Do I have to pay CGT

F

freedman

Guest
Hi,

I have a house for over 2 years now and am currently selling. This is my primary residence but when I sell I will not reinvest. My question is do I have to pay capital gains tax on the profit I make because I'm not reinvesting straight away?

Thanks
 
No. Your Principal Private Residence on grounds of up to one acre, occupied as such by you throughout ownership is exempt from CGT whether or not you reinvest.
 
Graham_07 said:
Your Principal Private Residence on grounds of up to one acre, occupied as such by you throughout ownership is exempt from CGT whether or not you reinvest.
Click to expand...

Are you saying that CGT is due when selling PPR if grounds are more than 1 acre?
 
bacchus said:
Are you saying that CGT is due when selling PPR if grounds are more than 1 acre?
Click to expand...

CGT may become payable on the grounds exceeding one acre. Someone, for example, selling a house on 12 acres of land may have CGT exemption on the house and gardens/grounds adjoining the residence up to 1 acre if it was their principal private residence throughout. The other 11 acres would be subject to CGT rules and depending on the cost/selling amounts CGT may arise.

See page 15 item 5 on the following :
http://www.revenue.ie/leaflets/cgt1.pdf
 
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