TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Capital Gains Tax

Retirement Relief

Retirement relief on the disposal of qualifying businesses and farms is amended for individuals aged 66 or over by reducing the threshold of €750,000 to €500,000 on disposals outside of the family. The €750,000 threshold will continue to apply as a transitional measure for a period of two years for individuals currently aged 66 or who reach that age before 31 December 2013.

An upper limit of €3 million is introduced on retirement relief for businesses and farms disposed of within the family by individuals aged 66 or over. A transitional arrangement is also in place whereby the €3 million limit will not apply for two years for individuals currently aged 66 or who reach that age before 31 December 2013.

CGT Property Incentive

A new incentive relief from CGT will apply to exempt gains arising from disposals of land and buildings bought between 7 December 2011 and the 31 December 2013 where the property is held for more than 7 years. The exemption applies to land and buildings located in the EU and EEA and is time apportioned by reference to the qualifying 7 year period over the total period of ownership.