I am very new Tax and studying at the moment. I was given a Case Study Assignment(Which I have attached) on Capital Gains Tax, but I am finding it bit confusing.
1. Calculate the CGT if any due on the €850,000 Compensation?
The selling of farm land is subject to Capital Gains Tax of 33%(Current CGT in Ireland) on the difference between the sales price and what was originally paid for the land.
Case Study for Albert
We don't know what was original price of the land or how long he has owned it.(Which make almost every CGT Calculation on the internet unless). I understand that Capital Gains Tax is universal and is used almost every western country.
€850,000- 1,270 @33 % = €280,080.90 (V1 & V2)
V1. Disposals made: from 6 December 2012 – 33%. Capital Gains Tax(www.revenue.ie)
V2. The first €1,270 of an individual's annual gains is exempt. The balance is chargeable at 33%.Capital Gains Tax(www.revenue.ie)
What an I missing?
Any Help would be very much appreciated.
1. Calculate the CGT if any due on the €850,000 Compensation?
The selling of farm land is subject to Capital Gains Tax of 33%(Current CGT in Ireland) on the difference between the sales price and what was originally paid for the land.
Case Study for Albert
We don't know what was original price of the land or how long he has owned it.(Which make almost every CGT Calculation on the internet unless). I understand that Capital Gains Tax is universal and is used almost every western country.
€850,000- 1,270 @33 % = €280,080.90 (V1 & V2)
V1. Disposals made: from 6 December 2012 – 33%. Capital Gains Tax(www.revenue.ie)
V2. The first €1,270 of an individual's annual gains is exempt. The balance is chargeable at 33%.Capital Gains Tax(www.revenue.ie)
What an I missing?
Any Help would be very much appreciated.
