CGT - Pension

[nowhere123]

Can I reduce the amount of CGT i'm liable for on the sale of a property by putting some of the profit into a private pension?

Example:
Selling a site and making a profit of 100,000.
Currently liable to CGT at %33.

Can I put 50,000 into a private pension and then only be liable for CGT on the 50k balance?

Thanks in advance.

 

[Protocol]

No.

It is generally irrelevant what happens to the proceeds of the disposal of an asset.

It is the disposal itself, and the associated capital gain, that generates the CGT liability.



You can of course increase your pension conts, and pay less income tax, but that is not related to CGT.

 

[jpd]

You only get tax relief on pension contributions from earned income

 

[AAAContributor]

Can I reduce the amount of CGT i'm liable for on the sale of a property

Potentially.

There may be relief for CGT if you acquired the site between 7 Dec 2011 and 31 Dec 2014:

https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-19/19-07-03a.pdf

No 39 of 1997, Section 604A, Relief for certain disposals of land or buildings.

Relief for certain disposals of land or buildings.

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