CGT return on Sale of PPR

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weyland

Registered User
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I understand the sale of my PPR is exempt from CGT but do I need to file a return for it in any case? Or is that unneccesary?
 
According to this you still need to file a return.
That is a surprise to me as I've never heard of anybody doing it.
Unless it's normally taken care of by the solicitor or something?

Selling a house

Capital Gains Tax when you sell a house
www.revenue.ie
 
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You need to file a cgt return and claim the specific ppr relief. Section 604 A if i recall correctly.

You sold an asset and presumably made a gain therefore you re subject cgt.
 
Thanks for the replies - on reflection it makes sense although my solicitor didn't mention it at the time. I wonder how many people actually do it.

Assuming I'm using a CG1, I think that means I put the house sale price in
1 (h) Residential Premises

and then the same amount in

5 (a) Disposal of Principal Private Residence: enter amount of consideration

Or is it

10. Amount of gain relieved under S. 604A

rather than 5 (a) I use in the case where I'm claiming full exemption from CGT?
 
weyland said:
Thanks for the replies - on reflection it makes sense although my solicitor didn't mention it at the time. I wonder how many people actually do it.
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If it's not the case that this is taken care of as part of the legal convenancing work then I suspect that many people don't do it.
I've never heard any of the people that I know doing it.
And it was a surprise to me that it's required.
 
Put it in 5(a). s604A is a different relief.
 
Thanks for the replies - and just for my clarity - it's the full sale price of the house that goes in 1(h) and 5(a)? Not the gain/loss from the sale of the house?
 
weyland said:
Thanks for the replies - and just for my clarity - it's the full sale price of the house that goes in 1(h) and 5(a)? Not the gain/loss from the sale of the house?
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Sale price in 1(h) and gain in 5(a).
 
5(a) states "consideration" ie the sale proceeeds (probably net of agents fees, etc)
 
jpd said:
5(a) states "consideration" ie the sale proceeeds (probably net of agents fees, etc)
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Is that independent of the purchase price of the property? (I'm thinking of a scenario where I'm incurring a loss and wondering how that's represented on the CG1)
 
So a (fictional) worked example here to clarify (to me at least)

Is the 5(a) amount below correct? Or should it factor in the original purchase price or costs from that time?

House purchased in 2001 for€320,000
Legal costs etc€2000
Stamp duty€20,000
Sold house in 2020 for€330,000
Legal costs etc€5000
CG1
1 (h) Residential Premises€330,000
5 (a) Disposal of Principal Private Residence: enter amount of consideration€325,000
 
weyland said:
5 (a) Disposal of Principal Private Residence: enter amount of consideration€325,000
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The consideration is still €330,000 and should be entered here.

You only enter €325,000 if you're claiming partial PPR relief for 325/330ths of the gain arising.
 
Hi, if the premises were half PPR and Half rented half of the gaining is not subject to CG1 - however what i am failing to understand is where to declare the price the premises were purchased at.
 
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