Capital gains tax is imposed at the rate of 20% on:
– The value of the immovable property as it were on the 1st January 1980 or cost, if the date of acquisition is later, as adjusted for inflation
– The cost of any additions after 1st January 1980 or the date of acquisition if later, as adjusted for inflation
– Certain expenditure incurred for the production of the gain
Exemptions
The following disposals of immovable property are exempt from capital gains tax:
Deductions
Individuals are entitled to deduct the following lifetime deductions from the gains: