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CGT on property transfer

  • 17-09-2016 9:22pm
    #1
    wasnotwas
    Registered Users, Registered Users 2 Posts: 26 ✭


    Hi everyone. I am hoping someone can help shed some light on a CGT issue for me. Il try keep this as simple as possible but can provide more information as required. I'm am currently in the process of transferring a house I bought with my ex partner (not married) into my sole name (finance approved). The process was near completion until her solicitor mentioned that her client would be liable for CGT due to the transaction and this is delaying things. I am not sure if the transaction gives rise to a CGT liability.. Details as follows: house OMV 265k, (30% affordable discount) purchase price €185,500. Redemption figure (current mortgage outstanding) €166,000, current valuation €200,000.


Comments

  • #2
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,430 CMod ✭✭✭✭Pawwed Rig


    Would PPR relief not apply? If not then I would be listening to the professional here.


  • #3
    Timbo1987
    Registered Users, Registered Users 2 Posts: 52 ✭✭Timbo1987


    I'd get professional tax advice here. No offence to solicitors but they are not tax advisors. In my opinion there will be minimal CGT. Current value 200k less cost of 185k is profit of 15k. Your half is exempt for PPR, her half exempt for PPR for 2\6 years. So 15k * 50% is 7.5k *2\6 is 2.5k *33% CGT is 825 tax. That's my 2cents anyway


  • #4
    Lockedout2
    Registered Users, Registered Users 2 Posts: 402 ✭✭Lockedout2


    Is there a clawback of the affordable discount?

    https://www.housingagency.ie/housing-information/home-ownership/living-in-an-affordable-home.aspx


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