CGT on apartment sale

P

Pinkpearl

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I purchased an apartment in August 2001 for €190,450 with purchase fees of €1,760.
It was my principal residence until December 2010 and has since been rented.
I am strongly considering its sale for an estimated €320,000 and wonder about my CGT liability.

Purchase price €190,450
Fees 1,760
Capital expenditure 10,000
Indexation
PPR - 9 years & 4 months = 112 months
Total time of ownership
by sale date = 18 years
Sale costs estimate 7,000

Just wondering if I could check my liability.
 
Cost of acquisition = 190,450+1,760 = 192,210 x 1.087 (indexation coefficient) = 208,932
proceeds of sale = 320,000 - 7,000 = 313,000
gain = 313,000 - 208,932 = 104,068
length of ownership = 18 years = 216 months
PPR relief = 112 + 12 (last 12 months of owenership) = 124 months
Relief for PPR = 104,068 * 124 / 216 = 59,742
Taxable gain = 104,068 - 59,742 = 44,326
Annual relief 1,270
Tax = (44,326 - 1,270) = 43,056 x 33% = 14,208
 
Did you pay stamp duty on purchase.
Hope you have been making an annual return of profit from rental income for tax purposes
 
There was no stamp duty payable as the purchase price was just below the threshold.
I have been making tax returns ever since it has been rented so up to date in that respect.
The capital expenditure I am referring to is the tiling and upgrading of a bathroom, the fitting of a new kitchenette and the laying of wooden floors throughout, all of which were done in 2002. Can I claim an allowance for these?
Can I deduct the fees of the sale which I estimate at about €7,000 from the tax due?
 
Fees of the sale - yes, the gain is calculated on the net proceeds

Capex of 10,000 - I don't know
 
I have good clarity now on what CJT would be liable and will look into the capex, thank you.
I just need to put more thought into whether I am choosing a right time to sell with Brexit looming. I am not in a rush to sell but it is our hope to sell the apartment and our current home to buy a bigger house.
 
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