Capital Gains Tax on House

[kwoods]

A number of questions:
1. If the house is your only property(say bought in 1997 ) but you are only living in it part time, is it regarded as your PPR for cgt purposes up until you acquire another property?
2.If you then buy another property (say bought in 2001) in which you live most of the time but reside in the original property for the other period of time, (say 1/3 of time) is the tax liability if you sell the original property calculated on basis of value of property in 2001(say 100,000) subtracted from value in 2014(say 400,000) equalling 300,00 less 1/3 equalling 200,00 at current tax rate.
3. Can historical share losses be set against capital gains on house sale.

 

[jpd]

Answers or rather more questions
1. What do you mean part time? You can only have 1 PPR at a time - it would generally be determined by occupancy
2. See Q1 above - the calculation of capital gain is based on disposal price - acquisition price. The fact that the price went up and down in the intervening years is of no consequence. You can offset part of the capital gain on selling a PPR - depending on the amount of time it was your PPR compared to your property.
3. Yes