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Capital gains tax

  • 15-03-2018 6:26pm
    #1
    ame123
    Registered Users, Registered Users 2 Posts: 9 ✭


    I understand there is no capital gains tax on your ppr. Does this depend on how long you own a house. - can you sell a house you only just own? Also is inflation allowed when calculating capital gains? Presumably expenses incurred are allowed.


Comments

  • #2
    Peregrinus
    Registered Users, Registered Users 2 Posts: 26,998 ✭✭✭✭Peregrinus


    ame123 wrote: »
    I understand there is no capital gains tax on your ppr. Does this depend on how long you own a house. - can you sell a house you only just own? Also is inflation allowed when calculating capital gains? Presumably expenses incurred are allowed.
    Yes, you can sell a house that you have only just bought. As long as it was your principal private residence while you owned it, it will qualify for the PPR exemption. However the question may be academic; if you buy a house and then sell it again very quickly, there may not be much of a gain.

    Inflation used to be allowed for in computing capital gains, but that was withdrawn on 31 December 2002. If you dispose of an asset which you acquired prior to that date, you still get indexation relief up to that date, but not afterwards.

    The expenses of the purchase and the sale of the asset are deductibel in computing your capital gain - professional fees, stamp duty, that kind of thing. But the expenses of owning the property - maintenance, insurance, rates or local property tax (if applicable) - are not deductible.


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