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CGT Relief

summereire · 2011-08-09 16:38:50

Hi, I just read on the bottom of page 16 of the Revenue's CGT manual that there is a €750k cap on qualifying assets over a person's lifetime. http://www.revenue.ie/en/tax/cgt/leaflets/cgt1.pdf Does this just apply to giving businesses or farms to kids, as it seems to be in section 7 only which talks about this, or does it…

09-08-2011 4:38pm

#1

summereire

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Hi, I just read on the bottom of page 16 of the Revenue's CGT manual that there is a €750k cap on qualifying assets over a person's lifetime.

http://www.revenue.ie/en/tax/cgt/leaflets/cgt1.pdf

Does this just apply to giving businesses or farms to kids, as it seems to be in section 7 only which talks about this, or does it apply to the total of all properties transferred?

I ask because my father is giving the family home to one child, and the business to another, and neither will be valued at 750k individually but the total of both would probably exceed that amount.

I will of course go to see an accountant when we're actually doing this, just want to do my research first. Thanks in advance.

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Comments

#2 09-08-2011 11:28pm

Bobby1984

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Read the very bottom of that page - section 8.

After that, read this
http://www.boards.ie/vbulletin/showthread.php?t=2055559195

Don't want to see you get a ban but its what happens to people who ask questions on property. I know you said that you are going to see an accountant and its good to do some homework but threads have been locked for less.

Best of luck with the matter

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#3 10-08-2011 8:45am

Mr. Incognito

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Closed for obvious reasons.

OP put accountant caveat in- only reason he is not getting a ban.

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This discussion has been closed.