PPR and CGTax

[dublin123456]

Hi, hope someone can help here, I sold my PPR last Christmas, I have an investment property am thinking about selling. Will I need to pay CGT if I sell ? Could I switch it back to my PPR even though I don't live there ?

Thanks.

 

[ClubMan]

The sale of your PPR is exempt from CGT as long as it was never rented out. The sale of an investment property will be subject to CGT. You can't make a property your PPR if you don't actually live there. If you do genuinely make the erstwhile investment property your PPR for a period then you will get some CGT exemption based on how long it was your PPR and how long it was rented.

 

[dublin123456]

Thanks for the speddy answer, the house has been rented out for 1.5 years (only own it for 1.5 yesrs). Tennent has moved out etc. I am moving in until it's sold (maybe 4 months??), so where would I stand on the CGT ?

Thanks.

 

[ClubMan]

If you lived in it for the four months until it is sold then you would have owned it for 22 months, it would have been your PPR for 4 and rented out for 18 which would mean that 18/22 = 82% of any gain arising would be assessable for CGT as far as I know. If in doubt get independent, professional advice on this.