PPR Tax Return

[InfoSeeker]

I know that S604(3) exempts someone who is selling their PPR and who has occupied for all the time that it was in their hands up to the last 12 months, etc, etc...

My query is do I have to make a return to the revenue even though there is no chargeable gain?

It would be due tomorrow as I sold it last month.

I will call the relevant revenue office when they open this morning but was wondering if anyone knew what was required in this instance

 

[Newby]

I think you do have to include it in the form (Panel 5(a) seems to cover it) but definitely give Revenue a call to confirm.

[broken link removed]

 

[bazermc]

It would be due tomorrow as I sold it last month.

Not exactly, the payment due on any chargeable gains made in the period 1 October to 31 December 2006 is due by 31st January 2007. As you have stated no chargeable gain arises due to PPR relief, however, a return will need to be filed by 31 October 2007, in order for you to "claim this relieff". There is a particular section on the return for chargeable gains and claiming PPR relief. You can of course file well before 31 October i.e. now

Hope this helps

 

[InfoSeeker]

Tks a million for the replies.

I should have thought of the difference in dates for filing (Oct 31st) and paying a liability (tomorrow) so tks for pointing this out.

I called the Revenue and they stated the Oct 31st date as well as all I am doing is filing a return where there is no liability.

I asked if I needed to complete this on a Revenue form and he said no.

He said that I needed to send in a letter showing the computation of the relief, ie what the house was bought for, indexation applied to this if applicable, cost of selling, structural work incurred, etc and show chargeable gain.

Finally simply state that you are claiming PPR on this chargeable gain.

I downloaded the form referenced in one of the responses and it seems that all I would have to do on this form is select one checkbox for part 5 and enter the amount of consideration. I cannot see where else I need to enter values, maybe 17 as well?

I think I will complete part 5 and 17 of the form, stating N/A for Part 17 where is asks to enter a figure for "Tax Due" and also attach a letter with the overall computation.

Tks again for your informative replies, much appreciated.