Advice on Capital Gains Tax from REA Carthy

REA Seamus Carthy are Registered Valuers specialising in all aspects of valuations for residential property, commercial property and land. Aishleen O’Toole of REA Seamus Carthy told the Roscommon People this week that valuations are required for various reasons and that REA Seamus Carthy has received a number of enquiries in recent weeks in relation to Capital Gains Tax (CGT).

She said: “Capital Gains Tax is a tax charged on the capital gain or profit made on the disposal of any asset. It is payable by the person making the disposal. The gain/profit is the difference between the price you paid for the asset and the price you sold it for and is considered to be taxable income.

  “Disposing of an asset doesn’t just refer to the sale of an asset for money. It includes any transfer of ownership by way of exchange, gift or settlement on trustees. Transfers of assets between spouses and civil partners are exempt from Capital Gains Tax. The transfer of a site from parent to child for the purposes of constructing the child’s principal private residence, where the site’s market value does not exceed €500,000, is also exempt from Capital Gains Tax.

  “There is no Capital Gains Tax on assets passed on death. When the person who acquired the assets comes to dispose of them they are treated as if they had been acquired at their market value on the date of the death. The standard rate of Capital Gains Tax is 33% for disposals made on or after 5th December 2012.”

  Capital Gains Tax can be complex and Aishleen advises anyone that requires a valuation for Capital Gains Tax purposes or indeed a valuation for any purpose to contact REA Seamus Carthy on 090 663 0001 for confidential, no obligation advice.