capital gains tax on house

[Little Sparrow]

I bought a house 3 years ago and i want to sell it but i was told that i will have to pay cgt on it if i dont own it for 5 years.

Is this the case?
Many thanks

 

[Gordon Gekko]

I bought a house 3 years ago and i want to sell it but i was told that i will have to pay cgt on it if i dont own it for 5 years.

Is this the case?
Many thanks

Assuming you’re in Ireland...

If it’s been your home, no CGT arises.

If it was not your home, CGT arises.

The 3 / 5 year thing is a red herring either way.

 

[Little Sparrow]

Thanks for the quick answer.

 

[srase]

If it is not your home you might also check if it was purchased before the 31st December 2014. There is a cgt relief for properties purchased between December 2011 and December 2014. Originally the properties had to be held for at least 7 years but this was reduced to 4 years in Finance Act 2017.