CGT Roll-Over

M

martigar

Guest
Hi
I have just sold an investment property and intend purchasing another property in the next few weeks. At this stage I am not sure if I will be able to use as a investment property and may have to make this my family home. If this is to happen my existing family home will then become the investment property?

How will this effect my liability for CGT for the house I have just sold in the first instance and then for subsequent CGT which I may become liable for in the future.

Any information would be apprectiated.

Regards
Mar
 
There is no rollover relief available in this case and you need to calculate and pay your CGT liability on the recent sale by the relevant deadlines outlined on the Revenue website. The fact that the proceeds from such a sale might be used to reinvest in no way affects the CGT treatment and does not allow the liability to be deferred or anything like that. If you buy another property and move into it as your Principal Private Residence (PPR) then you have up to 12 months to sell your former PPR on. If you rent it in that 12 month timeframe then there is no CGT issue but longer than that and some portion of the resale gain will be assessable for CGT. If you rent the former PPR out within five years of purchase as an owner occupier then a clawback of stamp duty applies. You should probably get independent, professional advice on the investment and tax aspects of this situation.
 
CPG & Over 50s

Hi

Thanks for your original answer on one part of this question. I now have added to the query. Having just sold an investment property I am going to purchase a new family home and make my existing family home an investment property. Is there any way I can avoid my CPG liability for the original investment property sold (Nov). I understand there are certain conditions that allow for roll-over to another investment property and also for the over 50s. Perhaps I am looking for jam on it? Any advise would be appreciated.

Thanks
Mar
 
Isn't this the same question and the same answer (no) applies? In fact it looks like the third time in three separate threads (I merged two separate threads into one here) that you have asked more or less the same question! The answer will not change no matter how many times you ask the question I'm afraid. Rollover relief was abolished a few years ago and I don't know of any special age related exemptions. See [broken link removed] to double check though.
 
Thanks thats told me - as you see from all the threads the circumstances have changed on each occasion and with each of these can come new implications.

I probably needed to go in the first instance to the 'letting off steam' thread.

Thanks
Mar
 
martigar said:
Thanks thats told me - as you see from all the threads the circumstances have changed on each occasion and with each of these can come new implications.
Click to expand...
But each time the substantive question seems to be the same - i.e. is there rollover relief and the answer is no as far as I know.

I probably needed to go in the first instance to the 'letting off steam' thread.
Click to expand...
I don't understand.
 
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