into arrangements, the main purpose, or one of the main purposes, of which is to secure that the individual is not connected with a company for the purpose of either or both of clauses (II) or (III) in the definition of ‘chargeable business asset’, the individual will be deemed to be connected with that company for the purpose of either or both of clauses (II) or (III) as the case may be.
(7C)Subject to section 600 and subsection (7D), this section shall not apply to such portion of the chargeable gain or gains accruing in respect of a disposal or disposals by an individual of qualifying assets which form part of a transfer to which section 600 applies as bears the same proportion to the total of such gains as the value of the consideration received by the individual out of the assets of the company in respect of the transfer bears to the value of the consideration received by the individual other than by way of shares or securities in respect of such transfer.
(7D)Subsection (7C) shall not apply in relation to a disposal of assets where it would be reasonable to consider that the disposal is made for bona fide commercial reasons and does not form part of any arrangement or scheme the main purpose or one of the main purposes of which is the avoidance of liability to tax.
(8)This section shall not apply to a disposal of qualifying assets unless it is shown that the disposal is made for bona fide commercial reasons and does not form part of any arrangement or scheme of which the main purpose or one of the main purposes is the avoidance of liability to tax.
(9)A claim for relief under this section shall be made by the individual making the claim in the return required to be delivered by that individual under Chapter 3 of Part 41A for the relevant year of assessment.
598A.
Relief on dissolution of farming partnerships.
(1)In this section—
‘farming’ and ‘trade’ have the same meanings as in the Income Tax Acts;
‘farming partnership’ means a partnership comprised of individuals which carries on or has carried on the trade of farming;
‘relevant asset’ means an asset which is jointly owned by the partners in a farming partnership;
‘relevant disposal’ means a disposal which arises on the occasion of the partition of a relevant asset.
(2)This section applies where a relevant asset has been owned and used for the purposes of farming by the farming partnership for a period of not less than 10 years ending with the relevant disposal.
(3)Notwithstanding subsection (2), where one of the partners acquired his or her share of a relevant asset by way of inheritance, the period of ownership and use of that asset shall be deemed to have commenced on the date on which the person entered into partnership with the other partner or partners in the farming partnership.
(4)Where a relevant disposal arises in respect of a relevant asset, a gain shall not be treated as accruing in respect of that disposal and the relevant asset shall be treated for the purposes of the Capital Gains Tax Acts as having been acquired at the same time and for the same consideration as it was originally acquired by the partner who disposed of that asset.
(5)This section shall not apply if, until the disposal, the asset formed part of the trading stock of the farming trade carried on by the farming partnership or, if the asset is acquired as trading stock, for the purposes of a trade carried on by the partner acquiring the asset.
599.
Disposals within family of business or farm.
(1)
(a)In this section ‘child’, in relation to a disposal for which relief is claimed under this section, includes –
(i)a child of a deceased child,
a nephew or a niece who has worked substantially on a full-time basis, for the period of 5 years ending with the disposal,
(ii)a nephew or a niece who has worked substantially on a full-time basis, for the period of 5 years ending with the disposal, in carrying on, or assisting in the carrying on of, the trade, business or profession concerned or the work of, or connected with, the office or employment concerned, and
(iii)an individual (in this subparagraph referred to as ‘the first-mentioned individual’) who resided with, was under the care of and was maintained at the expense of the individual making the disposal throughout –
(I)a period of 5 years, or
(II)periods which together comprised at least 5 years,
before the first-mentioned individual attained the age of 18 years but only if such claim is not based on the uncorroborated testimony of one witness.
(b)Subject to this section –
(i)where an individual who has attained the age of 55 years but has not attained the age of 66 years disposes of the whole or part of his or her qualifying assets to his or her child on or before 31 December 2024, relief shall be given in respect of the capital gains tax chargeable on any gain accruing on the disposal;
(ii)where an individual who has attained the age of 66 years disposes of the whole or part of his or her qualifying assets to his or her child on or before 31 December 2013, relief shall be given in respect of the capital gains tax chargeable on any gain accruing on the disposal;
(iia)where an individual who has attained the age of 66 years disposes of the whole or part of his or her qualifying assets to his or her child on or after 1 January 2014 and on or before 31 December 2024 and the market value of the qualifying assets is €3,000,000 or less, relief shall be given in respect of the capital gains tax chargeable on any gain accruing on the disposal;
(iii)where an individual who has attained the age of 66 years disposes of the whole or part of his or her qualifying assets to his or her child on or after 1 January 2014 and on or before 31 December 2024 and the market value of the qualifying assets is greater than €3,000,000, relief shall be given in respect of the capital gains tax chargeable on any gain accruing on the disposal as if the consideration for the disposal had been €3,000,000.
(iv)where an individual who has attained the age of 55 years but has not attained the age of 70 years disposes of the whole or part of his or her qualifying assets to his or her child on or after 1 January 2025, and the market value of the qualifying assets is €10,000,000 or less, relief shall be given in respect of the capital gains tax chargeable on any gain accruing on the disposal;
(v)where an individual who has attained the age of 55 years but has not attained the age of 70 years disposes of the whole or part of his or her qualifying assets to his or her child on or after 1 January 2025, and the market value of the qualifying assets is greater than €10,000,000, relief shall be given in respect of the capital gains tax chargeable on any gain accruing on the disposal as if the consideration for the disposal had been €10,000,000;
(vi)where an individual who has attained the age of 70 years disposes of the whole or part of his or her qualifying assets to his or her child on or after 1 January 2025 and the market value of the qualifying assets is €3,000,000 or less, relief shall be given in respect of the capital gains tax chargeable on any gain accruing on the disposal;
(vii)where an individual who has attained the age of 70 years disposes of the whole or part of his or her qualifying assets to his or her child on or after 1 January 2025 and the market value of the qualifying assets is greater than €3,000,000, relief shall be given in respect of the capital gains tax chargeable on any gain accruing on the disposal as if the consideration for the disposal had been €3,000,000.
(c)For the purposes of paragraph (b), the capital gains tax chargeable in respect of the gain shall be the amount of tax which would not have been chargeable but for that gain, but nothing in that paragraph shall affect the computation of gains accruing on the disposal of assets other than qualifying assets by an individual who makes a disposal to which that paragraph applies.
(d)Where the qualifying asset is land used for the purposes of farming and the consideration for its disposal consists in whole or in part of other such land, a gain shall not be treated as arising on the disposal of that other land by the child concerned but that other land shall be treated for the purposes of the Capital Gains Tax Acts as having been acquired by the individual at the same time and for the same value and used by the individual for the same purposes as it was originally acquired and used by the child concerned.
(2)
(a)Where an individual who, having attained the age of 66 years, disposes of qualifying assets to his or her child in the period commencing on 1 January 2014 and ending on 31 December 2024, the consideration for each such disposal shall be aggregated for the purposes of subparagraphs (iia) and (iii) of subsection (1) (b).
(b)Where an individual who, having attained the age of 66 years, disposes of qualifying assets to his or her child –
(i)in the period commencing on 1 January 2014 and ending on 31 December 2024, and
(ii)on or after 1 January 2025,
then, the consideration for all such disposals shall be aggregated for the purposes of subparagraphs (iv), (v), (vi) and (vii) of subsection (1)(b), provided that, where the consideration so aggregated for such disposals in the period referred to in subparagraph (i) of this paragraph is greater than €3,000,000, the consideration that shall be so aggregated in respect of such disposals in that period shall be €3,000,000.
(c)Where an individual who, having attained the age of 55 years, disposes of qualifying assets to his or her child on or after 1 January 2025, then, the consideration for each such disposal shall be aggregated for the purposes of subparagraphs (iv), (v), (vi) and (vii) of subsection (1)(b).
(3)Section 598(4) shall apply to a disposal within subsection (1) as it applies to a disposal within section 598(2).
(4)
(a)Where assets comprised in a disposal to a child in respect of which relief has been granted under this section are, within 6 years of the disposal by the individual concerned, disposed of by the child, the capital gains tax which if subsection (1) had not applied would have been charged on the individual on his or her disposal of those assets to the child shall be assessed and charged on the child, in addition to any capital gains tax chargeable in respect of the gain accruing to the child on the child’s disposal of those assets.
(b)[deleted]
(5)Subject to subsection (7), the consideration on a disposal within subsection (1) shall not be taken into account for the purposes of aggregation under section 598(3).
(6)Relief under this section may be claimed, if all other conditions of this section have been met, where a disposal is made to—
(a)a child of the civil partner of the individual,
(b)a child of a deceased child of the civil partner of the individual,
(c)a child of the civil partner of a deceased child of the individual, or
(d)a child of the civil partner of a deceased child of the civil partner of the individual.
(7)
(a)Where an individual—
(i)who, having attained the age of 66 years –
(I)disposes of shares or securities of a family company to his or her child in the period commencing on 1 January 2014 and ending on 31 December 2024, or
(II)disposes of shares or securities of a family company to his or her child –
(A)in the period commencing on 1 January 2014 and ending on 31 December 2024, and
(B)on or after 1 January 2025,
or
(ii)who, having attained the age of 55 years, disposes of shares or securities of a family company to his or her child on or after 1 January 2025, and
(b)there is a disposal of shares or securities of the family company by the individual to a company controlled by that child,
the consideration for the disposals referred to in paragraphs (a) and (b) shall be aggregated for the purpose of section 598(3).
(8)A claim for relief under this section shall be made by the individual making the claim in the return required to be delivered by that individual under Chapter 3 of Part 41A for the relevant year of assessment.