Direct Tax Acts, Finance Act 2018

28 Taxation of capital gains and rate of charge
CGTA75 s3(1) to (3); FA92 s60(1)(a); FA98 s65; F(No. 2)A08 s44(1)(a); FA09 s14(1)(a); FA12 s55(1)(a); FA13 s43(1)(a)

(1) Capital gains tax shall be charged in accordance with the Capital Gains Tax Acts in respect of capital gains, that is, in respect of chargeable gains computed in accordance with those Acts and accruing to a person on the disposal of assets.

(2) Capital gains tax shall be assessed and charged for years of assessment in respect of chargeable gains accruing in those years.

(3) Except where otherwise provided by the Capital Gains Tax Acts, the rate of capital gains tax in respect of a chargeable gain accruing to a person on the disposal of an asset shall be [33 per cent]1, and any reference in those Acts to the rate specified in this section shall be construed accordingly.

Go to Revenue Guidance Notes on TCA

Amendments

1 Substituted by FA13 s43(1)(a) and applying to disposals made on or after 6 December 2012

Case Law

As CGT does not arise until after the sale and purchase of compulsorily purchased land has been concluded, the arbitrator cannot include it in value of land before sale. Peter Heron and Others v Minister for Communications. High Court [1985] CLTP 16.1.1

Irish Tax Review Articles

Taxation of Damages and Other Settlement Payments. Ciaran Desmond, Evelyn Breen and Gareth O’Connell, Irish Tax Review, Issue 1, 2013

Corresponding UK Tax Provision

Section 1, Taxation of Chargeable Gains Act 1992

Cross references

79C Exclusion of foreign currency as asset of certain companies

541C Tax treatment of certain venture fund managers

594 Foreign life assurance and deferred annuities: taxation and returns

597AA Transfers of business assets

627 Charge to exit tax

649A Relevant disposals: rate of charge

649B Windfall gains from rezonings: rate of charge

711 Chargeable gains of life business

732 Special arrangements for qualifying unit trusts

737 Special investment schemes

738 Undertakings for collective investment

739G Taxation of unit holders in investment investment undertakings

747A Capital Gains tax: rate of charge

978 Gifts: recovery of capital gains tax from donee

1042 Charging and assessment of persons not resident or ordinarily resident: modification of general rules