TIME IS RUNNING OUT!
‘Where land or buildings are acquired between 7 December 2011 and 31 December 2014, and held for at least 7 years, the chargeable gain will be reduced in the same proportion that 7 years bears to the period of ownership of the relevant asset.
For example, if a building which has been held for 10 years is disposed of, the chargeable gain in respect of that building will be reduced by seven-tenths.
This relief applies in respect not only of land or buildings in the State but also to land or buildings situated in any EEA State.’
Finance minister, Michael Noonan, has indicated that this very generous relief will not be extended beyond 31 December 2014. Therefore, to ensure you can avail of this relief you need to act prior to 31 December 2014.
Remember, this relief applies to all commercial property, residential property and land.
If you need advice on this topic or any other tax matter please do not hesitate to contact any of our team, call FMB on 01 645 2002 or email email@example.com.
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