CGT Relief on sale of property

Land or buildings acquired between 7 December 2011 and 31 December 2014

You may be due relief if you dispose of land or buildings acquired 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.

If you owned the land or buildings for ten years, the gain will be reduced by seven tenths (seven years/ten years).

For example:

Joan 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.

You may claim the relief in respect of land or buildings in this country or in any European Economic Area (EEA) state.

You will get full relief on any gain made by you if the disposal is on or after 1 January 2018. This is providing that you have owned the land or building for at least 4 years and up to 7 years.

For example:

James bought a house on 1 January 2014. He sells the house on 1 June 2018 and makes a gain of €40,000. He will get full relief on the gain as he has owned the house for over 4 years.

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