Capital Gains Tax

Tasha Dormer-Lew
Flashcards by Tasha Dormer-Lew, updated more than 1 year ago
Tasha Dormer-Lew
Created by Tasha Dormer-Lew about 5 years ago
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Gain on Disposals

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-C G Tax 33% Annual Exemption - €1270 -Return due 31st Oct. of following yr (e.g 2014 due n 2015) -Tax yr split n 2: + 1/1 - 30/11, initial period. + 1/12 - 31/12 Later period. - Losses c/f are offset against gains realised in the initial period. - 4 req: 1) Disposal (sale/transfer/gift)- ownership change 2) of a chargeable asset 3) by a chargeable person following 5/4/1974 Types of Disposal (# examinable in exam) - Sale of an Asset, or part disposal, or a gift # - A compulsory purchase order - Exchange of assets - barter/trade # - Receipt of capital sum for the use of assets - Sale or transfer of a lease # - Purchase by a Co. of its own shares - Receipt of Capital Sum for the surrender of rights, or not exercising rights
Exemptions -Govt, Local Authority, Semi-State securities -Non-Wasting Chattels - where SP <€2540 -Wasting chattels - except if qualifies for Cap. Allowances -Disposal of a site to a child Chargeable Person - relevant to individuals, sole traders, partnerships, trusts + Co's who dispose of an asset. -Depends (individuals) on whether individual is resident, domiciled, or ordinarily resident. Time of Disposal - The time of Disposal tells you the tax year the disposal is relevant to. Also tells us what date the tax return must be filed + the CGT tax paid. - Rate of tax applied and the indexation applied. Chargeable assets - Basic rule is that any asset is chargeable unless it is specifically exempt from CGT must be a realised gain/loss not a paper gain/loss
Part Disposal Formula Original Cost X A/A+B Where A = Sale Proceeds B = MV of Remainder of Asset Marginal Relief Any individual or couple in a marriage or civil partnership >= 65 yrs of age is slightly over the exemption limit.
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