CGT on apt for sale over a year

[Thrifty1]

We put an apt up for sale almost 2 years ago (Sept 06) Last May we drewdown the mortgage on a new house. We did all the work (tiling, etc) ourselves and didnt move in until it was finished as we still had the apartment.
We moved in around beginning of July 07.
We have agreed a sale on the apartment today, it will be going through next week.

I understand we will be liable for CGT on the profit but also that you are exepmt for 1 year after it ceases being your PPR.

Will that date be considered as the date of drawdown of second mortgage or the date we moved in.
If it is the former we will be 2 months over the 12 month mark, how do i calculate the CGT due? i understand it will be a proportion as only just over the year.


Also if it is the latter we are literally at the 12 month mark so should we be exempt?

I have checked the revenue site but cant see an answer to this query.

Thank you.

Edited to say is it-

Gain * length not as ppr (do you deduct the 12 months from this?)/ length of total ownership * 20%

 

[ClubMan]

I understand we will be liable for CGT on the profit but also that you are exepmt for 1 year after it ceases being your PPR.

Will that date be considered as the date of drawdown of second mortgage or the date we moved in.

It's whenever you ceased to be an owner occupier of the original property.

If it is the former we will be 2 months over the 12 month mark, how do i calculate the CGT due? i understand it will be a proportion as only just over the year.

In simple terms - say you buy a property as an owner occupier, live in it for 6 years, move out and put it up for sale and it sells 2 years later then:

(2-1)/8 = 1/8th = 12.5% of the total gain over the period of ownership is assessable for CGT. This illustrative is done in round years but a real case would be done in months or days or whatever.