For Irish CGT, certain “special asset types” have specific rules:
1. Chattels (tangible movable property)
Examples: furniture, art, antiques, jewellery, coins that are not legal tender.
- Small chattels exemption – s.602
- If sale proceeds are €2,540 or less, any gain is exempt.
- If over €2,540, marginal relief limits the CGT so that the tax can’t exceed ½ of (proceeds – €2,540).
- Wasting chattels – s.603
- Tangible movable property with a predictable life of 50 years or less (e.g. many vehicles, certain equipment) is generally exempt from CGT.
- Important exception: business plant and machinery used in a trade normally does not get the wasting chattel exemption.
2. Foreign currency
- Any non‑euro currency is a chargeable asset.
- Applies whether held as:
- Cash/coins (if legal tender at the time), or
- Bank deposits / accounts.
- Gains/losses on foreign currency can therefore be within CGT where there is a disposal (e.g. converting back to euro at a profit).
3. Coins
- Legal tender coins at the time of acquisition/disposal are treated as currency (see above, foreign currency rules if non‑euro).
- Coins not legal tender are treated as chattels, so:
- May qualify for the €2,540 chattel exemption and
- May be wasting/non‑wasting chattels depending on their nature.
4. Certain financial products
- Foreign life policies – gains are charged at 40% CGT rather than the normal rate.
- Material interests in certain offshore funds – also taxed at 40% CGT.
These are “special” in that the rate is different to the standard CGT rate.
5. Miscellaneous exempt asset types – s.613 and Revenue list
Gains on the following are specifically exempt from CGT:
- Betting, lotteries, prize bonds, sweepstakes.
- Instalment Savings Scheme bonuses.
- Government stocks (specific issues – per Revenue’s list).
- Certain life assurance policies (Irish‑approved policies – outside the foreign life policy regime).
- Moveable property where the gain does not exceed €2,540.
- Animals and private motor cars.
- Pension rights and certain annuities.
- Certain statutory and compensation payments (personal injury, Magdalene payments, specific relocation schemes, etc.).
If you tell me the exact asset (e.g. “classic car”, “gold coins”, “foreign bank account”, “foreign life bond”, “artwork”), a tailored CGT treatment can be set out for that asset.
Speak to Professional Tax Advisers
To discover more about Capital Gains Tax in Ireland, please call us on +353 (0)1 272 3858 or complete a Free Online Enquiry.