Business Taxes

1.5.Interpret legislation to apply capital gains tax principles to the taxation of corporate capital gains

Individuals pay capital gains tax on sales of assets and companies pay corporation tax on chargeable gains (with one exception, discussed in chapter 7 (Part 2)).

Section 31 TCA 1997 is the charging section for individuals and s. 78 TCA 1997 is the charging section for companies.

A company’s capital gain is calculated in the exact same manner as that of an individual, s 31 TCA 1997. See 1.6 in relation to how the gain is then taxed.