Capital Gains Tax (CGT) in Ireland: A Comprehensive Guide

Introduction

Capital Gains Tax (CGT) is a tax levied on profits made from the sale of assets such as property, stocks, and investments. In Ireland, individuals and companies are subject to CGT when they dispose of certain assets.

Who is Liable for CGT?

Individuals are liable for CGT if they sell or dispose of:

• Property
• Shares in Irish and foreign companies
• Investments

Companies are also subject to CGT on the sale of certain assets, including:

• Property
• Shares in other companies
• Intellectual property

Rates and Exemptions

The standard rate of CGT in Ireland is 33%. However, certain exemptions and reliefs may apply, such as:

• Principal Private Residence (PPR) exemption
• Rollover relief
• Retirement relief

Filing and Payment

CGT must be filed and paid through the Revenue Online Service (ROS) within 30 days of the disposal date. Failure to file or pay on time may result in penalties.

Conclusion

Understanding the rules and implications of CGT is essential for individuals and companies engaged in the sale or disposal of assets in Ireland. By adhering to the tax laws and utilizing available exemptions and reliefs, taxpayers can minimize their CGT liability and ensure compliance with the revenue authorities.