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?