cgt

Lucky you - Why are you telling us this or is there a question missing ?
 
Hello,i have just sold some land for 268000.00 euro that i inherited back in 1992 and was valued then at 60000.00 punts.i have not spent any money improving the land.Kind Regards Paulie789.
 
thank you for your assistance and sorry for not completing my question.I just wanted to know how much i would have to pay in cgt on the gain,i used the formulor you supplied.Kind Regards paulie789.
 
I am wondering also about how to calculate my cgt liability. If the asset/property I am selling has never had a value attached to it do I automatically assume for the calculation of CGT that the cost is 0 and the full proceeds are taxable at the cgt rate of 20%???

m
 
Hi Mickey - It is difficult to answer without understanding the nature of the asset. In general, if you acquired the asset for nothing, then you would attribute a zero acquisition value in the CGT calculation.
 
What about if you had multiple disposals (some gains, some losses) and the combined gain was say euro 1000. Would you have to declare anything in your tax return given that this is less than the annual CGT allowance?
 
Rainyday, it's a garage for a car which is geographically separate from my house. It has never had a value attached to it but I am now selling it and am wondering if I can attribute a cost to it to which I can apply the multiplier and so reduce the cgt payable?

m
 
Hi Mickey - Did you buy the garage & house as one transaction? Or did you inherit the lot?

Note that I probably won't be able to answer the question myself, but I guess the real experts will need this information.
 
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