Capital Gains Tax in Ireland
The current rate of Capital Gains Tax in Ireland is 33%. Virtually anything you sell, that is not liable to Income Tax on profits, will be liable to Capital Gains Tax.
Westland Tax & Accountancy Ltd, provide services and advice in relation to Capital Gains Tax including:
- Computation and filing of Capital Gains Tax Returns
- Advice on Retirement Relief for Sole Traders
- Advice on Retirement Relief for shareholders of family companies
- Advice on the Capital Gains Implications of incorporating a sole trader or partnership
- Advice on share buybacks
Capital Gains Tax Reliefs and Exemptions:
Among the reliefs and exemptions that can be availed of in relation to Capital Gains Tax, are:
- Relief for the cost of the asset & the cost of disposal of the asset.
- Loss relief – any Capital Gains Tax losses in the year of disposal or unused from previous years.
- Losses incurred by your Spouse
- Principal private residence relief on the sale of your home
- Retirement relief on the sale of a Business or for sale of shareholdings in family run company – current limit is €750,000 betwen the ages of 55 to 65
- Relief on the disposal of a business or shares in a family company, to a child – no limit
- Relief on the transfer of assets from a Sole Trader to a Limited company on incorporation
- Relief on Transfer of Assets between spouses when living together
- Agricultural Relief
The above reliefs are available subject to various conditions & professional advice should always be taken.
Why not contact us to arrange a meeting to see what your needs are?