Taxes Consolidation Act 1997 section 532

Assets

Section 532 defines what constitutes an "asset" for the purposes of capital gains tax, providing that all forms of property are assets whether situated in or outside the State.

• All forms of property are assets for CGT purposes, regardless of location, including options, debts and intangible property generally.
• Any currency other than the currency of the State (i.e. the euro) is a chargeable asset, whether held in specie (e.g. gold coins) or as credit balances (e.g. bank deposits).
• Property created by or otherwise coming into existence in the hands of the person disposing of it (e.g. business goodwill or copyright) is an asset, even though it was never formally acquired.
• Coins are treated as currency only when they are legal tender at the time of acquisition or disposal; coins that are not legal tender are treated as chattels.