Taxes Consolidation Act 1997 section 602

Chattel exemption

Section 602 provides exemption from capital gains tax on gains arising from the disposal by an individual of tangible movable property (chattels) where the consideration does not exceed €2,540, and applies marginal relief and loss restriction rules where the consideration is above or below that threshold.

• A gain on the disposal of a chattel by an individual is exempt from CGT where the consideration does not exceed €2,540; tangible movable property for this purpose excludes wasting assets within the meaning of section 560
• Where the consideration exceeds €2,540, marginal relief limits the CGT payable on the gain to half the difference between the consideration and €2,540
• Losses on chattel disposals remain allowable, but where the consideration is less than €2,540, it is deemed to be €2,540 for the purposes of computing the loss, thereby restricting the allowable loss
• Anti-avoidance rules treat the disposal of parts of a set of articles to the same or connected persons as a single transaction, and special rules apply to disposals of rights or interests in or over chattels