If it is your PPR and was never rented out then no CGT liability arises.powernap said:If i sell 2003 property i know i wont pay CGT as it is my PPR. Do i pay any tax for the profit which will be made?
Only if you actually move into it.Does the 2006 property then become my PPR.
If it is/was ever rented out then some portion of any eventual resale gain will be assessable for CGT. For example if you rented it out for a year and then moved into it as your PPR and sold it 5 years later then 1/6th of any gain would be assessable for CGT.If so can i sell that without paying CGT?
I am under the impression that it does not matter if it was rented out or not. If there was a period in which you owned it but had another PPR then you will have to pay that portion of the CGT.ClubMan said:If it is your PPR and was never rented out then no CGT liability arises.
jpd said:I suspect that, if you changed house every 6 months and managed to make a gain each time, the Revenue would not take a kindly eye to you claiming PPR reflief each time.
There would come a time when the tax man would say that you were conducting a business (buying and reselling houses) and would ask for his cut. I do know of someone who is under threat of that at the moment.Howitzer said:I see no reason why. You'd probably be incurring a rather large stamp duty charge on each transaction, not to mention estate agent / legal fees. If you're still making a profit after that then fair play to you.
The stamp duty that you do pay would in all probability be much larger than any possible CGT liability over such a short period.
landlord said:From the Irish independent today the 19th May page 6 Edel Kennedy's article (House prices Soar by 14pc), she quotes from David Duffy of the ESRI "The view has been that prices wont grow at quite the same rate in the next 12 months, but we're still talking of growth in the region of 10pc".
landlord said:Everyone is giving advice on the best way to sell and the tax implications, I am surprised no one has suggested holding on to both properties for a while longer, at least till the SSIA fuel is exhausted. From the Irish independent today the 19th May page 6 Edel Kennedy's article (House prices Soar by 14pc), she quotes from David Duffy of the ESRI "The view has been that prices wont grow at quite the same rate in the next 12 months, but we're still talking of growth in the region of 10pc".
Well a forcast of 10pc in the next 12 months, the SSIAs and my gut instincts are more than enough for me to hold on to my investment properties for the short term. I would suggest if your property is in a desirable area and rental demand and capital appreciation are good then think twice about selling for a while. "Powernap"....How much would a 10pc increase add to the value of your 2 properties??? I am still riding on the back of the wave my self, but the truth is I dont know for certain how much energy it has left........??
jpd said:I have heard that 6 months occupation would be a minimum to qualify for PPR relief
There's a feeling amongst the 'experts' on here that the SSIA's have been spent already, that the with the impending SSIA boom as predicted by da meeja, people went out and purchased early, borrowing more on the strength of the ssia, this is one way of explaining the irrational increase in prices in the past 6 months.I am surprised no one has suggested holding on to both properties for a while longer, at least till the SSIA fuel is exhausted
Glenbhoy said:There's a feeling amongst the 'experts' on here that the SSIA's have been spent already, that the with the impending SSIA boom as predicted by da meeja, people went out and purchased early, borrowing more on the strength of the ssia, this is one way of explaining the irrational increase in prices in the past 6 months.
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