Irish Capital Gains Tax

[attica2k]

Im just about to put one of my Irish homes on the market. Is it true that if you live in a home for 6 months it becomes your primary residence and you dont have to pay CGT?
The house is 2/3 owned by me and the other third is split between three other people. Me and my three daughters (all over 18) Does that mean that it would have to be the primary residence of the four of us?
Does anyone know of a legal way to avoid GCT?

 

[Vanilla]

There is no time limit set down in writing afaik for a property to become your ppr. Either it is your ppr or it isnt.

To avail of ppr relief it doesnt have to be everyones ppr, but only those people who are using it as a ppr can avail of the relief. In other words if you are part owner and it is not your ppr, you will be liable for CGT on the profit, but another partowner who is using it as their ppr, will not be liable for CGT.
No legal way to avoid CGT, other than making it your ppr.

 

[liamcunningh]

Myself and my wife are currently building our own house, we are selling our house in tipperary. I have being living in the house for the last year and renting out a few rooms while we build. Will we have to pay capital gains tax on this property when we sell? It is still our primary residence as we are renting elsewhere while the other house is being built.

 

[jpd]

How can it be you PPR if you are living elsewhere ? Your PPR is where you live habitually - you can't have two at the same time.

You are allowed to the count the last 12 month's of ownership as "deemed residence" ie the Revenue allow for the fact that it may take some time to sell your house after you move out and it is no longer your PPR.