capital gains

hi there...ive owned my house for about 8 years..my house presently has an equity of about €70,000 in it..i bought it in 2001 for €106,000..theres €81,000 left on the morgage.. its worth about €160,000 now and im thinking of renting it out...ive read an article which says if i do rent it out when it comes to selling it id have to pay capital gains on it...does anyone know how this works ?...for example would i have to pay capital gains on the any price gain just from when its rented or on its total value as it stands ?..any help on this would be greatly appreciated..many thanks.

You would have to pay captial gains based on the original purchase price not on the price at the time of rental.

However you get 12 months grace from CGT from the time of rental plus the time that the house was your PPR (8 years in your case). So for example, if you rented it for 10 years from now and sold it in 2019 then you would pay capital gains on the selling price minus the original purchase price in 2001 x 9/18.

Hi TRipley...thats cleared it up for me......thanks a million for taking the time to reply...regards and thanks.