Close
-C G Tax 33% Annual Exemption - €1270
-Return due 31st Oct. of following yr (e.g 2014 due n 2015)
-Tax yr split n 2:
+ 1/1 - 30/11, initial period.
+ 1/12 - 31/12 Later period.
- Losses c/f are offset against gains realised in the initial period.
- 4 req: 1) Disposal (sale/transfer/gift)- ownership change
2) of a chargeable asset 3) by a chargeable person following 5/4/1974
Exemptions -Govt, Local Authority, Semi-State securities
-Non-Wasting Chattels - where SP <€2540
-Wasting chattels - except if qualifies for Cap. Allowances
-Disposal of a site to a child
Chargeable Person - relevant to individuals, sole traders, partnerships, trusts + Co's who dispose of an asset.
-Depends (individuals) on whether individual is resident, domiciled, or ordinarily resident.
Part Disposal Formula
Original Cost X A/A+B
Where A = Sale Proceeds B = MV of Remainder of Asset
