Capital Gains Tax Relief for Property held for 7 years
To qualify for the capital gains tax relief for property held for 7 years the property must be acquired by 31 December 2014. Finance Act 2017 reduced the holding period from 7 years to 4 years.
This is understood to mean that an unconditional contract for the property must be in place by 31 December 2014 and that section 542 of the Taxes Consolidation Act 1997 will apply.
The tax incentive that provided tax relief against capital against tax (CGT) if property is held for 7 years was not extended in Budget 2015. In order to qualify for the relief property must be acquired by 31 December 2014. For further information on this relief please see my previous post on the 7 year CGT relief.
The relief holding period was reduced to 4 years, commencing 1 January 2018.
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The material in this article is for general information purposes only and does not constitute legal or taxation advice. Specific legal and taxation advice should be sought before acting. All information and taxation rules are subject to change without notice.
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