Irish Revenue have amended their threshold for clearance for property sales in excess of €500,000.
An increase in the CGT threshold to €1million was introduced under section 42 of the Finance Act 2015 and came into effect on 1 January 2016.
This increased threshold applies solely in respect of disposals of residential houses/apartments, being defined as “including any building or part of a building used or suitable for use as a dwelling and any out office, yard, garden or other land appurtenant to or usually enjoyed with that building or part of a building”.
The €500,000 threshold remains in place as before for disposals of all other Irish land and buildings (including commercial property).
