CGT relief on sale of property
You might be due relief on CGT if you sell a property bought 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 EU or EEA country.
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:
- owned the land or building for at least four, and up to seven, continuous years
- sold the property on, or after, 1 January 2018
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).
You have to file a CGT tax return to claim the above relief
Any queries on the above give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie