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Selling Property advise CGT and PPR

  • 22-01-2025 02:14AM
    #1
    BE4E
    Registered Users, Registered Users 2 Posts: 5 ✭


    Hi all, I bought a house from my Dad back in 2011. This is the only property I own and have owned. Lived in it till end of 2017 and moved to NI. Started renting it out in late 2018.

    I'm now selling the property, tenant has been out since last October and we started the sales proceedings which will hopefully close soon. I have a buyer and we're organising bank deeds and contracts.

    I have some questions around how and when do you declare your ppr/cgt and when it's paid. When I moved into the property I never thought about this issue, so I left a lot of bills like ESB in my dad's name and revenue letters going to my parents house. I've a mix of bank/credit card statements and payslips going to the house I'm selling and my parents house during the time it was my Ppr. I have some receipts of TV license, bin payments over the years.

    1. I work out capital gains based of the percentage of time I didn't live in the house? Plus 1 year extra if ppr before sale.
    2. When do I need to pay CGT? After I get the funds from solicitor and before end of Oct this year? Or do I pay before receiving from the solicitor?
    3. Do I have to fill out some kind of proof application for PPR? What do I need for this if so?

    I guess I'm just not sure of what happens next once contracts are signed and if I need to get anything ready so as to not slow things down.

    Thanks

    Tagged:


Comments

  • #2
    3DataModem
    Registered Users, Registered Users 2 Posts: 4,192 ✭✭✭3DataModem


    1. Pretty much yes. It might be worth a chat with an accountant, they might save you more than they cost.
    2. The dates are pretty well laid out: if you close before 30 November any CGT is due by 15 December in the same tax year, if you close during the month of December any CGT payment is due by 31 January in the following year. So the best day to close is 1st January, as you don't have to pay tax for 11.5 months, the worst day is 30th November, as you have to pay in two weeks.
    3. The revenue might query it, but as long as you are being pretty honest, it won't be a problem.


  • #3
    Claw Hammer
    Registered Users, Registered Users 2 Posts: 6,967 ✭✭✭Claw Hammer


    You need to look into this carefully. Cgt becomes due on the signing of the contract, not the closing.
    there are some exemptions if you are working abroad and can't live in the property. Better get a tax adviser, not an accountant.



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