bazermc said:Hi Daveg
You may deduct from the consideration received from the sale of the site any cost incidential to the sale/disposal being solicitor fees, advertising, valautions auctioneers fees etc...
In relation to allowable costs of aquisition these again must be incidential to the acquisition of the site and would include again legal fees cost of conveyance including stamp duty if any paid.
Have you made any chnages to the site eg building work, did you obtain planning permission during the period of ownership this could affect the computation of the taxable gain
have you any capital losses brought forward
was the site in joint name with a partner if so you can avail of the double annual exemption of €2,540
bazermc said:Hi Daveg
You may deduct from the consideration received from the sale of the site any cost incidential to the sale/disposal being solicitor fees, advertising, valautions auctioneers fees etc...
bazermc said:In relation to allowable costs of aquisition these again must be incidential to the acquisition of the site and would include again legal fees cost of conveyance including stamp duty if any paid.
bazermc said:Have you made any chnages to the site eg building work, did you obtain planning permission during the period of ownership this could affect the computation of the taxable gain
bazermc said:have you any capital losses brought forward
was the site in joint name with a partner if so you can avail of the double annual exemption of €2,540
bazermc said:the cgt comp would look something like this
Sales price
Less cost of selling site legal fees, advertising etc..
Equals net proceeds received on sales
Less cost of acquisition
org cost of site
Stamp duty paid on purchase if any
legal fees on purchase etc...
Equals net gain
less annual exemption X2 if jointy owned
Equals taxable gain
CGT thereon at 20%
In relation to capital losses these are previous losses made on capital diposals of shares etc....had a gain arose they would of been subject to CGT for example a lot of people made a loss on the eircom shares.
If you have losses they have to be offset against the net gain above before using the annual exemption
also may be worth mentioning if you sell before 30th September 06 the cgt will be payable on or before 31 October 2006 the rules in relation to this changed a few years back so its a bit of a bummer having to pay cgt within a month thanks to minister for finance
does this make any sense
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