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Capital Gains Tax

Woshy · 2019-03-07 16:09:52

Does anyone have any experience with CGT? We are about to sell our property. We will have owned it for 4.5 years by the time it goes on the market. 3 of those years we lived in it as our residence, 18 months it was let to tenants. Am I right that we are liable for CGT? It's my understanding that we may get partial relief…

07-03-2019 4:09pm

#1

Woshy

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Does anyone have any experience with CGT?

We are about to sell our property. We will have owned it for 4.5 years by the time it goes on the market. 3 of those years we lived in it as our residence, 18 months it was let to tenants.

Am I right that we are liable for CGT? It's my understanding that we may get partial relief for the years we lived there. I will contact Revenue when things start moving (urgh) but just thought I'd see if anyone has been through a similar situation.

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Comments

#2 07-03-2019 7:41pm

Marcusm

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The solicitor handling the sale should be able to handle this fairly simply. Broadly you will be taxed on 1/9th of any gain arising (less any available exempt annual amount) based on the facts but you should take advice from the solicitor.

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