CGT Clearance Certificate (CG50A)

You require a CG50A certificate if:

You sell an asset on or after 25 March 2002 for over €500,000.

You sell a house or apartment on or after 1 January 2016 for over €1 million.

Exemptions from Capital Gains Tax

If you only like to dabble in investments, the good news is that the first €1,270 of taxable gains in a tax year are exempt from CGT. If you are married or in a civil partnership this exemption is available to each spouse or civil partner but is not transferable.

Profits made on the disposal of some assets are exempted from CGT.

Examples include:

• profit on the disposal of property owned by you (house or apartment) which you or a dependent relative occupied as a sole or main residence (this is known as principal private residence relief)
• betting, lotteries, sweepstakes, bonuses payable under the National Instalments Savings Scheme and Prize Bond winnings are all exempt from CGT
• transfers of assets between spouses and civil partners. Transfers of assets between spouses and civil partners who are separated are also exempt if they are made under a Separation Agreement or a court order
• the transfer of a site from parent to child for the purposes of constructing the child's own private residence, where the site's market value does not exceed €500,000, is also exempt from CGT
• no CGT is due on assets transferred at death. When the person who acquired the assets comes to dispose of them they are treated as if they had been acquired at their market value on the date of the death
• profit on Government Loans and Debenture issued by certain semi-state bodies
• profit on disposal of wasting chattels (movable goods) for example, animals and private motor cars
• life assurance policies (unless purchased from another person or taken out with certain foreign insurers on or after 20 May 1993)
• profits made by individuals on tangible moveable property worth €2,540 or less at the time of disposal