Little Sparrow
Registered User
- Messages
- 19
How long is a piece of string!
Is it just agricultural land or potential a site for a house.
In principal if you acquired the entire property in one transaction you have a part disposal now.
So 3 acres of agricultural land is worth say €30,000 and the house and gardens is worth €370,000 and the entire property cost €350,000 including SD and legals.
So it's €350,000 x 30k/30k+370k =€26,250.
So 30,000 - 26250= 3,750 - 1,270 = €2,500 x 33% = 825
No, since PPR exemption is limited to 1 acre.But would one of the 3 acres not be part of the ppr and therefore exempt from CGT, leading to a lower tax?
No, since PPR exemption is limited to 1 acre.
Apologies, I misread your post. In Joe's first comment he had covered the first acre being exempt, and I misread your post.Yes I know that. But if the property were sold in two lots (a) the house and one acre and (b) the other two acres, then the only CGT payable would be on the two acres in lot b.
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