Hi All
My house in Dublin has a large corner site. The neighbor opposite, with same size garden, has just recently gotten planning permission for a detached house to the side which has us thinking.
My question relates to any capital gains tax implications under the following scenario:
we bought our current house for 300k a couple of years ago and its been our PPR ever since
we could build the house to the side for 250k (it would have a market value of perhaps 450k post construction)
We would then sell the original house (probably for less than we paid c.280k - reduced garden size etc. on paper a 20k loss but anyway no tax on PPR)
we would then move to the new house to the side and live there as our PPR
Any CGT implications?
What if we moved from the new build house a couple of years later...any CGT implications then?
My house in Dublin has a large corner site. The neighbor opposite, with same size garden, has just recently gotten planning permission for a detached house to the side which has us thinking.
My question relates to any capital gains tax implications under the following scenario:
we bought our current house for 300k a couple of years ago and its been our PPR ever since
we could build the house to the side for 250k (it would have a market value of perhaps 450k post construction)
We would then sell the original house (probably for less than we paid c.280k - reduced garden size etc. on paper a 20k loss but anyway no tax on PPR)
we would then move to the new house to the side and live there as our PPR
Any CGT implications?
What if we moved from the new build house a couple of years later...any CGT implications then?