Your PPR is not a chargeable asset for CGT purposes. You therefore exclude it. Not a huge pile of beans either way.
Again that's rather melodramatic. As things stand at the moment, Revenue don't seem to have much if any record of data input on tax returns 12 years ago. Any time they're asked to confirm historic data they tell you it's all "in storage".Although bear in mind a PPR may not always be a PPR and if you sell it in 12 years time and Revenue ask you about the base cost, wouldn't it be nice if it's already there on your Form 11...
As it currently stands though, not including transactions that are properly for inclusion on the form, could potentially result in a mismatch of data between the return you file and the one that Revenue's systems expected you to file based on all the various sources available to it. If you don't mind having them asking you questions that's no biggie, of course!
No, Brendan of course not.I presume that there is no sanction for not putting it on Form 11 or are 99% of us going to jail?
Brendan
Again that's rather melodramatic. As things stand at the moment, Revenue don't seem to have much if any record of data input on tax returns 12 years ago. Any time they're asked to confirm historic data they tell you it's all "in storage".
As for my comment re: a mismatch of data, I'm not suggesting you'll get an intervention based on a 12-year old mismatch. I'm saying you may get one a year or two after buying or selling a PPR if there's data indicating you had property transactions but there's no reference to the transactions on your returns.
But what would be the point of such an intervention? Hardly to recover tax, which is what Revenue interventions are all about. (Most people who buy their own homes aren't on self-assessment income tax.)
All that is possible in theory but I still think it's all rather melodramatic to suggest that Revenue may be lining up to attack people for failing to record the purchase of their PPRs on Form11 returns.
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