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Buachaill, Barrister
Category: Republic of Ireland Law
Satisfied Customers: 10983
Experience:  Barrister 17 years experience
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After allowing for claimable expenses I have a Capital Gain

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After allowing for claimable expenses I have a Capital Gain of 1,025,000.00 I intend claiming retirement relief of 750,000.00 leaving me with a taxable gain of 250,000.00 The capital ,gain tax rate for the year in question is 25% but when i read information on The Revenue Web Page they talk about Marginal Relief and i get lost at that point. Do i just calculate the tax at 25% of 250,000 or is there something i shoul be doing

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It was brought to our attention that you asked a Taxation question about Ireland, where we do not have active professionals. As much as we would like to assist you, we have to be honest and say that the best we can do is maybe to provide a legal Internet researcher who might be able to find your answer. We realize that option is not ideal, and we always want to provide our customers with the best possible answer.

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Please let me know how you’d like to proceed,
1. There are two things you should be considering here. The first and best thing would be if you could put half of the assets you are selling into your wife's name, as she also has a 750,000 exemption for retirement relief and you could use this to remove any CGT tax altogether. For example if you put approximately a third of the value of the assets in her name so that she received a third of the sale price, then no tax would be payable as transfers between husband and wife are CGT free and she would be able to use her allowance.
2. The second thing is Marginal Relief. This essentially states that where the money received for the sale of qualifying assets is above the 750,000 threshhold, then tax will be reduced to half of the excess over 750,000. That means that the maximum payable would be 127,500. However, as your tax payable is only 62,500 this is not of assistance.
3. I would recommend that you get some tax advice and a little help to set up the situation for the maximum tax relief.
Buachaill, Barrister
Satisfied Customers: 10983
Experience: Barrister 17 years experience
Buachaill and other Republic of Ireland Law Specialists are ready to help you
Customer: replied 4 years ago.

for buachaill,


thank you

4. Do you need more advice?