Chargeable Assets

Development Land

Disposals of Development Land from 8th April 2009 are liable at 25%. Disposals of Development Land from 15 October 2008 to 7th April 2009 are liable at 22%. Disposals of Development Land in the period 1 December 1999 to 14 October 2008 were liable at 20% and disposals in the period 3 December 1997 to 30 November 1999 were liable at 40% with the exception of three categories see Leaflet CGT 1 - Guide to Capital Gains Tax (PDF, 931KB) for details.

Computation of Gain

Self-Assessment applies to CGT liabilities for all persons, i.e. self-employed, individuals on PAYE and companies.

Deductible Expenditure:

• The cost of acquisition including incidental costs,
• Enhancement expenditure
  Subject to certain restrictions, this expenditure may be adjusted for inflation. Indexation relief will only apply for the period of ownership of the asset up to 31 December 2002 for any disposal made on or after 1 January 2003. See Capital Gains Tax Multipliers for years ended 5 April 1996 et seq. (PDF, 39KB).
• The incidental costs of disposal such as legal and advertising costs.

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Payment of Tax

Payment dates for disposals in 2009 and following years are as follows:

1. If the disposal is made in the period 1 January to 30 November the tax is due on or before 15th December in that tax year
2. If the disposal is made in the period 1 December to 31 December the tax is due on or before 31 January in the following year

Form CGT Payslip which is available in Forms may be used for remittance purposes.

Documentation Required

Return of Capital Gains must be made by 31 October in the year following year of assessment without being required to do so by the Inspector of Taxes. You may do this by completing the CGT Section of your annual return (Form 11 or Form 12). These forms can be found in Tax Return Forms under Forms within Income Tax. Alternatively, you may complete Form CG1 (PDF, 83KB) which may be found in CGT Forms.

Reference Material

• CGT 1 - Guide to Capital Gains Tax (PDF, 931KB)
• Capital Gains Tax Multipliers for years ended 5 April 1996 et seq. (PDF, 39KB)
• Section 532 - Section 613 - Taxes Consolidation Act, 1997
• Section 648 - Section 653 - Taxes Consolidation Act, 1997 - Development Land.
  
  The Act and the Notes for Guidance are available under Revenue Law

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