Capital Gains Tax on land

Donald Trump

What is the story with CGT on land that has been owned for a long time? Say for decades even.



How do you determine the base price for paying the tax?


There'd be a few ould fellas in my area. Semi-retired. If I was ever to approach any of them to ask whether they wanted to sell an odd bit here or there, I was wondering whether they could do anything with little or no tax?


Most fellas would tell you to feck off anyway. But you might have the odd one who would be interested. Although having to pay 33% on what they'd get might put them off! You know yourself, some of them would be put off by the psychological thing of paying tax - they'd nearly be quicker to sell an acre for 10k if there was no CGT rather than having to sell it for 20k and pay 33% tax (6.6k) on that amount!

Mortelaro

If they are over 55,they pay no CGT on the first 750k and a half rate up to €3 million
That benefit lasts until they are 65

wrangler

Donald Trump wrote: »

What is the story with CGT on land that has been owned for a long time? Say for decades even.



How do you determine the base price for paying the tax?


There'd be a few ould fellas in my area. Semi-retired. If I was ever to approach any of them to ask whether they wanted to sell an odd bit here or there, I was wondering whether they could do anything with little or no tax?


Most fellas would tell you to feck off anyway. But you might have the odd one who would be interested. Although having to pay 33% on what they'd get might put them off! You know yourself, some of them would be put off by the psychological thing of paying tax - they'd nearly be quicker to sell an acre for 10k if there was no CGT rather than having to sell it for 20k and pay 33% tax (6.6k) on that amount!

You only have to pay 33% on the difference between the value when you got it and when you sell it, I got a great price here for CPO'd land here and the CGT only worked out at 10% of the overall figure....... it'd be a lot less if you sell at Agriculture value. There is an allowance for inflation for land owned before 2004

Donald Trump

wrangler wrote: »

You only have to pay 33% on the difference between the value when you got it and when you sell it, I got a great price here for CPO'd land here and the CGT only worked out at 10% of the overall figure....... it'd be a lot less if you sell at Agriculture value. There is an allowance for inflation for land owned before 2004

Well going on your figures you got about a 43% premium (3/7) over what you paid for it (adjusted for whatever allowances!)

Donald Trump

Mortelaro wrote: »

If they are over 55,they pay no CGT on the first 750k and a half rate up to €3 million
That benefit lasts until they are 65

Feck. I'd say they are all over 65.

wrangler

Donald Trump wrote: »

Well going on your figures you got about a 43% premium (3/7) over what you paid for it (adjusted for whatever allowances!)

I took over the land in 1978 at £1500/acre value and the inflation multiplier was about 5 so converting it to Euros and multiplying by 5 brings it up to near €10000/acre. there's more to it than that butthat's the gist of it

aphextwit

Who or what is butthat?

Sacrolyte

U know. Beavis and Butthat

Donald Trump

aphextwit wrote: »

Who or what is butthat?

It's obviously a typo silly.


He meant to say "butt hat". It's what the yanks wear to keep their arses warm