CGT is a tax on capital gains arising on the disposal of assets owned by you. At its simplest, deducting the price you paid for an asset when you acquired it from the sale proceeds when you dispose of it gives you the chargeable capital gain.
Example
You purchase shares in January 2015 at a cost of €5,000 and sell them in July 2015 for €8,000. Assume you have no other capital gains, losses or allowable expenditure:
Disposal proceeds €8,000
Cost price €5,000
Chargeable Gain €3,000
Deduct:
Personal exemption €1,270
Net Chargeable Gain €1,730
Chargeable @ 33%
Capital Gains Tax due €570.90
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