CGT on unoccupied family home

T

tommycronin

Registered User
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Hi

I would be very grateful if someone could answer my query.

My family and I emigrated in August 2012 and we locked up the family home behind us.

I intend to return to Ireland in January 2015 to live in a new house in a different part of Ireland and with the intention selling the old family home.

The old family home cost circa €30,000 to build back in the early nineties and is now worth circa €250,000.

I would like to know what percentage of the home would be subject to CGT, I am aware up until we emigrated we would have been exempt from the tax.


Thank you in advance for your time.
 
Exempt proportion = (Period of occupation + last 12months of ownership) / total period of ownership.
 
Just that, that's how you calculate it. Look it up in the guide to CGT on revenues website. It's called CGT1 - google it, find the PPR relief bit, read it and come back if you're not clear on it.
 
Bronte said:
If your ownership was 10 years, you can count it as 11, because they allow an extra 12 months ownership under the rules.
Click to expand...

Sorry to be pedantic but how could the ownership be 11 years if they owned it for 10.

Its the period of occupation plus 12 months. So if they owned it for 10 years but occupied it for 5 years then the Principal Private Residence Relief will apply to 6 years.
 
No you're right Joe, I should have said occupation. It's a good thing for an accountant to be pedantic.
 
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