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Capital Gains Tax

Budget 2018

No changes were announced with regard to CGT rates.

The 7-year period for owners to enjoy full CGT relief has been reduced to 4 years which allows owners to sell between years 4 and 7 and obtain relief.

Budget 2017

No changes were announced with regard to CGT rates.

The revised CGT relief for entrepreneurs introduced from 01 January 2016 will see a reduced rate of tax from 20% to 10% apply to the disposal in whole or in part of a business up to an overall limit of €1m in chargeable gains.

Budget 2016

No changes were announced with regard to CGT rates.

A revised CGT relief for entrepreneurs is being introduced from 01 January 2016 will see a 20% rate apply to the disposal in whole or in part of a business up to an overall limit of €1m in chargeable gains.

Budget 2015

No changes were announced in the Budget 2015 with regard to CGT rates, it remains at 33%.

The 7 year exemption from CGT due to expire on 31 December 2014 will not be extended.

The Windfall tax of 80% on certain gains from development land is to be removed from 01 January 2015.

Retirement relief will be available to farmers in respect of land leased out is being extended to 25 years (from 15 years) in certain circumstances.

Farm restructuring CGT relief is available where the first transaction in the restructuring is carried out by 31 December 2016.

Budget 2014

Retirement relief will be available to farmers in respect of land leased out in certain circumstances.

Purchase period for relief from CGT on disposal of commercial property held for at least 7 years is being extended to 31 December 2014.

CGT relief will be available from 01 January 2014 to entrepreneurs who reinvest the proceeds from the disposal of assets, on which CGT has previously been paid. This will form as a tax credit equal to the lower of CGT paid or 50% of CGT due on future gain. This measure will require EU approval.

 

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Tel: 042 966 5153 | Fax: 042 966 5909

Main Street, Bailieborough, Co. Cavan.
Tel: 042 966 5153 | Fax: 042 966 5909

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