Increase in Capital Gains Tax threshold for disposals of residential property
Section 42 of the Finance Act 2015, which came into effect on 1st January 2016, increases the Capital Gains Tax (CGT) threshold to €1,000,000 in relation to disposals of residential property which is defined as:-
“including any building or part of a building used or suitable for use as a dwelling and any out office, yard, garden or other land appurtenant to or usually enjoyed with that building or part of a building.”
The current CGT threshold of €500,000 remains in place, as before, for disposals of all other Irish land and buildings (including commercial property).
