CGT and ppl resid

J

jeanhib

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hi- sold a house in 2008. Had lived there when first bought but moved out after a few yrs. Rented it then . Always declared rent etc. When calculating cgt i apportioned period of ownership between time i lived and time i rented out the house and applied tax on period i was rented. Just got assessment for the full amount and got awful fright- 2 queries;1 Am i right to apportion the 80 mths of ownership and claim exemption on time it was occupied by me / 2. how best to present case to revenue- a letter setting out my pattern of occupation ? full computation ? advice please !
 
Did you specifically claim the reduction for PPR relief on the return when filing ? It soulds like an error, if you do not complete the boxes properly you could be charged in full. If you have a copy of the submission check it and see. You can contact them and have it amended if there is an error.
 
I did the return as part fo form 11 and don't think there was a box to tick. I simply put in Gross Gain 55k and Net gain 25K ( calculated per apportionment) but never sent in my full calculations or apportionment account. I did refer to the apportionemnt in my covering letter but it would appear they did not refer to this as no mention was even madfe of it. Not sure what way to revert to them-by letter referring to my previous covering letter ? Send in my full calculations or maybe just the apportionment part of same dealing with oeriod of ownership. Their correspondence asks for payment pending appeal- reluctant to pay this....
 
Box 805(a) on the manual F11 is for PPR relief. There is a similar part on the ROS F11. I think in first instance a phone call to number on the assessment, explain the problem and they will guide as to how best to correct. You could also reduce possible late filing interest by paying what you believe will be the ultimate correct amount. I'd ring them first thing Monday.
 
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