An article appeared in the Irish Independent today titled ....Be careful how you dodge the tax bullet on savings.
Here is an extract from it........
* Invest in property. If you buy an investment property before the end of this year, you won't have to pay CGT on any profit you make on the sale of that property – as long as you hold on to it for seven years. You will usually have to pay tax on any rental income you receive however – but if you make a big tax-free profit after seven years, that profit could dwarf the tax you paid on rental income. Choose your property and location well however – if the market value of your property doesn't increase over time, you won't have any CGT to pay because you won't have made a profit. So you'll get no benefit from the CGT exemption.
I wasn't aware of any capital gains exemption if you hold onto an investment property for seven years??
Here is an extract from it........
* Invest in property. If you buy an investment property before the end of this year, you won't have to pay CGT on any profit you make on the sale of that property – as long as you hold on to it for seven years. You will usually have to pay tax on any rental income you receive however – but if you make a big tax-free profit after seven years, that profit could dwarf the tax you paid on rental income. Choose your property and location well however – if the market value of your property doesn't increase over time, you won't have any CGT to pay because you won't have made a profit. So you'll get no benefit from the CGT exemption.
I wasn't aware of any capital gains exemption if you hold onto an investment property for seven years??