Irish Capital Gains Tax
Capital Gains Tax is a tax on the profit when you sell or dispose of an asset that has increased in value. In Ireland, the current CGT rate stands at 33% of the gain made. It is essential to recognise that CGT applies not only to individuals but also to companies, partnerships, and trusts.
Assets subject to CGT can include:
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Real estate properties
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Shares and securities
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Business assets
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Collectibles, such as art or antiques
Being aware of potential reliefs can significantly reduce CGT exposure. For instance, individuals may qualify for Entrepreneurs' Relief or Investors’ Relief when disposing of qualifying business assets. Our team stays updated on current legislation to ensure clients benefit from all available exemptions. Get in touch with the team today to find out more.
OCMC Accountants' CGT Services
CGT Calculation and Reporting
Determining the correct amount of CGT payable can be complicated. We provide precise calculations of capital gains, ensuring all allowable deductions are considered. Our accountants assist clients in preparing and submitting accurate tax returns, which helps avoid potential penalties for inaccuracies.
Tax Planning and Strategy Development
Effective tax planning is essential to minimise liability. Our experienced team at OCMC Accountants works with clients to devise tailored tax strategies. This includes evaluating potential investments and providing guidance on holding periods, asset types, and potential exemptions, such as the Principal Private Residence Relief and the Annual Exemption, which allows individuals to realise gains of up to €1,270 per year without incurring tax.
Asset Valuation Services
Valuing assets accurately is crucial for CGT purposes. We offer professional asset valuation services, helping clients ascertain fair market values for their properties, shares, and other assets. This valuation ensures that the CGT liability is calculated correctly, preventing overpayment.
Disposals and Transfers
When selling or transferring assets, several factors can influence CGT obligations. Our accountants provide advice on the most tax-efficient methods for disposing of assets, including gifting or transferring assets to family members, which can sometimes mitigate tax liabilities.
Who Needs Capital Gains Tax Services?
Property Owners
Homeowners and property investors are particularly affected by capital gains tax. Those looking to sell, develop, or otherwise dispose of property must understand their CGT obligations. We assist in optimising gains while adhering to all regulatory requirements.
Shareholders and Investors
Individuals investing in stocks, bonds, or mutual funds are also subject to CGT. Our services are designed to help these clients manage their portfolios strategically, balancing the desire for growth with the need to minimise tax implications.
Business Owners
For business owners, understanding CGT is critical when disposing of business assets or shares. We work with entrepreneurs to navigate the complexities of CGT on business sales, ensuring the transaction is as tax-efficient as possible.
Individuals Receiving Inheritance or Gifts
Those inheriting assets or receiving gifts may face CGT upon selling these assets. Our team provides guidance on managing inherited properties or investments, advising clients on how to approach potential CGT liabilities.
Trusts and Estates
Trustees managing estates or trusts must be aware of CGT when making decisions about asset sales. We offer specialised services to trustees, ensuring compliance with all legal obligations while optimising tax positions for beneficiaries.
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What services does OCMC Accountants offer related to state pensions?At OCMC Accountants, we provide a range of services including state pension eligibility assessments, pension forecasting, advice on pension contributions and retirement planning. We also assist businesses with pension compliance and employee pension schemes.
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Do I have to be based in Dublin to use OCMC Accountants' services?No, while OCMC Accountants is based in Dublin, we offer our services nationwide. We use phone consultations, video conferencing, and secure online document sharing to provide our services to clients across Ireland.
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How do I know if I am eligible for the state pension?Our team can help you determine your state pension eligibility by reviewing your contribution history and current circumstances. We ensure that you understand whether you qualify for the pension and what actions you might need to take to become eligible.
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What is pension forecasting, and why is it important?Pension forecasting is a service that helps you estimate how much you will receive from your state pension upon retirement. It’s essential because it enables you to plan effectively for your financial future, ensuring that your retirement income will meet your needs.
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Can OCMC Accountants help me decide the best age to retire?Yes, we provide expert advice on choosing the most beneficial retirement age based on your unique financial situation. We take into account your pension entitlements, contributions, and other financial factors to help you make an informed decision.