Incidentally, you were arguing on another thread in favour of the State subsidising the purchase of private residences through MIR. Do you think that it's fair, in principle, that somebody can make substantial tax-free profits on the sale of an asset the purchase of which was subsidised by the State? Genuine question.
Gordon
Please re-read what I actually said - CGT only arises where a profit is realised on the disposal of an asset.
Not in the scenario you quoted? You'd need to sell it for in excess of €1.3m (without any enhancement)...
Where are you getting €1.3m from?
The discussion is around taxing gains on a PPR; €1m less €800k base cost is €200k taxable.
No Sarenco, you said "any gain arising on the disposal of a PPR would never have been previously taxed...that is entirely true".
That is not the case. Any uncrystallised uplift will be subject to LPT. That's "previously taxed".
Prospect of capital gains tax on family home raised
Move is among tax reform options put forward by Department of Finance group
Among the options outlined are allowing relief only for homes up to a certain market value, or allowing relief on gains up to a certain cash limit with tax being imposed on any sum above that amount.
The officials also raise the possibility of introducing a new lower rate of capital gains tax that would apply only to gains made on the sale of the family home.
No Gordon - what I actually said is entirely true.
I didn't say anything about uncrystallised gains arising prior to a disposal - you added that diversion.
No Sarenco, you're entirely wrong! 100% wrong, and it's bizarre to claim that what you said is "entirely true".
But fine...bought it for €400k, selling it for €800k. Assume €250k exemption. A €50k CGT bill would be a joke in such circumstances.
You are 100% wrong Sarenco. 100% wrong. You are in Trump territory at this stage. That Iraqi chap who used to claim the American would be vanquished is smiling down at you as we speak!
Wasn't one of the IMF inspired rationales for bringing in property tax and removing the likes of stamp duty was to replace a fluctuating revenue source with a stable, annualised one? Do we want the government to get addicted to tax from property sales again? That ended so well the last time.
We have a property tax. It is based on the value of the property. It is more stable than CGT. Let's rely on it.
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