CGT on site sale
- Thread starter SDMXTWO
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T McGibney
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There are some limited exemptions but not in relation to employment status.
Would that be the same as on Revenue site or are there any other exemptions. Thanks.
T McGibney
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You'll have to look that up yourself, sorry. I have no way of knowing what page(s) you are looking at on the Revenue site.
You do realise that it's only the gain and not the full disposal price that is assessable for CGT?
No I did not Clubman, basically I have a house on 1.5acr bought 30yrs ago. I am selling .5acr so how would that work out?
T McGibney
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It's complex. Part-disposal rules are likely to apply assuming the 1.5 acre site is all on the one folio. This will probably work in your favour in terms of reducing your overall CGT liability but the complexities mean that you'll probably need to hire professional advice/assistance on it.
I think this may be it: https://revenue.ie/en/tax-professio...ains-tax-corporation-tax/part-19/19-02-14.pdf,
Also bear in mind that indexation relief up to 2003 is most likely also available to you on the (part) disposal of this asset when calculating your CGT liability.
Indexation Relief
This page is an explanation of indexation relief for Capital Gains Tax (CGT)
www.revenue.ie
T McGibney
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This is one of the thorny issues that makes the question complex. Indexation relief is generally not available in relation to development land except in relation to the current use value element of the total, but the devil is in the detail as to what comprises current use value for a part of a site used for personal enjoyment, privacy and amenity. There is a school of thought that claims that it should approximate to average agricultural values but I'm sceptical of that.Also bear in mind that indexation relief up to 2003 is most likely also available to you on the (part) disposal of this asset when calculating your CGT liability.
As mentioned before though, you should get independent professional advice on the tax issues.Indexation Relief
This page is an explanation of indexation relief for Capital Gains Tax (CGT)
@SDMXTWO should tread carefully as a calculation based on wrong or inappropriate assumptions could leave them significantly and needlessly out of pocket.