Cgt

[wonky]

If I moved out of my ppr in August 2007, and it was then rented out, if I decided to sell would I be liable for CGT.

I have seen in another thread that the only "exemption" available is for the final 12 months of ownership, where a property can be considered as a PPR even if it is an investment property.

So if i decide to sell it now (less than 12 months) but it doesn't get sold for a few months (more than 12 months) am I liable for CGT?
If so, what would it be? i.e. would it be from the time after the 12 months to when it was sold?

 

[ClubMan]

If I moved out of my ppr in August 2007, and it was then rented out, if I decided to sell would I be liable for CGT.

You may be. For example if you bought in 2004, lived there until 2007 and then rented it out until 2011 at which point you sold it then this is 7 years ownership, 3 of which as PPR and 4 of which as a rental property so (4-1)/7 = 3/7 = c. 43% of any total gain would be assessable for CGT.

If you owned it for less than 2 years before renting out then a clawback of stamp duty would also apply.

I have seen in another thread that the only "exemption" available is for the final 12 months of ownership, where a property can be considered as a PPR even if it is an investment property.

There is still a bit of a question mark over this exemption in a case in whic the property is rented out as opposed to just taking more than 12 months to sell after vacating it as your PPR. I think the exemption does apply but others do not. And I am not a tax expert so get professional advice.

So if i decide to sell it now (less than 12 months) but it doesn't get sold for a few months (more than 12 months) am I liable for CGT?

Yes - same approach as outlined above applies.

If so, what would it be? i.e. would it be from the time after the 12 months to when it was sold?

No - the capital gain between when it was rented and sold is irrelevant. It is some portion of the TOTAL gain from acquisition to disposal which is relevant/assessable.

 

[WaterSprite]

I'm not 100% sure about whether CGT arises but, if it does, you would apportion the gain since you bought the house against the proportion of time you had it as a PPR vs "investment property". So if you bought the house in August 2004, moved out in August 2007 and sold in August 2008 and the difference in the house price (ignoring indexation) was €100k, then your gain would be €25k (1/4 of €100k). From what I gather from other posts on this topic, the difference in rate of increase over the years (e.g. the €100k gain may have occurred prior to August 2007 and house price may have remained static since) is not taken into account.

Sprite

p.s. posts crossed with clubman