The purpose of the incentive is to assist and facilitate family businesses to transfer their business from one generation to the next by providing benefits including governance and fiscal benefits for the better management and organisation within the family and the business.
The incentive is intended to support family businesses operating in all economic sectors unless excluded from the Commission Regulation (EU) No. 1407/2013 of 18 December 2013 on the application of Articles 107 and 108 of the Treaty on the Functioning of the European Union to de minimis aid (the de minimis Regulation)
The eligible costs and expenses under this incentive are in relation to:
Duty shall be charged on the first five hundred thousand euro (€500,000) of the value of the property transferred at the rate of three euro and fifty cents (€3.50) per one hundred euro (€100).
Transfer of shares or interests in a partnership, trust or foundation held in a family business which carries on a business, no account shall be taken of the first one hundred and fifty thousand euro (€150,000) or such other greater amount as my be prescribed of the value of shares, or interests in a partnership, trust or foundation transferred.
In line with the De Minimis Regulation, the total amount of de minimis aid granted to a single business shall not exceed the amount of €200,000 over any period of three (3) consecutive fiscal years.