capital gains liability

A

Ashgrove

Guest
i have owned a rented property for nearly 18 years, and i am contemplating selling the property. The property has been rented for 16 of those 18 years ( been unoccupied for 2).
How is my capital gains calculated here with a present value of euro 400K and an original purchase price of euro 50K
 
Note-this is a rough calculation. I am not in the business of giving tax advice.


Sale price €400,000

Purchase price €50,000
Indexed at 1.503 €75,150

Expenses of sale and purchase (say) €10,000

Gain on disposal €314,850
Annual exemption €1,270
Taxable gain €313,580

Tax payable @ 20% €62,716

Any enhancement expenditure may also be taken into account, subject to certain restrictions. I wouldn't be 100% on indexation anymore. Where there is a signifcant amount of money involved, it may be worth your while getting professional assistance.
 
Just to add 2 minor points.

Purchase expenses (legal & auctioneers etc) can also be indexed

If the property was purchased before 6th April 1989 the index figure is 1.553
 
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