The capital gains tax (CGT) has since January 1, 2023, been charged at 15 percent from five percent thanks to the Finance Act, 2022. It may be timely to assess the overall effect of the increased CGT that is charged on the profit made on the sale or transfer of property.
This includes the sale or transfer of land and shares. The obligation to pay CGT arises at the point a sale occurs and the duty to pay falls on the person transferring or selling the property.
