Hi I am a little confused about CGT. I have an apartment that we're thinking of selling. We bought it two years ago. On the Citizens website I read the following
"The relief from Capital Gains Tax (CGT) (for the first 7 years of ownership) for properties purchased between 7 December 2011 and 31 December 2013 was extended by one year to include properties bought to the end of 2014. Where property purchased in this period is held for seven years the gains accrued in that period will not attract CGT."
but on the journal.ie I just read this (http://www.thejournal.ie/budget-2015-property-market-explainer-1730094-Oct2014/)
"This measure worked as an incentive for people to purchase property as gains made were not taxed for the first seven years of ownership."
I'm confused...if we sell this property now (we're planning to in the next few months) do we have to pay CGT or not???
Do you have to hold onto the property for 7 years and then you dont have to pay CGT? or does it mean if you sell it within the 7 years you dont have to pay CGT?
"The relief from Capital Gains Tax (CGT) (for the first 7 years of ownership) for properties purchased between 7 December 2011 and 31 December 2013 was extended by one year to include properties bought to the end of 2014. Where property purchased in this period is held for seven years the gains accrued in that period will not attract CGT."
but on the journal.ie I just read this (http://www.thejournal.ie/budget-2015-property-market-explainer-1730094-Oct2014/)
"This measure worked as an incentive for people to purchase property as gains made were not taxed for the first seven years of ownership."
I'm confused...if we sell this property now (we're planning to in the next few months) do we have to pay CGT or not???
Do you have to hold onto the property for 7 years and then you dont have to pay CGT? or does it mean if you sell it within the 7 years you dont have to pay CGT?