A property investor has lost a \u20ac411,810 capital gains tax (CGT) battle with the Revenue Commissioners tied to a \u20ac2.5 million house sale.<\/p>\n
The Tax Appeals Commission (TAC) dismissed the woman\u2019s appeal against Revenue\u2019s May 2021 assessment for CGT of \u20ac415,651 arising from the house sale in 2018.<\/p>\n
The commission does not usually name people involved in any of its cases.<\/p>\n
In her ruling, Appeals Commissioner, Clare O\u2019Driscoll reduced the CGT due to \u20ac411,810.<\/p>\n
The woman was also appealing against Revenue imposing a \u20ac41,565 surcharge for the late submission of a return but O\u2019Driscoll said she had no jurisdiction to adjudicate on the imposition of a surcharge.<\/p>\n
The woman purchased the investment property for \u20ac1.03 million in 2001. O\u2019Driscoll calculated the 33 per cent CGT at \u20ac411,810, citing a \u20ac1.24 million gain from the sale in 2018.<\/p>\n
That included the investor\u2019s expenses of \u20ac105,325 including \u20ac93,135 in Stamp Duty and legal costs of \u20ac12,190.<\/p>\n
The woman\u2019s tax return for 2018 did not contain any information in relation to the disposal of the property or relating to any previous capital losses which might have been available to the appellant.<\/p>\n
At the TAC, a tax agent for the woman claimed that his client\u2019s CGT liability was zero after claiming that she incurred a loss of \u20ac2 million on an investment in the UK and a separate \u20ac240,000 on the loss of a sale at Padstow in England.<\/p>\n
However, in her findings, O\u2019Driscoll dismissed the woman\u2019s claims over her capital losses as she had not been provided with any evidence that the woman had made any claim for capital losses that may have occurred since 2015.<\/p>\n
O\u2019Driscoll said that in those circumstances, she has not been put in a position to include an allowance for a capital loss which may have arisen relating to the sale and disposal of the shares in the calculation of CGT relating to the sale of the property.<\/p>\n
In response, Revenue said the CGT bill was issued following a protracted investigation and audit during which time the appellant did not make any reference to a claim for a loss in relation to the investment or the Padstow property.<\/p>\n
The 39-page ruling stated that the TAC has been requested to state and sign a case for the opinion of the High Court in respect of the determination<\/p>\n","protected":false},"excerpt":{"rendered":"A property investor has lost a \u20ac411,810 capital gains tax (CGT) battle with the Revenue Commissioners tied to…\n","protected":false},"author":2,"featured_media":392142,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,6724,61,60,11522,173708],"class_list":{"0":"post-392141","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-capital-gains-tax-cgt","10":"tag-ie","11":"tag-ireland","12":"tag-revenue-commissioners","13":"tag-tax-appeals-commission"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/392141","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=392141"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/392141\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/392142"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=392141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=392141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=392141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}