D
dreamer
Guest
During the coming months I will be moving to live abroad and am unsure whether or not it is beneficial to sell my home in Ireland, wait but don't let it out or let it out.
I bought a house in 2001 for £169,000 (€214,585?) which is now estimated to be worth €350,000. I had to pay stamp duty at the time as it was a second-hand home when I bought it, so I didn’t get the first-time buyers grant. It has constantly been, and will be my principle private residence until August 2006. I rented 2 bedrooms under the rent-a-room scheme throughout this time, my rental income was always below the threshold of €7,600 so I was not liable for tax on the rental income as an owner-occupier and did not need to declare it.
In September I will start living and working permanently abroad. What CGT am I liable for if I decide to sell my Irish house? Does the renting of 2 bedrooms affect my full exemption from CGT? I know the timing of selling is important, as the house is still considered to be my primary residence during the following 12 months, but I’m not sure exactly what happens after that 12 months.
If I decide to let out my house while living abroad, does this cause me to become liable for CGT when I sell it? (I know I'm liable for tax on rental income) Also, if I buy a property as my principal dwelling abroad, does this affect my CGT status on my Irish house?
Any advice is greatly appreciated, I'm getting bogged down and confused reading the Revenue literature ...
I bought a house in 2001 for £169,000 (€214,585?) which is now estimated to be worth €350,000. I had to pay stamp duty at the time as it was a second-hand home when I bought it, so I didn’t get the first-time buyers grant. It has constantly been, and will be my principle private residence until August 2006. I rented 2 bedrooms under the rent-a-room scheme throughout this time, my rental income was always below the threshold of €7,600 so I was not liable for tax on the rental income as an owner-occupier and did not need to declare it.
In September I will start living and working permanently abroad. What CGT am I liable for if I decide to sell my Irish house? Does the renting of 2 bedrooms affect my full exemption from CGT? I know the timing of selling is important, as the house is still considered to be my primary residence during the following 12 months, but I’m not sure exactly what happens after that 12 months.
If I decide to let out my house while living abroad, does this cause me to become liable for CGT when I sell it? (I know I'm liable for tax on rental income) Also, if I buy a property as my principal dwelling abroad, does this affect my CGT status on my Irish house?
Any advice is greatly appreciated, I'm getting bogged down and confused reading the Revenue literature ...