Form 11 - Chargeable Assets

freelancerTax

hi
i am doing my income tax return for 2017 - i am confused on the Chargeable assets section.


in 2017 my girlfirend and I (not married yet) bought a house (PPR for both) together where i contributed 75% of the price and my girlfriend contributed 25%.



how do i have to decalre this in the chargeable assets section?

* Do i put the amount i paid (75%) under "Residential Premises" and put the number of assets at 1 - and my girlfriend does the same (only at 25%) on her form?

* do we put the full amount the house cost on both returns?

* one of us puts the full amount of the house and the other puts nothing?




thanks
FT

wiggle16

Your home is not a chargeable asset. Leave chargeable assets blank if you do not have a chargeable asset.

freelancerTax

hi wiggle
thanks for the reply, how do revenue define a chargeable asset then? (in laymans english, i dont get their description)



thanks

wiggle16

I don't know how Revenue define it specifically. However, a chargeable asset is any asset upon which capital gains tax may be due upon disposal (ie, you'd be liable for CGT on it when you sell it). You are not liable for CGT when you sell your home, your car, etc and so they are not chargeable assets. If you own a commercial property, or a share in same, for example, then you would list it in the CA section of the F11. In your case, leave it blank.

freelancerTax

ok great wiggle

i will leave it blank so


thanks
ft