Transfer principle primary residence to new house

Muppet Man

We Currently own and live in our primary residence.

Our new house is built and we want to now move in to this new property as our principle primary residence.

The new property is already listed on the revenue LPT website under my profile, along with my current primary residence.

We will not be selling our current residence, so it will become a non principle primary residence.

I've googled and can't seem to see where / how to make the new house my primary residence and my current house a secondary Non principle primary residence. Anyone know the process?

Thanks

Muppet Man

I don't think there is anywhere to register your PPR. Utility bills, postal records, changing your address on Revenue MyAccount would be sufficient evidence of your PPR I'd expect.

You could always send a MyEnquiry to Revenue to inform them of the change and ask them to change your address on record.

Geuze

Whereever you live is your PPR.

To make the new house your PPR, move into it.

There is no official register of your PPR.

Muppet Man

Thx folks... that's simple and helpful.

Seth Brundle

If I'm not mistaken and you plan on selling the house you currently live in then you may be subject to CGT if you move into the new house before the sale

Muppet Man

Ya, that's my understanding too and I've taken that into account... thx.

JVince

https://www.boards.ie/discussion/comment/122389540#Comment_122389540

Totally incorrect.

You have 12 months to sell before becoming liable for any CGT.

If you rent it, then the CGT calculator starts on the first anniversary of it no longer being your PPR and then it is on a pro rata scale.

So if it was PPR for 9 years and then rented for 6 years before selling. Then 5 years become accountable for CGT.

Total ownership 15 years. CGT 5 years. CGT 30% of 1/3rd of the gain.

So if value increased 300k net in 15 years, CGT would be 30k on above example

Muppet Man

Good info.

Muppet Man

Thx @jvince - WOuld the same apply if I rented a room in my current old house) as a landlord rent a room scheme?

DFB-D

https://www.boards.ie/discussion/2058359994/transfer-principle-primary-residence-to-new-house

You need to nominate a PPR if you have more than one residence, within 2 years of obtaining the additional residence. Otherwise, a determination can be made on which property is your PPR for the time period.

This can be initiated through my enquiries on ROS or Revenue online.

DFB-D

Rent a room scheme does not impact PPR relief.

But if you don't reside in the old property whilst renting the room - ROR will not apply