Pay CGT and buy again within 12 months

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modestus

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Sorry for the level of my ignorance but is it possible to minimise CGT payable if I sell investment property in December 2005 and buy a new private residence with the proceeds of sale within a twleve month period as I will have to pay considerable stamp duty on the new second hand residence .ie with the Revenue year for 2005 ?
Any advise appreciated
 
modestus said:
Sorry for the level of my ignorance but is it possible to minimise CGT payable if I sell investment property in December 2005 and buy a new private residence with the proceeds of sale within a twleve month period
Click to expand...
No.
as I will have to pay considerable stamp duty on the new second hand residence .ie with the Revenue year for 2005 ?
Click to expand...
The stamp duty issue is completely unrelated to the CGT issue so I'm not sure why you're linking them.
 
Many thanks -is there any scenario whereby CGT payavble may be legally minimised apart from allowable costs of acquistion,renovation costs of a capital nature andallwable disposal costs
 
Not in this case as far as I can see. Just the usual - e.g. indexation of the acquisition cost for inflation up to c. 2003 (?), allowable acquisition/renovation/disposal costs, annual CGT allowance of €1,270 (note - cannot be carried forward year to year!), ofsetting previously incurred capital losses etc. Transferring part of a capital asset into one's spouse's name allos you to avail of a second annual CGT allowance but might not be worth the hassle for property. If in doubt get independent, professional advice.
 
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