CAPITAL GAINS TAXES
Capital Gains Tax (CGT) is chargeable on gains arising on the disposal of assets, other than that part of a gain which arose in the period prior to 6 April 1974. Any form of property (other than Irish currency) including an interest in property (as, for example, a lease) is an asset for CGT purposes.
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Rate of Tax
The standard rate in respect of disposals is determined based on the date on which the disposal was made as follows:
Disposals made:
- from 6 December 2012 – 33%
- from 7 December 2011 to 5 December 2012 – 30%
- from 8 April 2009 to 6 December 2011 – 25%
- from 15 October 2008 to 7 April 2009 – 22%
- made on or before 14 October 2008 – 20%
The first €1,270 of an individual’s annual chargeable gains, net of allowable losses, is exempt.
Entrepreneur Relief
A reduced CGT rate of 10% will apply to the disposal in whole or in part of qualifying business assets up to an overall limit of €1m of chargeable gains. |
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