CGT Query

[fishes1967]

Hi

Trying to calculate CGT charge due on the following

Bought house Aug 1998 - Total Cost €119,650 (incl stamp duty, legal, etc)
Selling House Mar 2007 - Sale Price €340,000

(apologies hadn't finished the story....)

Selling Costs are €6600

Bought another property in Dec 2004 which became our PPR. We have no further enhancement costs on the original property. We have not returned to the original house since. Both houses are in the joint name of myself and my wife.

Is the CGT pro rated between PPR and non PPR?
Are the final 12 months considered PPR? Which 12 months - 2006/7?
Can we offset both my own and my wifes CGT relief against any gain (Eg €1270 x 2)?
Could someone calculate the CGT due?

Thanks in advance
F

 

[ClubMan]

If this was your PPR for all of that period then no CGT.
If it was your PPR for some of the period then some PPR CGT relief will apply.
If it was an investment property for the while of that period then check this calculator.

Ishmael's Capital Gains Tax calculator

Bear in mind that indexation relief is available up to c. 2003.

You should get independent, professional advice and confirmation that your estimates of your liabilities are correct.

Update: oh - just noticed that the calculator has not been updated for a while and may only work for disposals in 2003/4.

 

[Newby]

Is the CGT pro rated between PPR and non PPR?

Yes... you are liable to CGT on a portion of the gain which represents the period of time for which the property was not your PPR.

In other words - Gain x Period of time property not PPR / Total Period of Ownership

Are the final 12 months considered PPR? Which 12 months - 2006/7?

The last 12 months of ownership are usually considered to be a PPR of a tax payer. This situation is different from the usual cases though.

Can we offset both my own and my wifes CGT relief against any gain (Eg €1270 x 2)?

If property in both names I imagine so.

Could someone calculate the CGT due?

Nope, you should get an advisor to do this for you - there may be other facts / circumstances that could affect the tax position.

 

[ClubMan]

Just to clarify the original post must have been edited to add information that was not there when I posted my comments above.