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Late capital gains investments may be exempt

6 DECEMBER 2023
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Imóveis Autoridade Tributária e Aduaneira Impostos IRS Mais-Valias Mais Habitação
The Mais Habitação Programme contains a law that suspends the deadline for reinvesting capital gains for a period of two years.
Late capital gains investments may be exempt
Source: Freepik
Author: Redaction

If you sold your house and only managed to invest its value in another home after the legal deadline to benefit from the IRS exemption on these amounts, you may be able to obtain an exemption on the capital gains of the value in question. To benefit from this exemption, you need to contact the Tax and Customs Authority (AT) from April 2024.

This is because one of the laws of the Mais Habitação (More Housing) programme provides for the suspension of the deadline for reinvesting capital gains for two years from 1 January 2020, which means that it starts counting from 2 January 2022.

According to the AT, in order to benefit from the exemption, you must submit a replacement personal income tax return or file a complaint against the fact that the AT has assessed the personal income tax. You can also make a "request for review of tax assessment acts" within three years of the tax act, using "serious or notorious injustice" as a basis.

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Topics
Imóveis Autoridade Tributária e Aduaneira Impostos IRS Mais-Valias Mais Habitação
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