No but part of the gain will become taxable, in the case of an eventual sale.
For example, suppose that you sell it in 4 years for € X and the purchase price was £ Y 26 years ago ie in 1984.
The purchase price is indexed by 1.819 or 2.003 depending whether on purchase date was before or after 5th April 1984.
Gain is then X - ( Y x 1.819 / 0.787564) (.787564 converts £ in €)
To calculate the portion of gain that is taxable, you take total time as PPR + 1 year = 26+1=27 and subtract this from total time of ownership ie 30 -27 =3
Then 3 / 30 = 10% of gain is taxable in year of sale less CGT allowance of 1,270