Capital Gains Tax (CGT) is chargeable on gains arising on the disposal of assets, other than that part of a gain which arose in the period prior to 6 April 1974. Any form of property (other than Irish currency) including an interest in property (as, for example, a lease) is an asset for CGT purposes.
Budget 2017: A reduced Capital Gains Tax rate of 10% will apply to the disposal in whole or in part of a business up to an overall limit of €1 million in qualifying chargeable gains. Payments under the new raised bog restoration incentive scheme to relevant owners and rights holders will be exempt from Capital Gains Tax.
The current rate is 33%. Exceptions are a rate of 40% on disposals of certain foreign life assurance policies and units in offshore funds, and rates of 12.5% and 15% on certain venture capital fund managers.
The standard rate in respect of disposals is determined based on the date on which the disposal was made as follows:
Main Exemptions and Reliefs