Reliefs
Main Exemptions and Reliefs
- The first €1,270 of net gains, i.e., - gains after allowable prior year and current year capital losses, by an individual in a tax year is exempt. In the case of married couples or civil partners this exemption is available to each spouse or civil partner but is not transferable.
- A gain on the disposal of a principal private residence, including grounds of up to one acre is exempt, provided the house had been occupied by the individual as his/her only or main residence during the individual's period of ownership.
This exemption is restricted where the house was part let or part used for business or the individual did not reside there for long periods (with the exception of the Rent-a-Room Scheme introduced in Finance Act 2001) or where the house or gardens are sold for development purposes.
Additional Information
- In the case of Development Land, Indexation Relief applies only to the current use value (generally the agricultural value) at the date of acquisition, or 6/4/74 if the land was acquired before that date
- A gain on the disposal of a principal private residence may also be exempt where the house had been used as the sole residence of a Dependent Relative
- Availing of the Rent-a-Room Scheme introduced in Finance Act 2001 will not affect an individual's full entitlement to CGT Principal Private Residence Relief on the subsequent disposal of the property.