CGT – Capital Gains Tax
Capital Gains Tax (CGT) occurs when a gains arises on the disposal of asset. Any form of property (other than Irish currency) is an asset for CGT purposes.
The standard rate in respect of disposals depends on the period and is set as follows:
- 33% from 6th December 2012
- 30% from 7th December 2011 – 5th December 2012
- 25% from 7th April 2009 – 6th December 2011
- 22% from 14 October 2008 – 6th April 2009,
- 20% in respect of disposals made on or before 14th October 2008
The first €1,270 of an individual’s annual chargeable gains, net of allowable losses, are exempt.
One is required to be prudent when dealing with a capital gain. There are time limits to submit tax returns and then make payments for these liabilities, along with ensuring that you avail of all tax reliefs available.
For these reasons, it is sensible to speak to experts in this area, we can help you with completing this process and ensuring you pay the less CGT.