Folks,
I've read the revenue dox and the FAQ here but still need some clarification.
I've bought a new house as my new PPR and am planning on renting out my current PPR. I'd like to know how I specify the current cost/value of my PPR at some stage in the future when/if I sell.
Should I get a property valuation now or is it done on some sort of trust system (as in the house nextdoor sold around the same time for X).
Also is the value calculated at time of first letting or 12 months later (to take into account eh 12 month grace period one has to shift the a PPR before it becomes liable for CGT)
Thanks in advance,
Noob.
I've read the revenue dox and the FAQ here but still need some clarification.
I've bought a new house as my new PPR and am planning on renting out my current PPR. I'd like to know how I specify the current cost/value of my PPR at some stage in the future when/if I sell.
Should I get a property valuation now or is it done on some sort of trust system (as in the house nextdoor sold around the same time for X).
Also is the value calculated at time of first letting or 12 months later (to take into account eh 12 month grace period one has to shift the a PPR before it becomes liable for CGT)
Thanks in advance,
Noob.