Budget 2017: capital gains tax exemption for bog owners and changes to CAT
Under the new raised bog restoration incentive scheme, relevant owners and rights holders will be exempt from capital gains tax. Changes to Capital Acquisitions Tax thresholds were also announced.
Minister for Finance Michael Noonan announced on Wednesday an exemption from capital gains tax for payments under the new raised bog restoration incentive scheme.
"Increasing asset prices are resulting in higher tax demands when family homes are being passed from one generation to the next," Minister for Finance Michael Noonan said in his Dail speech today. "To help address this, the Category A threshold that applies to inheritances/gifts from parents to their children is being increased by €30,000 to €310,000. I am increasing the Category B and C thresholds by 8% and I will revisit these thresholds in the coming years with a view to increasing them further."
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Title: Budget 2017: capital gains tax exemption for bog owners and changes to CAT
Under the new raised bog restoration incentive scheme, relevant owners and rights holders will be exempt from capital gains tax. Changes to Capital Acquisitions Tax thresholds were also announced.
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Minister for Finance Michael Noonan announced on Wednesday an exemption from capital gains tax for payments under the new raised bog restoration incentive scheme.
"Increasing asset prices are resulting in higher tax demands when family homes are being passed from one generation to the next," Minister for Finance Michael Noonan said in his Dail speech today. "To help address this, the Category A threshold that applies to inheritances/gifts from parents to their children is being increased by €30,000 to €310,000. I am increasing the Category B and C thresholds by 8% and I will revisit these thresholds in the coming years with a view to increasing them further."
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The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
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