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Capital Gains Tax

  • 12-01-2023 6:16pm
    Registered Users Posts: 607 ✭✭✭

    A tricky question.

    We built a house in 1999 for £100,000 including the site. About 2012 we bought a new site out of town but were delayed building on it as there were legal issues regarding access (not important). Our original house was 3 stories with balconies and big windows that opened onto the street. At this stage we had three kids, newly born, 2 and 4. We decided it was very dangerous house for the kids and we moved out until our new house was ready. We sold the house in 2017 for €300,000, building the new house with the money we got from our original one.

    We got a letter today from the revenue to say they were doing a random check on us. They say that as we were not living in our original home directly before we moved to our new home then it was not our PPR and we are subject to CGI. The could be a significant amount of money.

    Are revenue correct?

    (figures & dates are approximate).


  • Registered Users Posts: 267 ✭✭Dslatt

    double post

  • Registered Users Posts: 1,641 ✭✭✭dennyk

    If you moved out of the house in 2012 and didn't sell it until 2017, then it was not your PPR during that time and you will owe CGT, but you'll be able to claim partial relief for the years that it was your PPR, plus the last 12 months of ownership before it was sold (as that last year is deemed eligible for PPR relief even if you weren't actually living in the property during that time, as long as the property was your PPR at some point beforehand). See this document for all of the details and some examples of how to calculate your partial relief.