When does PPR change?

N

ngk75

Guest
We bought and lived in an apartment in Dublin from 00 to Nov 04. I then moved West for work and rented until May 06 after which we moved into a new house. When did the Dublin property cease to be our PPR:
1. Nov 04? - when first moved out of Dublin
2. Jun 05? - when deposit paid on new house
3. May 06? - when balance paid on new house / moved in

We did not own any property other than Dublin apt until May 06 so I'm inclined to think Dublin apt was PPR until then.
 
I believe we would have received rent from Jan 05 (my wife was a few months in the apt before moving west as well).

On that basis if we sell the Dublin apt would the following be a reasonable calculation for CGT calculation?:
- Purchased Feb 00 (at the time we paid stamp duty, law changed soon after, I believe)
- Sold Sept 07
- Total of 82 months
- PPR changed Jan 05 (32 months ago)
- Normally CGT formula is: (years not PPR - 1) / (total years since purchase)
- So doing things in months:

CGT = 20% x (Sale Price - Purchase Price) x (32 - 12) / 82

Does this sound correct?

Which of the following can be offset against the capital gain:
1. Cost of purchase (Solicitors fees)
2. Original stamp duty on purchase
3. Cost of sale (Estate agents fees, Solicitors fees)
 
You must log in or register to reply here.
Back
Top