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Capital Gains Tax


When an asset is disposed of, tax at 20% is charged on the gain. The first €1270 of gains in any year is exempt from tax.

The base cost of the asset can be increased for tax purposes by an appropriate indexation factor, provided the asset was acquired before 2003.

Losses

Losses incurred on disposals are generally allowable for offset against gains, and can be carried forward to future years

Returns & Payment

Payment of CGT must be made as follows:

- Forgains arising between January and September 2007 - by 31 October 2007.

- For gains arising between October and December 2007 – by 31 January 2008.

Returns must be made by 31st October  in respect of previous year. 

Key Exemptions Include:

The first €1270 of gains in any year

Disposals of assets between spouses 

Disposals between divorced persons under a divorce order 

Disposal of Principal Private Residence is generally exempt

Disposal of certain business assets on retirement

Disposal of a site to a child may be exempt

Disclaimer
The information on this website is for general guidance only.It is essential to take professional advice on specific issues about their impact on any individual or entity.No liability can be accepted for any errors or omissions or for any person acting or refraining from acting on the information provided on this site.