This tax is charged on the net capital gain or profit made on the disposal of any asset. It is payable by the person making the disposal. The net gain or profit is the difference between the price you paid for the asset and the price you sold it for having deducted allowable expenses incurred in the enhancement of the asset and the incidental costs of acquisition and sale.

An asset is not just something you own outright, it maybe an intangible asset, for example, goodwill in a company. Disposing of an asset does not just refer to the sale of an asset for money. It includes also any transfer of ownership by way of exchange or gift.

All persons who are resident or ordinarily resident in the state for a year of assessment are liable to Capital Gains Tax in respect of chargeable gains accruing in that year on the disposal of assets, wherever the assets are situated. The charge extends to individuals, companies, trustees and other bodies of persons. Individuals resident or ordinarily resident, but not domiciled, in the State are chargeable to tax on gains on the disposal of chargeable assets located within the State and the United Kingdom together with gains on worldwide assets to the extent that such gains are remitted to Ireland. Non-resident persons are also chargeable to tax on gains on assets within the State.

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