If you have made an investment (for example in stocks, shares or currency), there are some deductions you can make to reduce your CGT liability. These include:
- Cost of acquisition
- Inflation index - if the asset / property was bought before 2003
- Expenditures incurred for the purpose of enhancing the value, for example, if a property was bought in 2005 for €200,000 and in 2007 a small guest house was built for €80,000 on the property. In this case, disposal of the whole property the cost to be deducted for tax purposes would be €280,000.
- All incidental expenses incurred either on acquisition or disposal of the property such as solicitor's fee, advertising costs, auctioneer's fee etc.
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