Did you acquire a property between 7 December 2011 and 31 December 2014?
If you dispose of it before the end of December this year, you could be entitled to Capital Gains Tax (CGT) relief.
Capital gains tax exemptions
The Irish government previously implemented a scheme whereby gains made on certain properties are exempt from CGT. To qualify, the property can either be land or buildings. It must also:
- Have been acquired between 7 December 2011 and 31 December 2014
- Have been held for more than four years but less than seven years
- Have been disposed of on or after 1 January 2018
- Not have been acquired as a gift or inheritance
The property must be held for less than seven years if you are to get full relief on the gain. So, if you acquired a property in 2014, now is your last chance to sell and enjoy CGT exemption.
If you own the property for longer than seven years
If you do not dispose of the property within seven years, then you can get partial CGT relief. To calculate the relief, simply divide seven by the number of years you have owned the property.
How can we help?
We acted for a lot of investors who bought property under this scheme. If this is you, then you need to sell by the end of this year. Otherwise, you will face a Capital Gains Tax liability. This could impact your bottom line, diminishing your returns.
At Mullins & Treacy Solicitors, we can help you dispose of the property by the required deadline. We are specialist property solicitors and can handle the conveyancing process on your behalf. We appreciate that time limits are at play, which is why we’ll act quickly. If there are any delays, we will follow up with the other party and work to remedy any outstanding issues. This ensures a swift and stress-free sale.
Call us on 051 391 488 or email email@example.com for a free no obligation enquiry.We are client focused and results driven.