Increase in CGT threshold
Conveyancing, Taxation
04/03/2016
The committees would like to bring the following to the attention of the profession: an increase in the CGT threshold to 鈧1million was introduced under of the Finance Act 2015 and came into effect on 1 January 2016.
This increased threshold applies solely in respect of disposals of residential houses/apartments, being defined as 鈥渋ncluding 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鈥.
The 鈧500,000 threshold remains in place as before for disposals of all other Irish land and buildings (including commercial property).