Unlikely. Given that gains from the sale of a PPR don't attract Capital Gains Tax, it's highly unlikely that any loss could be subsequently offset against a future capital gain.Hi. A capital loss can be offset against a capital gain in future years. So you can offset your loss against future profits from property or shares.
Actually, a loss on PPR can be offset/carry fwd against other CGT liabilities.
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Hi Leaky
Can you quote an authoratitive source for this? For example, a link to a Revenue document which says this.
Brendan
Hi Leaky
I don't think you are correct.
If you live in your home as your PPR for the entire period you own it, you cannot use the loss for CGT purposes.
However, if you let the home for 50% of the time you own it, you can claim 50% of the losses. Could this be what you are thinking about?
So, if your first step in calculating PPR relief is to establish the gain then if you make a loss on the sale of the property surely you do not need to proceed any further in the calculation - you have made a loss.
The loss itself would need to be a monetary loss. If indexation is used to arrive at a 'loss' figure then this is not an allowable loss as it is a no gain/no loss situation. Simply put, I think that if you buy a house for 300,00k and sell it for 200,000k then you have made a monetary loss of 100,000k.
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