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Capital Gains Tax update

12 Feb

An increased CGT clearance threshold of €1,000,000.00 was introduced under section 42 of the Finance Act 2015 and came into effect on the 1st January 2016.

The increased threshold applies solely to disposals of residential houses/apartments, being defined as “including any building or part of a building used or suitable for use as a dwelling and any out office, yard, garden or other land appurtenant to or usually enjoyed with that building or part of a building”.

The €5000,000.00 threshold remains in place for all other Irish land and buildings (including commercial property).