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CGT PPR exemption

  • 22-08-2019 1:36pm
    #1
    boccers
    Registered Users, Registered Users 2 Posts: 196 ✭✭


    I know that there is a PPR exemption on CGT from the disposal or a property and this is apportioned if the property is not your PPR for the full term of ownership but one thing I cant find anywhere relates to the final 12 months. It states the following on the Revenue website:
    "If you have not lived in the house as your only or main home for all the time that you have owned it, PPR Relief may also be restricted. However, you will be regarded as having lived in the house for the last 12 months that you have owned it for the purpose of PPR Relief. This is to allow for the situation where you have moved into a new home, but are still trying to sell your previous home."
    I know that you can only have one PPR at any time so if you are selling a second house that used to be your PPR but isn't anymore does the house you are selling still become your PPR for the final 12 months and does that mean the house you actually live in is not your PPR anymore or can you have both as your PPR in this situation? Replies would be much appreciated.


Comments

  • #2
    davindub
    Registered Users, Registered Users 2 Posts: 1,447 ✭✭✭davindub


    boccers wrote: »
    I know that there is a PPR exemption on CGT from the disposal or a property and this is apportioned if the property is not your PPR for the full term of ownership but one thing I cant find anywhere relates to the final 12 months. It states the following on the Revenue website:
    "If you have not lived in the house as your only or main home for all the time that you have owned it, PPR Relief may also be restricted. However, you will be regarded as having lived in the house for the last 12 months that you have owned it for the purpose of PPR Relief. This is to allow for the situation where you have moved into a new home, but are still trying to sell your previous home."
    I know that you can only have one PPR at any time so if you are selling a second house that used to be your PPR but isn't anymore does the house you are selling still become your PPR for the final 12 months and does that mean the house you actually live in is not your PPR anymore or can you have both as your PPR in this situation? Replies would be much appreciated.

    No, it's a deemed period to calculate the relief. You should get someone to calculate this for you!


  • #3
    boccers
    Registered Users, Registered Users 2 Posts: 196 ✭✭boccers


    davindub wrote: »
    No, it's a deemed period to calculate the relief. You should get someone to calculate this for you!

    I can calculate it no problem I just need to know should the last 12 months be added to the time where it was PPR or not. Will be going to an accountant anyway but just wanted to know to have an idea of how much will be due.


  • #4
    davindub
    Registered Users, Registered Users 2 Posts: 1,447 ✭✭✭davindub


    Yes add the last 12 mths.


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