Selling house - Capital gains tax question

M

MB123

Guest
Hi All,

I'm thinking of selling my house but I'm wondering if I will have to pay capital gains tax? It's my primary residence, I was a first time buyer when I bought this. I'm not planning on buying again just yet.

Can someone help me out with this ... I'm hoping I wouldn't have to pay capital gains or other taxes !!!

Thanks,
MB
 
Re: Selling house - Capital gains tax question ???

If it's your PPR, you don't have to pay CGT.
 
Assuming you have not rented out rooms in the property other than under the Revenue approved Rent-a-Room scheme in the five years from date of purchase, then there will be no clawback of Stamp Duty. As delgirl says, no CGT implication.
 
Hi Guys thanks for the information.

What does PPR mean ? if it means Primary residence then yes it is my primary residence.

I have rented rooms but it's under the rent a room scheme.

I didn't pay stamp duty when I bought this house as I was a first time buyer and it was a new house.

I'm just wondering one more thing; if I decide to lease the house out for a year and then sell it next year then will there be any implications ???

Thank you again.
 
MB123 said:
What does PPR mean ? if it means Primary residence then yes it is my primary residence.

I'm just wondering one more thing; if I decide to lease the house out for a year and then sell it next year then will there be any implications ???
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PPR means Private Principal Residence.

The second part depends on when you purchased the property - if you rent the property within 5 years, you may be liable for a stamp duty clawback and CGT on any gains made.
 
Thank you Delgirl.

I bought the house about 2.5 - 3 years ago but I on;y rented out rooms in the last few months.

I was thinking of leasing out the whole house for the next year and then selling my house (which would make the house 3.5 - 4 years old) or instead selling the house now.

So basically what would the cost be to me if I leasted the house for 1 year within the first 5 years of buying the house. I did not pay stamp suty on the residence when I would it (first time buyer and a newly built house).

Thanks.
 
MB123 said:
So basically what would the cost be to me if I leasted the house for 1 year within the first 5 years of buying the house. I did not pay stamp suty on the residence when I would it (first time buyer and a newly built house).
Click to expand...
You would be liable for the stamp duty that an investor would have paid on the house purchase at the time that you purchased it. You would not be liable for any CGT if you sold the property within 12 months of vacating it as your PPR even if it was rented out during that time. If in doubt get independent, professional advice.
 
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