Hi All,
If i was to move abroad in a few years time and spend say 5 years away whilst renting out my PPR in Dublin for those 5 years,then subsequently sell the house:
1. Am i liable for CGT only on the amount the house price has increased in those 5 years or for the whole time between buying and selling the house ?
2. If i was to return and live in the house how much time would have to pass before i'm no longer be liable for CGT if i sold it as its my PPR again ?
The reason i ask is if in those 5 years away the rental paid about €70,000 off my mortgage and then my CGT bill was close to that it's probably not worth my while to rent house out unless property prices were increasing.
I had a look at the revenue website but it wasnt clear to me.
Many thanks in advance for the advice,
Aidan
If i was to move abroad in a few years time and spend say 5 years away whilst renting out my PPR in Dublin for those 5 years,then subsequently sell the house:
1. Am i liable for CGT only on the amount the house price has increased in those 5 years or for the whole time between buying and selling the house ?
2. If i was to return and live in the house how much time would have to pass before i'm no longer be liable for CGT if i sold it as its my PPR again ?
The reason i ask is if in those 5 years away the rental paid about €70,000 off my mortgage and then my CGT bill was close to that it's probably not worth my while to rent house out unless property prices were increasing.
I had a look at the revenue website but it wasnt clear to me.
Many thanks in advance for the advice,
Aidan