Revenue eBrief No. 01/14

14 January 2014

Capital Gains Tax - Finance (No 2) Act 2013

The IT-CGT-CT Manual has been updated to reflect Finance (No 2) Act 2013 Capital Gains Tax changes:

  • pdfTax Instruction 02.03.01 (PDF, 74KB). A chargeable gain accruing to an Irish resident but non-domiciled person, from a disposal outside the State, is subject to Irish capital gains tax, where the proceeds of the disposal are transferred outside the State to a spouse or civil partner of the disponer who brings the proceeds into the State.
  • pdfTax Instruction 19.02.10A(PDF, 79KB). Restriction of allowable costs in calculating a loss on the disposal of an asset, where a debtor is released from payment of a debt in respect of borrowed money used to acquire the asset.
  • pdfTax Instruction 19.06.03 (PDF, 131KB). Extension of retirement relief to farmers aged 55 years or over who, having farmed the land for a minimum period of 10 years, cease to farm but then let the land for up to 15 years - with each letting being for a minimum period of 5 consecutive years - at which point they dispose of the land.
  • pdfTax instruction 19.07.03A (PDF, 61KB). Extension to 31 December 2014 of the period within which land or buildings qualifying for relief under Section 604A, TCA 1997 may be acquired.
  • pdfTax Instruction 19.06.02A (PDF, 83KB). CGT relief to encourage entrepreneurs, who paid CGT on disposals of assets made on or after 1/1/2010, to reinvest the proceeds in chargeable business assets used in a new business in the period 1/1/2014 to 31/12/ 2018.

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