Why do we have to pay CGT

[Finlandia]

Just a query why should we have to pay CGT (33%) on a house which has been rented out for a short number of years when we have paid income tax on the rental every year to the revenue, is this not a double tax. ???

 

[azerogo]

Welcome to Ireland, on the plus side if you are lucky enough to have purchased between the years of 2012 and 2014 you are exempt from CGT.

 

[Finlandia]

I bought back in 1999, it galls me to have to pay 33% when I have paid revenue each year there has to be a way around this (legally)

 

[rob oyle]

You paid income tax on the income from your investment, you pay capital taxes on the capital gain you make... is this not consistent with most Western tax systems?

 

[bmount]

Agree entirely @Finlandia and the poster, bought in 1995, paying over 50% income tax/usc/prsi on any profit all through this time and are always postponing selling due to the prospect of a horrendous CGT bill. Nicer when CGT was 20%.

 

[DB74]

What has CGT got to do with Income Tax?

 

[dub_nerd]

What's so complicated? You pay tax on income and gains. Income tax on income ... and gains tax on gains. Two different taxes on two different things, not double taxation.

 

[Conan]

This is the same as if you bought shares. You pay Income Tax on any dividends and you pay Capital Gains Tax on any capital gain. Simple.

 

[Finlandia]

thanks for the answers and feedback guys