Capital Gains Tax and sale

T

taxman22

Guest
hello. First time poster, long time reader! My turn now for a question!

Myself and my partner (we're not married yet) sold our house (our first and only home, we were both FTBs) but because of market conditions have postponed purchasing another house until we see how the market plays out.

Therefore we have a cheque from the profit of our sale sitting in our account and are unsure of the tax implications.

we bought that house 3 years ago and it has been our PPR. we never rented rooms out or anything like that, it was our own home. Are we liable for any CGT? How do we clear it up with the Revenue or indeed prove it? do we have to file a return either way?

Thanks for your help!
 
taxman22 said:
we bought that house 3 years ago and it has been our PPR. we never rented rooms out or anything like that, it was our own home. Are we liable for any CGT?
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No.
How do we clear it up with the Revenue or indeed prove it? do we have to file a return either way?
Click to expand...
No - your PPR is CGT exempt and there is no need for a return.
 
Is there not an implication for claw back of stamp duty - where PPR which
was exepmt for FTB purposes sold on within 5 years?
 
No - only if it is rented out within 5 years. Not if it is sold. A lot of people seem to confuse the two and assume that even selling within 5 years triggers the clawback. It does not unless the property was rented (other than under the rent a room scheme).
 
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