PPR Sale - Have been in US

[waxer]

I built and moved into a house in Ireland in 2005, I lived in it for about 6 months and was then transferred with my company to the USA. I am now returning elsewhere. I rented the house between 2005 and 2006.
If I sell the house now will it still be PPR and exempt from CGT ?

 

[Nige]

In order to qualify for the full exemption, you have to live in the house before and after you worked abroad. So move into it again for a little while before you sell.

 

[ClubMan]

Since the house was rented out as described above then surely (a) a clawback of stamp duty may apply (not sure if it applies in the case of new build PPR being rented out within 5 years?) and (b) some portion of any resale gain will presumably be assessable for CGT - i.e. the full PPR CGT exemption will presumably not apply?

 

[Graham_07]

Since the house was rented out as described above then surely (a) a clawback of stamp duty may apply (not sure if it applies in the case of new build PPR being rented out within 5 years?)

Do you pay stamp duty when you new-build yourself ? I thought not.

 

[ClubMan]

Do you pay stamp duty when you new-build yourself ? I thought not.

As far as I know you don't. My point is that the SD clawback may still apply if you build a PPR and then rent it out within 5 years. I'm not sure. Certainly that rule applies when you buy a PPR and then rent it out within 5 years so I'm not sure why self builds would be an exception.

 

[Nige]

As far as I know you don't. My point is that the SD clawback may still apply if you build a PPR and then rent it out within 5 years. I'm not sure. Certainly that rule applies when you buy a PPR and then rent it out within 5 years so I'm not sure why self builds would be an exception.

Self builds are an exception because there was never any stamp duty assessable as there was no contract to transfer ownership of the house.

The full PPR exemption will apply, even if the house was rented out, provided he lived in the house immediately before and after he worked abroad.

 

[ClubMan]

Self builds are an exception because there was never any stamp duty assessable as there was no contract to transfer ownership of the house.

Ah - I see. Thanks for that explanation.

The full PPR exemption will apply, even if the house was rented out, provided he lived in the house immediately before and after he worked abroad.

Seems like an odd exception?

 

[Graham_07]

It's interesting alright. However SD applied on conveyances/instruments & statements. Perhaps one of our legal members might have experience of this. My thinking is there isn't a conveyance where you self-build. Accordingly for a first time self-builder/buyer, there would be no claim for SD relief. If there isn't a claim for relief how can there be a clawback of SD relieved.

 

[waxer]

Self builds are an exception because there was never any stamp duty assessable as there was no contract to transfer ownership of the house.

The full PPR exemption will apply, even if the house was rented out, provided he lived in the house immediately before and after he worked abroad.

This is correct I never had stamp duty to pay on the build...just VAT !
How long will I have to live there to qualify...the bills are all still in my name..I will probably live there until Xmas but only as I seek to find a permanent home in my new palce of work nearer Dublin.

Thank you for the advise far cheaper and more intuitive than an accounting firm with Disclaimers !!

 

[ubiquitous]

Thank you for the advise far cheaper and more intuitive than an accounting firm with Disclaimers !!

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