Taxes Consolidation Act 1997 section 601

Annual exempt amount

Section 601 provides an annual exemption for individuals from capital gains tax on the first €1,270 of chargeable gains in a year of assessment.

• An individual is not chargeable to capital gains tax if net chargeable gains for the year do not exceed €1,270; where they do exceed €1,270, only the excess is chargeable.
• Net chargeable gains are computed after deducting allowable losses (including losses brought forward), so the exemption cannot be used to shelter gains while carrying forward losses to a later year.
• Where gains are chargeable at more than one rate of tax, the exemption is applied first against gains taxable at the highest rate, then progressively against gains at the next highest rate, and so on.
• The exemption is not available for any year in which retirement relief under section 598 or section 599 has been given, and it does not apply to companies, trustees or other non-corporate bodies.