Capital Gains & renting

[Cuppa]

I have been getting conflicting answers on the question of paying Capital gains: I am hoping to sell my primary residence and move to Dublin, at the moment we cant sell our own home so we are going to move into rented accomodation in Dublin I am hoping to then rent out our home until we sell as the cost of rent in Dublin is so high to pay on top of our mortgage can anyone tell me the facts regarding the following:
Do I loose the exemption from capital gains once I rent out our home even if we sell within the year?
How much tax do I pay on any rental income I get for my own home?
I am moving to Dublin and will be paying rent there can I claim Tax relief on the rent in this house? If I claim tax relief does this effectively inform the Tax office that I am not in my Primary Residance and thus lose any exemption on paying Capital gains Tax.
Have looked it up on revenue website but still not sure and still need to make the move.
Any advice appreciated.

 

[ClubMan]

Do I loose the exemption from capital gains once I rent out our home even if we sell within the year?

If it is rented and sells within 12 months of vacating it as your PPR then I believe that you are still exempt from CGT. But others have said the opposite here on AAM so it is not 100% clear.

How much tax do I pay on any rental income I get for my own home?

See the Property Investment FAQ, key posts and many existing threads on renting out a former PPR.

I am moving to Dublin and will be paying rent there can I claim Tax relief on the rent in this house?

Yes.

If I claim tax relief does this effectively inform the Tax office that I am not in my Primary Residance and thus lose any exemption on paying Capital gains Tax.

See above.

Obviously if the property ceases to be your PPR you cannot continue to claim owner occupier mortgage interest relief.

You probably should get professional advice before making any decisions.

 

[Cuppa]

yes! the more I hear the more confused I get. Who does one go to professionaly for this kind of advice solicitor, accountant or financial adviser ? Would it be appropriate to speak with Revenue directly? Any suggestions? thanks for your help though re above and no we will not do anything until we are clear.

 

[ClubMan]

I presume that an accountant (with good tax knowledge) or a tax advisor should be able to help. You can talk to Revenue directly but they only dispense information (and not always accurately!) and not advice.

 

[Cuppa]

Thanks again!