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CGT due on asset you did not purchase?

riveratom · 2022-10-17 08:30:16

Hi folks, Does CGT apply only on the sale of an asset you acquired or purchased? Or does it apply on the sale of an asset you built from scratch? Example: I started a restaurant 8 years ago and sold it last year. Am I liable for CGT or only income tax for the period prior to the sale?

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17-10-2022 9:30am

#1

riveratom

Registered Users Posts: 964 ✭✭✭

Join Date: July 2012

Posts: 902

Hi folks,
Does CGT apply only on the sale of an asset you acquired or purchased? Or does it apply on the sale of an asset you built from scratch?
Example: I started a restaurant 8 years ago and sold it last year. Am I liable for CGT or only income tax for the period prior to the sale?

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#2 17-10-2022 9:39am
marieholmfan

Registered Users Posts: 2,744 ✭✭✭

Join Date: August 2013

Posts: 2532

Yes capital gains tax is due for the year in which the asset is sold. You should speak to an accountant.

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