Willie Penrose
Question:128 Mr. Penrose asked the Minister for Finance the taxation implications from a capital gains viewpoint where a property is held under a section 23 investment; and if he will make a statement on the matter. [24655/01]
Written Answers. - Tax Code.
I am informed by the Revenue Commissioners that under the provisions of section 532 of the Taxes Consolidation Act, 1997, all forms of property are assets for the purposes of the Capital Gains Tax Acts. Where there is a disposal of a section 23 property there is a charge to capital gains tax on any gain arising by reference to the cost of acquisition and the proceeds of disposal. The current rate of tax is 20%. There are no specific exemptions or reliefs in respect of a gain arising on a section 23 property.