Selling a principal private residence which has development potential

We sold our second family home a few years back for a large capital gain to a developer who recognised its development potential. He obtained PP and knocked down the house and built a block of apartments. We did not pay CGT. I do not think the Revenue would challenge the sale of any family home, unless it went for millions. Just plough on.

The only mistake we made is that we should have obtained the PP ourselves and sold the property with PP.
 
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Brendan Burgess said:
I have advised my friend to take professional advice on this. Is it routine enough for an accountant in general practice or should he go to a tax specialist?

Brendan
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Brendan,
Unfortunately I don't know anyone specialising in this area. Any accountant would be able to do a calculation and return, but what I'd say is these things are straightforward until they're not.

If Revenue questioned it in future, personally for peace of mind I'd like to have gone through it with someone who knows the area and had arranged all the appropriate valuation certificates in place to back up the amount of relief claimed.
 
On the values given originally, this is one where the Vendor will have to obtain CGT clearance pre-closing or else the Purchaser has to retain 15% of the sale figures and remit same to Revenue.

This will flag the situation to Revenue.

I think any general tax accountant should be able to handle it but it should be someone the tax payer trusts to tell them if they ( the tax accountant) feel its one for specialist advice.

This firm would be my go-to people- no connection.

OHT O'Hanlon Tax advice in Dublin Ireland

Based in Dublin city centre, OHT provides an Irish taxation service for a wide range of clients and intermediaries, covering income tax, corporation tax, CGT, CAT and wealth management, VAT and stamp duty.
www.ohanlontax.ie www.ohanlontax.ie

mf
 
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