Entrepreneurial relief

A new CGT incentive is being introduced, subject to EU State Aid approval.  It will apply where an individual makes an investment in the period 1 January 2014 to 31 December 2018 in assets to be used in a new productive trading activity and disposes of this investment three years after the date of investment.  The relief will be granted by way of a tax credit which will be equal to the lower of the CGT paid by the individual on a prior disposal in the period from 1 January 2010 and 50% of the CGT due in relation to the gain arising on the disposal of the new investment. 

Property purchase incentive

The CGT property purchase incentive that was introduced in Finance Act 2012 is being extended to 31 December 2014.  Properties purchased in this extended period that are held for a minimum of 7 years will not be subject to CGT on any gains if disposed of at that point.  Where disposals are made after 7 years proportionate relief will apply.

CGT retirement relief

CGT retirement relief for farmers is being extended to disposals of long-term leased farmland.  Conditions for the relief to apply include a minimum lease period of 5 years and that the subsequent disposal of the farmland is not to a child.

Property Tax

In 2014 property tax for the full year is due on 1 January 2014 for payments by cheque and on 21 March 2014 for online payments.