Brendan Burgess
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This has come up a few times and I was asked a question about it today, so I have extracted the relevant sections of the Revenue Guide CGT 1 and attached them to this post.
Here is a simple example using the figures for 2014
House bought 1 January 2005 for €100,000 including stamp duty and other costs.
Occupied as Principal Private Residence until 31 December 2012
Sold for €155,000 on 31 December 2014
Costs of sale: €5,000
Period of ownership |10 years
Period of occupation as PPR (including last 12 months)|9 yearsCalculation
Net sale price after cost of sales|€150,000
Purchase price|€100,000
Capital Gain|€50,000
PPR Relief €50,000 x 9/10|€45,000
Capital Gain after PPR Relief|€5,000
Less personal exemption|€1,270
Chargeable Gain|€3,730
Tax due @33%|€1,230Payment dates
For sales made between 1 January and 30 November, the tax must be paid by 15 December of that year
For sales made between 1 December and 31 December, the tax must be paid by 31 January of the following year
Return
The CGT return should be made with your income tax return by 31 October the following year.
Here is a simple example using the figures for 2014
House bought 1 January 2005 for €100,000 including stamp duty and other costs.
Occupied as Principal Private Residence until 31 December 2012
Sold for €155,000 on 31 December 2014
Costs of sale: €5,000
Period of occupation as PPR (including last 12 months)|9 years
Purchase price|€100,000
Capital Gain|€50,000
PPR Relief €50,000 x 9/10|€45,000
Capital Gain after PPR Relief|€5,000
Less personal exemption|€1,270
Chargeable Gain|€3,730
Tax due @33%|€1,230
For sales made between 1 January and 30 November, the tax must be paid by 15 December of that year
For sales made between 1 December and 31 December, the tax must be paid by 31 January of the following year
Return
The CGT return should be made with your income tax return by 31 October the following year.