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CGT

  • 23-06-2016 11:37pm
    #1
    deedublin31
    Registered Users, Registered Users 2 Posts: 3 ✭


    Hi wonder could someone help me. We sold a house recently for 253,000 which we purchased in 1996 for £30,000.

    We lived in this from 1996 to 2008 an we rented it out from them onwards.

    Do you get relief for the time it was our PPR.

    We also invested in £28k in refurbishments while it was our PPR.

    Any idea what CGT is due on this.

    Many thanks

    Debbie


Comments

  • #2
    Bold Abdu
    Registered Users, Registered Users 2 Posts: 213 ✭✭Bold Abdu


    About €21K but that's obviously a very rough calculation.

    I'd need the exact dates of purchase, sale and letting. Also need costs of sale and purchase and more details on the refurbishments.

    I'm sure I could knock a few lumps off the initial €21K estimate.

    It goes without saying that you should get tax advice on this and not complete yourself.

    Hope this helps.


  • #3
    Carawaystick
    Registered Users, Registered Users 2 Posts: 8,779 ✭✭✭Carawaystick


    Is the cgt not chargeable only on the gain since 2008 when it ws no longer ye're ppr?


  • #4
    Bold Abdu
    Registered Users, Registered Users 2 Posts: 213 ✭✭Bold Abdu


    Carawaystick wrote: »
    Is the cgt not chargeable only on the gain since 2008 when it ws no longer ye're ppr?

    No. You calculate the gain over the full period and then give pro-rata relief for the PPR period.


  • #5
    sleepynight
    Registered Users, Registered Users 2 Posts: 1 ✭sleepynight


    Just for discussion before I get tax advice on our CGT

    Original home in Wicklow, 1 June 96 54,000 Irish pounds
    second home midlands purchased 7 Nov 02 ,

    selling Wicklow home to relative this month.
    we lived in Wicklow home fully for 7 years,
    I (male) had to live and work in Wicklow as part of my job requirements so spent week there and weekends in midlands home,

    now available to sell.

    My dependent father and his partner lived in Wicklow house fully for 2 years before he passed away

    here are some of my rough calculations.

    note : Im selling the house to a relative for 250,000K market value is 320,000K

    Wicklow 7 as PPR years
    Sale after 21 years
    Allowance (7+1)+(2 years dependent relative) / 21 = 48%

    Market Value €320,000
    Cost Wicklow €68,580
    Fees €1,270 (original and more to calculate)
    Index 1.251
    Value €87,509 for original cost purchase
    improvements €19,100 ???? attic, insulation, windows driveway etc ... do i need proof?
    Contents sold with house €5,000 ???? do i need proof

    Total allowable for wicklow €111,609

    Sale (market value) €320,000
    Profit €208,391

    Chargeable CGT 52% (100% - 48%)

    Chargeable Tax €109,157.19
    Tax at 33% €36,021.87

    Tax Payable €36,021.87

    trying to reduce this more and I know selling costs can be taken into consideration,
    can I take mortgagte interest into account for the years its not our NPPR.??

    note we did not rent out home as I needed to live and work in home during the week as it was a job requirement to live near Dublin for servicing our customers.

    thanks for looking and any constructive comments are more than welcome


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