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Question on Capital Acquisition Tax

  • 26-09-2021 10:03pm
    #1
    A-net101
    Registered Users, Registered Users 2 Posts: 3 ✭


    If you see an owner occupied house and you buy another property for less money do you have to pay CAT on the balance or are you exempt.

    Thanks for your help



Answers

  • #2
    Geuze
    Registered Users, Registered Users 2 Posts: 14,039 ✭✭✭✭Geuze


    I presume your first sentence should read:" If you sell".

    The answer is no.

    CAT only applies if you are gifted or inherit an asset from somebody else.



  • #3
    A-net101
    Registered Users, Registered Users 2 Posts: 3 ✭A-net101


    Yes I meant 'sell'! Thanks Geuze that's great, appreciate that you took the time to answer my question.



  • #4
    Deeec
    Registered Users, Registered Users 2 Posts: 5,504 ✭✭✭Deeec


    https://www.boards.ie/discussion/comment/117944349#Comment_117944349

    I thinks its capital gains tax you are referring to - there is no CGT on the gain made from the sale of your principle private residence ( ie the house you live in ).



  • #5
    A-net101
    Registered Users, Registered Users 2 Posts: 3 ✭A-net101


    Hi Deeec,

    Really appreciate your reply, I was wondering about CGT also and secretly thinking we might have to pay that if we sell. Great news thanks!



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