We bought our house in 2016 and lived in it to 2018. We rented it out for 12 months as we were abroad. We lived in it again from 2019 to now. We are thinking of selling it. Will we have to pay cgt?
Hello Looking for advice about CGT exemption after working abroad. Heres my situation: 2015 - Bought a property and lived in it for 5 years 2020 - Moved abroad for work and sold the property 2021 - Bought a new property in Ireland and lived there for a few months while on maternity leave...
You''ve owned it for nine years and lived in it for eight. You may have to pay CGT on one-ninth of the gain, unless you were abroad for work for the whole 12 months, in which case you may be able to avail of a relief for that year.
If you were working abroad thoughout your period of absence, then you should be OK. It doesn't matter that you were also studying.
But if you were working some of the time and studying for the rest of the time — e.g. you worked for 6 months, then gave up work and studied for 6 months — or if you were predominantly studying but doing a few hours a week casual work for beer money then I'm afraid no, there'll be no relief.
I went in feb 2018 but husband was still here. He came in sept and worked nearly the year bar a few days holidays before we returned. I assume we should be ok.