CAPITAL GAINS TAXES

CAPITAL GAINS TAX

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.

 

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:

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.