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Capital Gains Tax Relief

Capital Gains Tax Relief

Tax Return W400 - Tax Returns - Oliver Niland Chartered Accountant & Tax Specialist Galway Ireland

Property acquired between 7 December 2011 and 31 December 2014

You might be due relief on CGT if you sell property acquired between 7 December 2011 and 31 December 2014.

Property means land or buildings.

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

How do you qualify for the relief?

Any gains made on a property acquired between 7 December 2011 and 31 December 2014 are exempt from CGT. You will get full exemption providing that you:

  1. owned the land or building for at least four and up to seven continuous years and
  2. sold the property on or after 1 January 2018.

Property owned longer than seven years

You can get partial relief if you have owned the property for more than seven years.

To calculate the partial relief, divide seven by the number of years you have owned the property. This will give you the proportion of the gain that is exempt.

For example, if you owned the land or buildings for ten years, the gain will be reduced by seven-tenths (7/10).

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

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