Capital Gains Tax Break
You may have missed this tax break in the last budget so here is an executive summary for those investors out there looking to dip their toes back in the property market. And by the way I personally think this year presents an excellent time to invest with or without the tax break. We can already see things turning in the Dublin housing market. Cork and the other regions will lag behind Dublin but not for too long.
Basically, anyone who buys a property before the end of this year and then holds on to it for a minimum of 7 years will be exempt from Capital Gains Tax. Remember CGT has gone up from 20 per cent to 30 per cent so this is an important and useful tax break.
Shane Healy, Healy O’Connor Solicitors LLP