Capital Gain Tax
Our tax accountants will work closely with you to optimise Capital Gains tax returns through a variety of reliefs and exemptions, a number of which have been created relatively recently.
The Capital Gains tax is chargeable as a result of gains made from selling or transferring assets, most commonly in the form of the share capital of their business or other significant personal assets (like second homes for example).
However, tax planning is the key to minimising Capital Gains tax. It is well worth discussing your long term plans with our tax team, so you are able to structure your assets in a way which keeps Capital Gains tax to a minimum when the time comes to sell
Rate of Tax
- The standard rate is 33% in respect of disposals. The first €1,270 of an individual’s annual chargeable gains, net of allowable losses, are exempt.
Calculating Capital Gains Tax
- Capital Gains Tax is a self- assessment tax. Regardless of whether you are registered for tax purposes you must calculate and pay your tax and file a return of gains and losses without being requested to do so by Revenue.
Capital Gains Tax Payments and Returns
- Your payment for CGT is due before you file your return. For example, if you dispose of an asset between 1 January and 30 November, payment is due by 15 December. Your return will be due by 31 October of the next year.
- 1 January and 30 November (the initial period), you must pay CGT by 15 December of the same year.
- 1 December and 31 December (the later period), you must pay CGT by 31 January of the next year.
- For disposals made under a written contract, the time of disposal is usually the date of the contract.
- If you are considering selling a personal asset or all or part of your business, we can advise you of the tax planning opportunities available to you before you make your disposal, in order to mitigate or reduce potential tax liabilities.
Customer reviews
With over two decades of experience, we have tirelessly built a reputation on the reliability, integrity and success of our work.
Taxlink are unique as you can get. They have a great one to one service and they always answer your queries in a fast and professional manner. I find Taxlink when I opened up my limited company. I was clueless, but Taxlink Accountants kindly assisted me in the best way so I felt at ease and understood how the operation works.
A modern and quick way to handle Business Accounts. Simple to set up, good bookkeeping software incl in the cost-effective customer support team.
Real-time support to answer your questions and handles your accounts professionally. Happy customer
Taxlink has an extremely broad spectrum of skills; they really understand the business and can be trusted to come up with credible solutions.
Their breadth of knowledge is outstanding given the size of the company; it is easily on a par with some of the larger practices.
Taxlink has an extremely broad spectrum of skills; they really understand the business and can be trusted to come up with credible solutions.
Their breadth of knowledge is outstanding given the size of the company. It is easily on a par with some of the larger practices.