Liable for CGT or not?

selfbuilder

Registered User
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100
Hi,

In 2010 I bought some agricultural land with a view to building a house on it. I got planning permission but was unable to go ahead and build. I have recently agreed to sell the land which still has planning permission on it. I am selling the land for €4,000 more than what I paid for it. When I include the cost of purchasing the land, obtaining planning permission and now the cost of selling the land I have actually made a loss. Am I liable for CGT on the €4,000 difference or can I write my various costs off against this. I am a PAYE worker and have never had to make any tax returns. Do I have to make a CGT return and how do I do this?

Thanks.
 
It's a chargable assets as such is liable to CGT.

CGT is computed by deducting the costs from the sales proceeds.

If the costs exceed the proceeds then no liability will arise.

File a form CG1
 
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