Land or buildings sold – Exempt from CGT
Land or buildings purchased between 7 December 2011 and 31 December 2014
You may be due relief if you sell land or buildings purchased between 7 December 2011 and 31 December 2014.
You must have owned the land or buildings for at least seven continuous years.
You reduce the gain by the number of years that you owned the property, divided by seven years.
For example, if you owned the land or buildings for ten years, the gain will be reduced by seven tenths (seven years/ten years).
For example:
Tim bought a house on 1 January 2012. She sells the house on 1 January 2022 and makes a gain of €30,000. She will get relief on 7/10ths of the gain (€21,000). The relief is calculated by dividing the amount of the gain by the period of ownership of the property, and multiplying that figure by 7.
Any queries on same give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie
