CGT Tax on S23 property

[taxman]

A simple question, with a black or white answer...which I cannot find on the Revenue site, or anywhere! S23 capital cost is allowable as an income tax deduction against rental income. Can I still use the gross cost of the S23 property index adjusted as the cost of the property when I sell and calculate CGT liability.

 

[taxman]

Hi, it's me again. Can anyone help me on this. I'm sure it's a question all Section 23 and similar investors face when the taxman cometh. Or maybe the answer is obvious, to everyone except me. I'm in year 9 of my minimum 10 year investment, and hope to sell before the crash cometh! Thanks!

 

[RainyDay]

Moving to Property Investment - Might have better chance of getting an answer there.

 

[ClubMan]

Have you consulted with an accountant or tax advisor on this issue especially if it's a matter of urgency and of getting things right?

 

[Kitty Kat]

Selling a Section 23 Property is exactly the same as selling any other investment property. Section 23 is only the piece of leglisation that allows for Capital Expenditure to be offset agains income. Did you claim back your VAT when you purchased the property orginally?