I live in a self-built house that I own, dating from 2004. There is a prospect that I will move house in the next while, but keep the existing house which will effectively become a holiday home and no longer my principal private residence. However, it will not be rented out or occupied by anyone else. I understand that I would be liable for Capital Gains Tax if the house is sold in future, with an exemption for the years I lived there. (Is this true even if I will be renting at my new location, i.e. I am not acquiring any other new house that I will own?).
My question is about how the house would be valued for Capital Gains Tax. I have no real way of reconstructing the original build costs. Does that matter? If CGT is only an issue going forward, can I just get the house valued as of when I stop living there? What proof, if any, would Revenue need that I did indeed live there up to now? (I am thinking that years from now this could also be very hard to reconstruct, unless I collect whatever evidence is needed now).
My question is about how the house would be valued for Capital Gains Tax. I have no real way of reconstructing the original build costs. Does that matter? If CGT is only an issue going forward, can I just get the house valued as of when I stop living there? What proof, if any, would Revenue need that I did indeed live there up to now? (I am thinking that years from now this could also be very hard to reconstruct, unless I collect whatever evidence is needed now).