Section 604a amendment CGT

comet923

Hi,

I inherited a house on 7 Dec 2011 and sold it 30 Nov 2016.
It was not a Principal Private Residence or let.

Wondering where I stand re Budget 2018 Amendment to Section 604a where, I quote from Revenue.ie:

" the amendment will provide that gains in respect of land or building that were acquired between 7 Dec 2011 and 31 Dec 2014 will be exempt from CGT if they are sold after 4 years and within 7 years from the date they were acquired ".

Am anxious to file a return to avoid a 10% surcharge on top of the interest on any tax, if due, before 31 October deadline.

Any help would be greatly appreciated.

Thanks

barneystinson

comet923 wrote: »

Hi,

I inherited a house on 7 Dec 2011 and sold it 30 Nov 2016.
It was not a Principal Private Residence or let.

Wondering where I stand re Budget 2018 Amendment to Section 604a where, I quote from Revenue.ie:

" the amendment will provide that gains in respect of land or building that were acquired between 7 Dec 2011 and 31 Dec 2014 will be exempt from CGT if they are sold after 4 years and within 7 years from the date they were acquired ".

Am anxious to file a return to avoid a 10% surcharge on top of the interest on any tax, if due, before 31 October deadline.

Any help would be greatly appreciated.

Thanks

It's most unlikely that the amendment would have retrospective effect. The simple reason being that it's a measure aimed at encouraging people to put properties on the market. So people who have already sold, are of no interest/use to them, you've already done what they want you to...

comet923

I was thinking the same. But I will phone them and see what they say.

Thanks very much for your reply

barneystinson

comet923 wrote: »

I was thinking the same. But I will phone them and see what they say.

Thanks very much for your reply

Phone who, for them to say what?

You'll need to have filed your return and paid your tax long before a new finance act comes into effect.

Lockedout2

Section 604A never applied to inheritances and only to property acquired by gifts where 75% of the value was paid.

So it would not apply in your case even now.

dogsears

Finance Bill is out in a couple of days for those who want to see exactly what the provision says. It won't be final (Finance Act by about Xmas) but very unlikely to change much in going through the Dail process.

But it won't be of any avail to OP for the reason given by Lockedout.