CGT on house to be built

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Hi all

Quick question....my principal residence in Castleknock has a large corner site and and I am in the process of getting planning permission to build a detached house on that corner. It will cost me approximately Euro 100K to build and I would hope to sell for Euro 350K.

Would I be liable for capital gains and if so, how is the capital gains adjudged (considering I own the site that the house is being built on, etc.).

Any help is much appreciated....thanks!


Larmo
 
See this very similar query. In your case the assessable gain would be the sale price minus the building costs plus the cost of the site with the usual allowances etc. See this topic for more info about how to calculate CGT liabilities on the disposal of capital assets.
 
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