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CGT on Buy to Let Properties - Exemption through end of 2014 for those held for 7yrs?

  • 16-05-2014 2:14pm
    #1
    Kinsailor
    Registered Users, Registered Users 2 Posts: 63 ✭✭


    I note the following on the Citizens Info Webportal:

    " Budget 2014:

    The relief from Capital Gains Tax (CGT) (for the first 7 years of ownership) for properties purchased between 7 December 2011 and 31 December 2013 was extended by one year to include properties bought to the end of 2014. Where property purchased in this period is held for seven years the gains accrued in that period will not attract CGT."

    - Am I correct in interpreting this as meaning that if a property is bought as a Buy to Let and is held for 7 years that no CGT will apply subsequently - when ever it is sold once 7 years have passed ? Any clarification would be appreciated.....

    Thank You


Comments

  • #2
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    No. It means that seven years only are exempt from cat on the gain. You will have to do an effective rate calculation when you sell which your advisor will do.

    In real terms it is a property purchase incentive and is stupid and irresponsible from a government that should have learnt to stay out of the property game


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