CGT for Selling House

[jumper1]

Hi, have a friend who bought a house in Dublin in Jan 2000 for 250,000 euro, was PPR until Jan 2007. Due to having to move down the country for work bought a Brand new Apartment in Jan 2007 and APT became PPR.

Found out that will be moved back to Dublin again in Feb 2009.

He was wondering if you could supply answers to the following

(a) Can he change PPR back to Dublin House when he moves back.

(b) Will Stamp Duty Clawback apply in New Apt if he moves back to Dublin in Feb 2009

(c) Job in Dublin may end in June of 2009 so was thinking of Selling Dublin property when Job ends and hopes property worth about 510,00 Euro when he sells. Will CGT apply, as this is his PPR

(d) Was also thinking of selling House in Dublin now (currently not PPR), hope to get 510,000, he will have to pay CGT could you tell me what the calculation is for this CGT.

Thanks, Jumper1

 

[LDFerguson]

(a) Yes. Your PPR is automatically the house you live in.

(b) No. He's had it for two years.

(c) & (d) CGT will apply, reduced by the proportion of time where the house was his PPR out of his total period of ownership. So for example if he owned the house for ten years and it was rented out for two of those ten, he'd pay 20% of the normal CGT rate.

I'm not a tax professional so he should check these with a suitably qualified professional before making any decisions.