Avoiding CGT on Investment property

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In conclusion from what? I am not aware of anybody actually clarifying the situation when did that happen?
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You and your friend have completely misread that section. It states that you can move out of your PPR for up to a year before it is sold and still have it considered your PPR. It DOES NOT MEAN you can move into an investment property for a year before sale and have the property considered your PPR for CGT purposes.

The idea of course is to not penalise someone if it takes a while to sell their PPR but they need to move straight away.
 
hi, i recently sold a property and investigated the cgt on this sale.on the revenue site i remember seeing that if you sell the property and re-invest the money back into another property then there is no cgt payable,but i don't have the link to hand and i thknk professional advice from an account would be best
 
therave said:
hi, i recently sold a property and investigated the cgt on this sale.on the revenue site i remember seeing that if you sell the property and re-invest the money back into another property then there is no cgt payable,but i don't have the link to hand and i thknk professional advice from an account would be best
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It might be possible that using the search facility might have thrown up a link to some old out of date document about roll-over relief. I'm not sure how diligent Revenue are about deleting or flagging out of date data when a newer publication exists but the rollover relief was effectively abolished in 2002.

In fact the current CGT1 document does refer to roll-over relief (see chapter 9) but states it is no longer available for disposals since 3/12/2002. The reason it appears to be in there seems to be because there is a very limited application of these provisions allowing for gains on disposals prior to this dates which were rolled over due to reinvestment to continue to be rolled over if the subsequently purchased asset is sold and the proceeds continue to be reinvested but it only applies to the original gain deferred pre 3/12/2002 and not to any additional gains on the subsequent assets. This is largely irrelevant here as given the facts outlined by the OP this would not apply.
 
FillSpectre said:
On your point I didn't ask for a moral judgement plus what how does CGT paid by my friend help FTBs?
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I know you didn't ask for my moral judgement but I gave it anyway becouse it just bugs me when people make a shed load of money on property and spend hours trying to find a loophole in the PPR legislation that does not exist. In fact the particular section has been amended 5 times since CGT was first introduced (1975) and has been the subject of approx 15 court cases both in UK and Ireland. On the other hand you have FTB's struggling to get on the ladder. Obvisiously CGT paid by friend does not directly help FTB's, it is just about equality in the tax system.

Lastly regarding roll over relief it was abolished in December 2002.
 
Keep it on topic please and save moral judgements for Letting off Steam please.

No more on the issue-thanks.
 
bazermc said:
I know you didn't ask for my moral judgement but I gave it anyway becouse it just bugs me when people make a shed load of money on property and spend hours trying to find a loophole in the PPR legislation that does not exist. In fact the particular section has been amended 5 times since CGT was first introduced (1975) and has been the subject of approx 15 court cases both in UK and Ireland. On the other hand you have FTB's struggling to get on the ladder. Obvisiously CGT paid by friend does not directly help FTB's, it is just about equality in the tax system.

Lastly regarding roll over relief it was abolished in December 2002.
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I hope it keeps on bugging you becasue those who stand in judgement like yourself deserve to be bothered by there own wild assumptions and views. My friend has paid a lot of tax over the years and kept the economy going when others in the 70s and 80s evaded tax. This was a question about a legal approach to holding on to a profit which he already paid tax on many times over the years while renting to a local authority. He'll keep his house and continue to provide a service. He wanted to reorgainse his assets and didn't feel like paying tax to do that. Can you tell me why you think a 70 year old man can't reorgainse his pension without paying €120k to do so?

I'm sure you have paid every thing due to moral good rather than rules but others don't have to hence there are rules.
 
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