Capital Gains ?

[DeFinn]

Buying a good apartment in good location.

Selling house which I lived in for 10 years, was sale agreed, but fell through, house not sold or even sale agreed since then.

Have been forced to get a large 90% mortgage on apartment, and top up on existing house mortgage to help cover purchase. Its rough but still easier than a bridging loan.

Question is, if I move into apartment and it becomes to all extents and purposes my primary residence , will there at some stage be tax implications for when I eventually, god willing in the current market, sell my house, capital gains, anything like that ?

 

[Satanta]

You may only have one PPR, so as you rightly say once you move from your house to the apartment, the house will no longer be a PPR.

At this point you should ensure you no longer claim TRS on the house (and instead claim it on the apartment).

You have 12 months in which to sell the house so that it would still be considered a PPR for CGT purposes. (Full info can be found on the CGT documents on the revenue site, or by looking through previous threads on AAM)