Hi
We are currently looking to sell our apartment which is our PPR that we have occuopied for 1 year. it is section 23 and we have availed of Owner Occupier relief.
I also own a second house that I bought 4 years ago. We had this house on the market last year but the slow down meant that we did not sell.
We ar now expecting a baby and want to move back into the original house and sell the apartment. Can I simply sell this and re-elect to have the first house as our PPR. Are there any tax implications I need to understand better.
From what I understand, we should not owe CGT or stamp on the apartment as it is our PPR. We may get hit for 1 year pro rata CGT on the house if we sell it in the future. Is this correct?
Thanks
FS