Ppr

mrs aol

Can anyone please fully explain this to me?



With regards to the capital gains tax on selling a property - when, and to whom, do you state whether it's your principle residence or not?



If queried what's usually is taken as proof?

Kinetic^

If you live in it then it's your PPR.

If you lived in it and you moved out then you'll get partial relief on the CGT liability.

The whole tax system in this country is self assesable so it's up to you to be honest and submit what you owe. If you don't and get audited then you'll get screwed for interest and penalties.

As far as proof goes, I'd imagine having bills etc. addressed to you at the house in question would be a good start.

mrs aol

Thank you.

I was hoping for something more specific.

Would it qualify if you only lived there or a very short time and if so wouldn't this encourage some investors to move into their investment properties for a few days/weeks before selling them?

So would it be right then to think that no one will ask whether the property has been rented or not in the past as long as u live there now (for however long)?

If Capital gains were due when is it due? by the end of this tax year or on completion?

Is it possible for a couple to have more than one ppr? or could you have one that you don't live in full time as you rent another property and live there for part of the year?

Sorry if this sounds so complicated but I'm finding it hard to get a definitive answer.

chump

why don't you go to revenue.ie and download the leaflet that explains capital gains tax

Would it qualify if you only lived there for a very short time

It depends on when and if you were selling up. Basically any GAIN on the house is taxable. If it is your PPR, and you have lived in it from acquiring ownership to selling up, you will get relief.

and if so wouldn't this encourage some investors to move into their investment properties for a few days/weeks before selling them?

No. You can't cheat. If it was only your PPR for a few days, you'll only get relief for the gain over those few days. For example if you owned it for 10 years, yet lived in it as your PPR for 2 years. Then the relief would be 2/10 'ths.

So would it be right then to think that no one will ask whether the property has been rented or not in the past as long as u live there now (for however long)?

It might be right, but then it might be wrong

If Capital gains were due when is it due? by the end of this tax year or on completion?

There is an early and later period. See dates on revenue website.

Is it possible for a couple to have more than one ppr?

Two single people, yes. Married, no.

or could you have one that you don't live in full time as you rent another property and live there for part of the year?

Not sure what you mean here. But yea, you could live somewhere else thats rented, and still maintain that another house is your PPR (assuming you aren't renting it), and there are various rules relating to this, regarding work and so forth.

Sorry if this sounds so complicated but I'm finding it hard to get a definitive answer.

It's a simple idea, but because there are so many back-doors and ways to cheat, it's bound to be a bit complicated.

With regards to the capital gains tax on selling a property - when, and to whom, do you state whether it's your principle residence or not?

Tax man, early or late period (same year, see revenue website).

If queried what's usually is taken as proof?

I think the burden of proof is on you. I'd say bills and stuff in your name from the house over period of ownership. I'm not sure.

From the sounds of it though, it seems that maybe you're trying to claim something as your PPR, even though you likely aren't fully entitled to a full relief. And tbh I've no idea how thorough the taxman is about these things, so I'd guess you'd need to talk to a tax specialist and see how likely it is to get away with bluffing a little.

cabla

Ok i dont think it matters on your principle home.