Exempt Assets Some very important classes of assets are exempt from Capital Gains Tax. This includes principally; a debt owed to the original creditor; domestic currency; movable assets with an expected life of less than 50 years (a wasting chattel); other wasting chattels / movable assets sold by individuals for less than €2540; government securities (national debt; comprised in bonds and bills); securities (issued by […]
Qualifying Individuals There is a reduced rate of capital gains tax on disposal of chargeable business assets or shares by a qualifying individual. The purpose is to incentivise entrepreneurs. Entrepreneurs relief provides a reduced capital gains tax of 10% applicable to disposals made after 2016.there is a lifetime limit of €1 million per person. All disposals after 1 January 2016 are taken into account for […]
Farming Retirement relief applies to farming. There are further provisions which facilitate retirement from farming. See also the separate chapter. The relief applies to land used for farming for at least 10 years prior to transferring an interest under the European Union early retirement from farming provisions Single farm payment rights dispose of at the same time as land also qualify for the exemption subject […]
Retirement relief Retirement relief applies on the sale or transfer (including by gift) of assets by someone over 55 years of age. It applies when business assets or shares are disposed of, irrespective of whether the person concerned actually retires. Retirement is not a condition of the relief, so that the common name given to it is a misnomer. Relief is available to persons over […]
Transfer of business to company There is an important relief from capital gains tax, where a business is transferred from an individual into his company. This is designed to assist sole traders and partners form tax consequences when they incorporate and transfer their business to a company. The business must be transferred as a going concern. The person need not work in the business. The […]
Principal Private Residence The sale of a principal private residence is exempt from the tax. The exemption applies in full only if it has been used as the seller’s sole or main residence throughout his period of ownership. The residence must be a dwellinghouse and land up to an acre. A person can only have one principal private residence at a time. A married couple […]