Capital Gains Tax in Ireland

The current rate of Capital Gains Tax in Ireland is 31% on most Irish assets. (you should always take advice in case of exceptions) 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?