Capital gains tax calculation query

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Brego888

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Looking for some help on my calculations for capital gains tax payment.

Property bought September 2014 - €210,000
Property sold September 2022 - €300,000

Fees for purchase - €4,375.85
Fees for sale - €3,067.45
Personal exemption - €1270

I also believe that I have CGT exemption for 84 months (7 years) of the 93 months I owned the property. To quote the revenues section on CGT relief:

"Any gains made on a property acquired between 7 December 2011 and 31 December 2014 are exempt from CGT. You will get full exemption providing that you:

  • owned the land or building for at least four and up to seven continuous years
  • and
  • sold the property on or after 1 January 2018.
"

I don't believe I can use this relief in conjunction with the final year PPR relief. So id need to pay CGT for the final 9 months.


So how to calculate the CGT due.
The main issue I am having with my calculations is when to add in the reliefs because it can give me different totals.

A)
€300,000
-€210,000
-€4375.85
-€3067.45
-€1270

=€81,286.70

84/93 months relief on that is €73420.24

€81,286.70
-€73420.24
=€7866.46

@33% = €2595.93 CGT owed

B)

€300,000
-€210,000

=€90,000

84/93 months relief on that is €81,290.32

€90,000
-€81,290.32
=€8709.68

€8709.68
-€4375.85
-€3067.45
-€1270

= - €3.62 so no CGT owed


I think A) is correct.
But can someone advise?
Is there anything I am missing?
Am I calculating the 7 years relief correctly and at the right time in my calculations?
Is the personal exemption in the right place or should it be deducted at the end off the final total?
 
Last edited:
Wrong

The Capital gain is (net proceeds - net cost) = (300,000. 00 - 3,067.45) - (210,000 + 4,375.85) = 82,556.70
So relief is 84/93 = 74,567
Net gain is 82,557 - 74,567 = 7,990
Less personal allowance 7,990 - 1,270 = taxable gain of 6,720
Tax due at 33% = 2,217.60
 
Yes, after all you could have multiple CGT items in any one year, but you only get one personal allowance
 
longwexman said:
Are you sure that you cant use this relief also? I cant seem to find anything that says only one relief can apply?
Click to expand...
No not sure to be honest. I was told I couldn't anecdotally. I'm definitely open to other opinions if it saves me money!
 
For how many years between September 2014 and September 2022 did you occupy the property as your PPR?
 
So can I claim the final year PPR relief for the last 9 months not covered under the 7 year exemption?
That would leave the the bill at zero?
 
Brego888 said:
So can I claim the final year PPR relief for the last 9 months not covered under the 7 year exemption?
That would leave the the bill at zero?
Click to expand...
I would seem to agree, and I've tried to find something that says to the contrary, but would appreciate another perspective
 
Brego888 said:
So can I claim the final year PPR relief for the last 9 months not covered under the 7 year exemption?
That would leave the the bill at zero?
Click to expand...
That's not how it works but your liability should approximate to near enough zero anyway.
 
T McGibney said:
Am I going to do the computation here for you? No, I have enough to do, sorry.
Click to expand...
I am not asking you to do that. But you've taken the time to respond to my thread so I am only asking questions to understand more. Thanks for your time.
 
Rereading the first item - surely you get full relief - where did you get the 84/93 ?

You bought the property after 7th Dec 2011 and before 31 Dec 2014
You sold the property after 1st Jan 2018
You owned the property for 8 years, so more than 7

That seems to meet the criteria for full relief
 
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