Shares · Year-end planning
Using Ireland's €1,270 CGT exemption: phased selling, bed and breakfasting and funding a PIA
Everyone gets €1,270 of share gains a year free of CGT. Use it or lose it by 31 December. Sell in stages over a few years and the cash can go into a Personal Investment Account with little or no CGT on the way.
Updated 30 October 2026
The short answer
- €1,270 per person, per year. Gains up to that are free of CGT.
- Use it or lose it. It can't be carried forward to next year.
- Shares, not ETFs. It covers CGT assets like shares you hold directly. It does not apply to ETF exit tax.
- Not transferable. A spouse or civil partner has their own €1,270, but can't give you theirs.
Shares vs ETFs
| Shares you hold directly | Irish/EU ETFs and funds | |
|---|---|---|
| Tax on a gain | 31% CGT (from 7 Oct 2026) | 38% exit tax, 35% from 1 Jan 2027 |
| €1,270 yearly exemption | Yes | No |
| Losses | Offset gains, carry forward | No loss relief |
| Eight-year charge | No | Deemed disposal |
Rates under the Finance (No. 2) Bill 2026, not yet law. Full rules in the Capital Gains Tax guide and the ETF tax guide.
Married couples and civil partners
- Each spouse has their own €1,270, so a couple can shelter up to €2,540 of gains a year, but only on shares each one owns.
- Transfers between spouses and civil partners are usually free of CGT. Moving shares to the spouse who hasn't used their exemption, then selling, is a common approach.
- Unmarried couples don't get the spouse relief: a transfer between them counts as a sale at market value.
- Each partner can also hold their own PIA. See PIAs for couples.
Bed and breakfasting and the four-week rule
"Bed and breakfasting" means selling shares and buying them back soon after. On a gain, it uses that year's €1,270 and lifts your base cost, so future tax is on a smaller gain.
The four-week rule is about losses
If you sell at a loss and buy the same shares back within four weeks, that loss can only be set against a later gain on those same shares. It doesn't stop you crystallising a gain and buying back.
- Dealing costs and the buy-sell spread are paid twice.
- The price can move between selling and buying back.
- To fund a PIA you don't buy back at all. The cash goes into the account instead.
Funding a PIA over 2 to 4 years
Worked example
Shares worth €30,000, of which €10,000 is gain (a third). Ignores price changes and dealing costs. One person, 31% CGT.
| Approach | Sold per year | CGT per year | Total CGT |
|---|---|---|---|
| Sell it all in one year | €30,000 | €2,706 | €2,706 |
| Sell up to the exemption each year | €3,810 | €0 | €0 over about 8 years |
| Couple, each using €1,270 | €7,620 | €0 | €0 over about 4 years |
Selling everything at once costs €2,706 in CGT, and only €12,000 of the €30,000 could go into a PIA that year anyway. Selling about €3,810 a year keeps every year's gain inside the exemption. The cash fits easily within the €12,000 yearly PIA limit.
- Money waiting to go in is out of the market unless kept invested.
- A 2026 sale uses the 2026 exemption, even though the PIA opens in 2027 at the earliest.
- Only cash goes into a PIA; shares can't move in as they are. See transfers.
Deadlines
| Sale made | Pay CGT by |
|---|---|
| 1 January to 30 November | 15 December, same year |
| 1 to 31 December | 31 January, following year |
The return is due by 31 October of the following year. To use this year's €1,270, the sale has to happen by 31 December.
What if…
What is the €1,270 CGT exemption?
Each person can make €1,270 of chargeable gains a year free of Capital Gains Tax. It is per person, per tax year (1 January to 31 December). It can't be carried forward and can't be passed to a spouse or civil partner.
Does the €1,270 exemption apply to ETFs?
No. Most EU-domiciled ETFs and funds are taxed under the exit-tax regime (38% in 2026, 35% from 1 January 2027 under the Finance Bill), which has no yearly exemption. The €1,270 applies to gains on shares you hold directly and other CGT assets.
Is bed and breakfasting allowed in Ireland?
Selling shares at a gain and buying them back uses that year's exemption and resets your base cost higher. The four-week rule targets losses: if you buy the same shares back within four weeks, a loss on the sale can only be set against a later gain on those same shares.
Do I need to file anything if my gain is under €1,270?
Revenue's guidance is that you generally still make a CGT return for a disposal even when the exemption means no tax is due. Check your own position with Revenue or a tax adviser.
Can I use the exemption before the PIA opens?
Yes. The exemption is per calendar year, so a 2026 sale uses the 2026 exemption. The cash then waits until the PIA is available, which the Bill leaves to a ministerial order (1 January 2027 at the earliest, with 1 July 2027 the stated intention).
Can my spouse use their exemption on my shares?
Not on shares you own. Married couples and civil partners can usually transfer assets between them without CGT, so shares moved to a spouse first can then be sold using the spouse's own €1,270. Unmarried couples don't get that relief.
What if my gain is bigger than the exemption?
Anything over €1,270 is taxed at 31% for disposals from 7 October 2026 (33% before), under the Finance Bill. Spreading sales over several years uses the exemption each year instead of once.
Not advice
This page explains the rules only. Your gains, losses and plans matter, so consider a qualified tax adviser before selling.
Keep reading
Run your own numbers
Compare a Personal Investment Account against a deposit account and a standard fund over 10, 20 or 30 years — with real Irish rates.
Open the PIA calculatorInformation only, not financial or tax advice. PIA rules are as written in the Finance (No. 2) Bill 2026, published 19 October 2026, and are not law until the Bill is signed. Figures cited are from the Department of Finance roadmap, Revenue, Skatteverket, GOV.UK and the IRS.