CGT on sale of a property

Computation of CGT on sale of a property

Where a property that has been let is disposed of, Capital Gains Tax may arise on the disposal. The chargeable gain is calculated by deducting any allowable expenditure from the amount realised on the disposal.

The allowable expenditure may include:

• The cost of acquisition of the property and any costs of acquisition such as solicitors/auctioneers fees,
• Any costs incurred in improving the value of the property,
• Any costs of disposal such as solicitors/auctioneers fees.

Expenditure on costs of acquisition and improvement may be adjusted to take account of inflation up to 2002

There is a personal exemption allowed of €1,270 and the CGT is payable at 33% on the chargeable gain

Any queries on same give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie