For personal reasons, a few years back my mother sold her house (residence for 30 years) and moved into rented accomadation. She pays her rent with the proceedings of the house sale. I was always under the impression that she did not owe any capital gains tax based on this revenue document : http://www.revenue.ie/leaflets/cgt1.pdf that states (section 5 paragraph 1) : "A gain on the disposal by an individual of a dwelling-house (including grounds of up to one acre) is exempt in certain circumstances. The exemption is available if, throughout the individual’s period of ownership, the house had been occupied by the individual as his/her only or main residence or, under certain circumstances, as the sole residence of a dependent relative."
I hope I am reading this right in that it tells me that my mother is not liable for CGT? Can anyone confirm please? I am starting to panic now with Monday's Tax disclosure deadline approaching.
I hope I am reading this right in that it tells me that my mother is not liable for CGT? Can anyone confirm please? I am starting to panic now with Monday's Tax disclosure deadline approaching.