Do We Have to Inform tax office of House Sale?

[roker]

I am a pensioner and do not pay tax because I am under the taxable limit (my wife and self)
If we sell our house (principle residence no other property) I know we are exempt from tax, but do we still have to inform the tax office?

 

[Mrs Vimes]

Hi Roker,

yes, you have to submit a form CG1 before the end of October and claim PPR relief.

 

[T McGibney]

Hi Roker,

yes, you have to submit a form CG1 before the end of October and claim PPR relief.

??

The deadline for Form CG1 is 31 October in the following year of assessment, ie 31/10/13 for a 2012 transaction

 

[oldnick]

I thought one submits CG forms only when there is any gain that is liable to be taxed -or whether there is an allowable loss

 

[T McGibney]

You won't get hanged for failure to file if your liability is nil, but in recent years Revenue have gotten fond of writing to PPR vendors noting that they have made a disposal and requesting a CG1 submission within 14/21 days. Hence it makes sense to file as a matter of course in order to head off later queries.

 

[roker]

It's hardly capital gains when I am getting about half of what I paid for it 7 year ago

 

[Jonny]

Thats not the point You still have to file CG1 to claim PPR releif & establish A NIL liability

 

[Mrs Vimes]

Sorry, meant to say October next year.

The return will of course show a Capital Loss in your case, and you can't even set it against a gain because it's PPR. :-(

 

[Bronte]

in recent years Revenue have gotten fond of writing to PPR vendors noting that they have made a disposal and requesting a CG1 submission within 14/21 days. .

Where do they get the information that one has sold?

 

[Leaky1]

Where do they get the information that one has sold?

CGT clearance cert is needed for sales over €500k so theyd have info from there. Other than that I guess stamp duty records and people simply advising of a change of address.