Capital Gains Tax

[backfromoz]

Myself and my husband bought an apartment in 1998 which we lived in for 3 years. We then migrated to Australia in 2001. From 2001-2003 the property was not rented. It has been rented for the last 3 years ( so 3/8 years we received a rental income). We have just moved back from Australia and are renting ourselves. We plan sell the apartment and buy a house in a years time.
Are we liable for CGT on
a)the full amount or
b)for the porportion of time it was rented out?
c)The porportion of time we havent lived in it?

 

[ClubMan]

I am assuming that your are tax resident in Ireland and subject to Irish CGT. As far as I know you are liable for CGT on 50% of any gain in respect of 4 of the 5 years that it was not your PPR (the first year following vacation of your PPR is exempt) even though it was only rented out for three of the four years.

 

[backfromoz]

We just got back this week so are not resident for tax purposes this financial year.However it is unlikely we will sell until the next tax year.Would this make much of a difference?

 

[ClubMan]

Revenue guide CGT1 outlines the tax treatment of people with different residency/domicile status. I suspect that you should probably get independent, professional advice about this especially to optimise your tax planning.