asked the Minister for Finance his attitude to the question of capital gains tax on the probable disposition of properties won in raffles by non-nationals who are not entitled to hold such property without Land Commission consent; if the Capital Gains Tax Acts will be strictly enforced in respect of the total gain from such transactions both as regards the owners who make a profit on the raffle and the winners who resell.
Written Answers. - Capital Gains Tax.
328.
The Deputy will naturally not expect me to comment on particular happenings in this area, and indeed, the Revenue Commissioners are precluded by the confidentiality obligations imposed on them from giving information concerning the tax liabilities of readily identifiable persons. In general, however, the seller of property, whether by way of a raffle or otherwise, is liable to tax on any chargeable gain, that is, the gain after allowance has been made for expenses, arising from the disposal of the property. The Capital Gains Tax Acts provide rules for determining the amount of a chargeable gain after appropriate relief for indexation of the base cost and the Deputy may rest assured that these Acts, and any other relevant legislation, are strictly enforced by the Revenue Commissioners in all cases.
The question of the nationality of the owners does not affect the issue in so far as capital gains tax is concerned.