It was announced in Dec 2012 and extended in Dec 2013
http://www.askaboutmoney.com/showthread.php?t=182727
http://www.askaboutmoney.com/showthread.php?t=182771
Brendan. I emailed twice Fingal county council department to confirm this. This is each response ....
Hi quick question.
I am in Swords, under PAYEE.
I purchased an investment property in Jan 2014 for the purpose of investment. If I sell it after 7 years will I be liable for Capital Gains Tax?
Thanks
Dear .........
As the property is not your principal private residence you will be subject to CGT regardless of when the disposal is made.
Regards
Fingal PAYE Customer Services
AND
Dear.......
The duration of time for which you hold the asset is not a factor in determining your Capital Gains Tax Liability.
In general, if you sell a property for more than you purchased it for you will have a Capital Gains Tax Liability.
Please refer to the guide to CGT on the Revenue website @ www.revenue.ie for all relevant information.
Regards,
........
Fingal Income Tax
Possibly because he asked the County Council for an opinion on a taxation issue?They are 100% incorrect.
Brendan. I emailed twice Fingal county council department to confirm this. This is each response ....
Hi quick question.
I am in Swords, under PAYEE.
I purchased an investment property in Jan 2014 for the purpose of investment. If I sell it after 7 years will I be liable for Capital Gains Tax?
Thanks
Dear .........
As the property is not your principal private residence you will be subject to CGT regardless of when the disposal is made.
Regards
Fingal PAYE Customer Services
AND
Dear.......
The duration of time for which you hold the asset is not a factor in determining your Capital Gains Tax Liability.
In general, if you sell a property for more than you purchased it for you will have a Capital Gains Tax Liability.
Please refer to the guide to CGT on the Revenue website @ www.revenue.ie for all relevant information.
Regards,
........
Fingal Income Tax
I would be pretty sure that if there are losses incurred on any properties purchased during this period that they can be put against other gains as normal
Landlord
It appears that you don't believe Brendan?
As alluded to in other posts on AAM Revenue do on occasion get it wrong, it may be semantics but something could be subject to CGT with a 100% relief.
The document you are looking for is
[broken link removed]
Is it a coinsidence that ppr relief is s. 604 and this relief is s. 604A ?
Anyone thinking about buying a house in Spain with this relief?
Anyone thinking about buying a house in Spain with this relief?
Something I've considered and wondered would anyone have an answer:
If I bought development land and secured planning permission for 6 houses, started building them just before the planning ran out and then sold them in 7 years time, would all gains be free from CGT?
I have not read the legislation but there is no way that I can imagine that there would be a specific rule for not allowing losses to be set against gains for properties bought during this period.
I would be pretty sure that if there are losses incurred on any properties purchased during this period that they can be put against other gains as normal
Obviously, the way to get around that, if a loss appeared to be on the cards, would be to sell the property before you held it for seven years.
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