CAT Dwelling house clawback

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I own a house that I received as a gift, CAT exempt as I had lived in it for over three years before date of gift.

I understand that I need to occupy it for 6 years to ensure exemption, but I can sell the property as long as I directly replace it with proceeds of sale, and as long as I occupy replacement property I have gift remains CAT exempt.

Query I have is does anybody know does replacement property have to be entire value of sale price, or entire value of gift valuation.

Eg receive gift in 2014, house in poor condition valued at €150k - I spent €50k on it, combined with a rising property market house in good condition now valued at €250k.

If sold for €250k do I have to spend €250k on new property to ensure relief applies or a minimum of €150k?

I would obviously get professional advice before committing to sell, but just toying with the idea of selling now, so wondered had anyone come across this scenario in the past.
 
Thanks, that's my reading of it too, but it is ambiguous enough that somebody might have knowledge of an actual case.
 
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