Capital Gains Tax

From 6 December 2012 the rate of capital gains tax will increase from 30% to 33%.

Relief for farm restructuring

Once off relief available from capital gains tax arising on the disposal of farm land for farm restructuring purposes.  The relief will apply in respect of transactions initiated within the period commencing 1 January 2013 and ending on 31 December 2015.  The sale and purchase of the farm land must occur within 24 months of each other.  The commencement of this relief is subject to EU State Aid approval.

Capital Acquisitions Tax

From 6 December 2012 the rate of capital gains tax will increase from 30% to 33%.

The current group tax free thresholds will be decreased by 10%.  Group A will be reduced from €250,000 to €225,000, Group B will be reduced from €33,500 to €30,150 and Group C will be reduced from €16,750 to €15,075.

This reduction applies in respect of gifts and inheritances taken after 5 December 2012.