You are a tax senior working in a large tax practice in Dublin. A client of yours, Tom Nolan, has requested a report providing advice in relation to each of the issues below. Tom is a tax resident in Ireland and has a number of properties located throughout Ireland.

• On the 3rd of June 2022, Tom sold an apartment in Dublin for €650,000. Tom had let the apartment to students throughout his period of ownership. He had originally bought the apartment on the 15th of October 1972, for €15,000. He incurred legal costs in the amount of €500 on the purchase in October 1972. The market value of the apartment on the 6th of April 1974, was €20,000. The property did not constitute development land. Costs of disposal in June 2022, were €5,500.
• On the 6th of August 2022, he sold his house in Waterford for €750,000. He purchased the house on the 1st of September 1998 for €50,000. He had lived in the house for most of his own apart from the following periods:
  i. From the 1st of January 2002 to the 31st of December 2005, when he worked abroad in Germany as a condition of this employment. He returned to live in the house on the 1st of January 2006.
  ii. From the 1st of April 2012 to the 31st of March 2017, when he moved to Dublin as a condition of his employment. Once again, he returned to live in the house on the 1st of April 2017.
  iii. He moved out of the house on the 1st of March 2022, to carry out renovations to the house prior to the sale.
• On the 10th of October 2022, Tom transferred a half-acre site in Dublin to his daughter, Maria. The market value of the site at the date of transfer was €490,000.  Maria has since commenced the construction of a house on the site.  This will be her sole residence.
• On the 20th of November 2022, Tom transferred a half-acre site in Dublin to his son, Martin. The market value of the site at the date of transfer was €510,000. Martin has since commenced the construction of a house on the site. This will be his sole residence.