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Capital gains on residential property bought in 2013

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  • 09-03-2018 11:33am
    #1
    kingdomfan
    Registered Users Posts: 28 ✭


    Has the capital gains tax exemption for property bought in 2013 and held for a 7 year period been reduced to a 4 year period in the last budget.

    Everything I have read on the matter so far refers to commercial property, I am wondering does it also apply to residential.


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    #2
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    http://www.citizensinformation.ie/en/money_and_tax/tax/capital_taxes/capital_gains_tax.html

    "Gains made on the disposal of property acquired between 7 December 2011 and 31 December 2014 can get relief from CGT. The property must be held for more than 7 years. The relief applies to all property, whether residential or non-residential. If it is sold more than 7 years after acquisition and a gain is made on the sale, relief will be given for the initial 7-year holding period. For example, if the property was bought in January 2012 and sold in January 2022, the property would have been held for 10 years, so 7/10 of any gain will be relieved from CGT and 3/10 is taxable.

    Gains made on the disposal of property acquired between 7 December 2011 and 31 December 2014 and held for more than 4 years but less than 7 years are exempt from CGT. Disposal of the property must take place on or after 1 January 2018. For example, any gain from a property bought on 1 June 2012 and sold on 1 July 2018 is exempt from CGT."


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