Capital Gains Tax is a tax on gains arising on the disposal of assets.

An asset for Capital Gains Tax purposes is a house, land, business, shares, certain paintings and antiques.

Who is liable?

It is payable by anyone who disposes of an asset other than their Principal Private Residence. In addition a tax return must be filed with the Revenue in 2018 with details of the disposal.

What is the liability date?

A disposal giving rise to a taxable gain between 1st January and 30th November 2017 must be paid to the Revenue by 15th December 2017. The tax due on any disposals made in December 2017 must be paid by 31st January 2018.

Reliefs and exemptions

There are various reliefs and exemptions available which may be allowable against any potential liability. Each individual has a small annual exemption. In addition there is Principal Private residence relief, Retirement relief and Entrepreneur relief that may be applicable.

Please contact us for advice on whether you are required to complete a Capital Gains Tax return and make a payment by 15th December 2017 or 31st January 2018.

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