The wording of a contract has nothing to do with it; either the price reflects development value or it doesn’t i.e. the price is greater than it would be if there was no development potential and there was only amenity value for the grounds.So how would you word a sale agreement to not trigger CGT.
It's up to the seller, as part of their CGT return to claim the appropriate relief.Would the seller have to make a declaration to the revenue or would it be up to revenue to query it
So to take an example of a house sold for 600,000 and the last house sold in that estate was 500,000. Would the seller have to make a declaration to the revenue or would it be up to revenue to query it.
Well I know of one example were a housing estate in Dublin had many houses that had large gardens and some of them had developed new property's on these. The house in question sold for a larger price as there was such potential. It was at the time of the boom so rising prices were the norm. No additional tax applied.
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