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Capital gain tax ?

  • 23-01-2017 12:01pm
    #1
    Nicknamed
    Registered Users, Registered Users 2 Posts: 360 ✭✭


    Hi,
    I asked my house owner if he is interested in selling the house to me ?
    This is what he replied:

    'The main reason I haven't planned on selling is for the fact that if I don't hold the property for 7 years before selling then I am liable for full Irish capital gains tax and this will take a large chunk of any potential profit resulting from a sale. As I would like to purchase another property in the city with the capital and it will be very difficult as you know to find something with this amount after taxes/expenses are taken away.

    Correct me if I am wrong but this was the regulation put in place last time I checked with revenue. '

    Please advise if his view is correct?
    Best wishes.


Comments

  • #2
    Penguin3029
    Registered Users, Registered Users 2 Posts: 56 ✭✭Penguin3029


    Assuming it was bought between 7 December 2011 and 31 December 2014, he is correct.

    Might be worth noting though it's a relief and not an exemption. If your landlord sells after exactly 7 years, he gets full relief. If he sells after 10 years, he gets 7/10 (ie 70%) relief, and so on.


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