CGT on business premises clarification??

P

ppbb

Guest
I own a premises since 1970 which became my residence and place of business for 3 yrs after which time it became my place of business soley , I'm a self employed person.

I've been told conflicting stories,
A - from the Tax office that orig purchase price taken from sale price minus expenses + rennovation works etc = taxable gain @ 20% they were not aware of any other clause etc other than this standard.

B - From also a seemingly knowledgable person in these matters that due to the fact that I've owned the premises for this length of time that I would not owe anything to the taxman should I decide to sell.
Can anyone here shed some light on this?

It would be much appreciated as to make an informed decision I would need to get the right information.
 
CGT

I think the revenue are right.
AS it has been your business premises only since 1975 you will pay cgt on the diff between your proceeds and the 1975 value
 
Re: CGT

Do you not think that if it was my business premises before 1975 ie solely business from 1973 that it could be exempt?
Or am I hoping for the impossible?
 
Re: CGT

any sale of property is subject to cgt except your own private residence which is subject to a special exemption. CGT was intorduced in 1975 that is why for assets pre 1975 the value in 75 is taken
 
Re: CGT

Assuming the amounts are substantial, you need to take professional advice from a tax advisor.
 
Re: CGT

Thanks all for the insights.
I think it would be best to consult a tax specialist to deal with this as you suggested.
 
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