Reinvesting proceeds of PPR sold as part of a divorce

Calahonda52

What are the rules for the treatment of the sale proceeds on foot of selling the PPR as part of a divorce.
eg:
net proceeds after repaying bank etc 600,000

so 300,000 each.
Does it all have to be reinvested to avoid CGT?
Thanks as always.

ps: is it any different if its just a separtion agreement?.

Stratvs

Would the disposal of the PPR not be exempt from CGT anyway provided it has been the PPR throughout period of ownership ?

http://www.citizensinformation.ie/en/money_and_tax/tax/capital_taxes/capital_taxes_following_separation_or_divorce.html

https://www.revenue.ie/en/gains-gifts-and-inheritance/transfering-an-asset/cgt-exemptions.aspx

thegolfer

Calahonda52 wrote: »

What are the rules for the treatment of the sale proceeds on foot of selling the PPR as part of a divorce.
eg:
net proceeds after repaying bank etc 600,000

so 300,000 each.
Does it all have to be reinvested to avoid CGT?
Thanks as always.

ps: is it any different if its just a separtion agreement?.

PPR Relief should cover the gain in the first instance, and so no tax payable.

I would think that as it's being disposed of to a third party, and not either of the spouses, then normal cgt rules apply.

Calahonda52

thegolfer wrote: »

PPR Relief should cover the gain in the first instance, and so no tax payable.

I would think that as it's being disposed of to a third party, and not either of the spouses, then normal cgt rules apply.

https://www.revenue.ie/en/property/selling-a-house/index.aspx

seems to suggest no CGT, however I thought there was some timescale for reinvestment, maybe its old age!

thegolfer

Calahonda52 wrote: »

https://www.revenue.ie/en/property/selling-a-house/index.aspx

seems to suggest no CGT, however I thought there was some timescale for reinvestment, maybe its old age!

So long as the house has met the PPR Relief conditions, then the gain is exempted, and neither a gain or loss arises.

There was old rollover relief, reinvesting the proceeds, which has ceased a number of years ago.

Calahonda52

thegolfer wrote: »

So long as the house has met the PPR Relief conditions, then the gain is exempted, and neither a gain or loss arises.

There was old rollover relief, reinvesting the proceeds, which has ceased a number of years ago.

Yes that what it was: many thanks. I did this stuff in '87

Case closed!