CGT liability - Retirement relief and Entrepreneur relief

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cs1976

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I have very limited understanding of CGT liabilities and getting conflicting information on Google so would be grateful if someone here could advise.
Father selling his business (guest house) and the net gain is 465k. Google tells me that entrepreneur relief and retirement relief can both apply to the disposal of the same asset. But the accountant says only entrepreneur relief can apply based on proceeds limit for retirement relief is 500k. The accountant has given a ballpark CGT liability of 72k. Does this sound correct?
 
He is 76 and hasn't sold yet but expects approx 950k and bought it for approx 237k about 25 years ago. Commercial use is approx 70per and 30pc personal use.
 
Yes, it sounds broadly correct.

70% of a €465k gain taxed at 10%, and the rest at 33%.

Did he not live there though?
 
Thanks for that, just wondered why retirement relief can't be applied also to reduce liability further, but like I said I find it hard to fully understand it! He always lived in house but we had a family home also for a long time so it wasn't always the ppr.
 
Because the proceeds exceed €500k by so much, retirement relief doesn’t apply.

There is a thing called “marginal relief”, where is the proceeds were, say, €600k, the CGT would be capped at 50% of the excess over €500k, i.e. €50k.

But at the level you’re talking about, ER is the only game in town.
 
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