Capital Gains Tax (CGT) is a tax charged on the capital gain (profit) made on the disposal of most assets. The timing of your disposal determines when the tax is payable and when your tax return falls due.
An asset is not just something tangible that you own outright, it may be an intangible asset, e.g. goodwill in a company or an option over assets. It can also be something you have an interest in, for example, a leasehold interest in land.
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.
The rate of capital gains tax is currently 33%, so approximately one third of your gain will be paid in tax unless your disposal qualifies for some form of capital gains tax exemption, capital gains tax relief or reduced rate of capital gains tax. Clients regularly contact us for capital gains tax advice on:
Our expertise is brought to bear on a wide range of matters to lessen your capital gains tax burden.
Warren & Partners ensure that clients’ tax liabilities are kept to a minimum when buying, selling or merging a business in Ireland.
We can help you identify the optimal structure for your new business or restructure your current business so as to reduce your company’s corporate tax liability and improve your bottom line.
Warren & Partners are a boutique Irish tax and business advisory firm based in Ballsbridge, Dublin. Our experienced-team of tax advisors will create unique tax solutions for your specific business needs.