No CAT on my PPR but what about CGT if I go to sell it now?

[ClarkCeant]

Hello, in 2014 I obtained by gift from a parent. a property (which is my sole property and I have lived in it since ), I was checking up on the revenue website on CGT- they have added this exemption from CGT if you sell an 'asset' but the exemption applies if you keep the asset for between four and seven years.

Principal Private Residence (PPR) Relief

This is an explanation of what relief on cgt is available for a Principal Private Residence (PPR)

www.revenue.ie

Property acquired between 7 December 2011 and 31 December 2014

This page explains relief available for land or buildings acquired between 7 December 2011 and 31 December 2014

www.revenue.ie

I know I must be confusing CGT and CAT but The property I own is well below the CAT threshold (gift from parent) so CGT did not even cross my mind as I was not thinking of selling . There are no CAT implications as its well below the threshold for paying CAT. However I am now thinking of selling the property I am in and buying another one which will become my PPR. I was never really sure if I would be charged CGT on selling the house but am now contemplating that if I am charged CGT due to inflation it could be hefty unless I sell the house ASAP

I wouldn't worry about it but given the last couple of years inflation my house has only increased in value on paper and I could if I am liable , get a hefty CGT bill if I stay in the house for example for 20 years and then sell it.

So my question is if anyone could answer it is - Does CGT apply to a house that is PPR received as a gift in 2014 and sold later on?

It seems like a stupid question I just assumed with it being PPR that CGT does not even apply but the way the CGT info on revenue is worded now I think i would be liable to CGT

edited to add second link URL

 

[RedOnion]

It's your PPR? Then the PPR exemption applies.

The other exemption doesn't come into it.

 

[ClarkCeant]

Yes it is. I don't own any other properties just this one that is and always has been my PPR. Thank you very much for this. It appears that it is me that was not clear in my understanding, and not the revenue website. I just wanted to make sure that I was not going to get a shock if I went on to sell it.