CGT on land sale (missing invoices)

Awkwardstroke · 10-09-2020 11:45AM #1

I sold a small field recently which had a small gain which is liable for CGT I think.
some questions.

It appears that improvements costs/maintenance costs can be deducted from the taxable gain, its quite some time ago and I now longer have receipts/invoices from these costs. Im also missing my receipts for the purchasing legal fees (solicitor died some years ago)

Im looking to try find proof through old bank statements yet also challenging it was 20 years ago)

Can I still claim them? and in how much detail revenue scrutinize such calculations?

Calahonda52 · 10-09-2020 12:52PM

IIRC correctly, there is a difference between what is called enhancement expenditure which is treated as additional capital spending and day to day maintenance.
https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-19/19-02-10.pdf

are we talking big numbers for the project?

Awkwardstroke · 10-09-2020 01:35PM

Its enhancement I think (stud railing) and reseeding.

its only a 6 acre field so not a major project (no development potential either just agricultural).

the scrutiny on past expenses by revenue, has anyone experience/knowledge of this?

CGT on land sale (missing invoices)

Comments