CG50 - effective date of increase to 1m?

M

mf1

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We usually ask for a CG50 when buying a residential property with a price in excess of 500K.

The Finance Bill increased the threshold to 1m - on or after January 1st 2016.

Was that subject to enactment, does anyone know? Or is it actually in place?

Revenue sites still show 500K as the effective threshold.

I'd appreciate any references to enactment or not!

mf
 
Section 42 of the Finance Act sets out the change in the limit. This section does not specify any special commencement date or requirement for Ministerial order. For example if you look at the previous section it contains a specific commencement date.

As there is no specific date mentioned in the section, the new threshold takes effect on the 1st January 2016 as set out in Section 90(8) of the Finance Act.
 
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