Sale of Principal Private Residence

C

cward033

Registered User
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I have searched the Revenue web-site but I am unable to find the answer to my question below - hopefully you will be of assistance?

I am selling my Principal Private Residence for Eur500k (originally purchased for Eur300k) while I am purchasing another property which is going to be my new Principal Private Residence for Eur400k - do I have to pay any Capital Gains Tax on the excess of Eur100k?
 
The sale of one's PPR (assuming that it was always a PPR and never rented out other than under the owner occupier rent a room scheme) is totally exempt from CGT. Note that you are actually making a (CGT free) gain of c. €200K not €100K.
 
ClubMan said:
The sale of one's PPR (assuming that it was always a PPR and never rented out other than under the owner occupier rent a room scheme) is totally exempt from CGT.
Click to expand...

Is this true in all cases? For example that house that sold on Shrewsbury Road (I think) for €50m or something similar - would CGT be payable there?

This is from Revenue's CGT guide:

When the private residence comprises development land and the consideration exceeds €19,050, the
private residence relief is withdrawn or modified. This includes the disposal of a garden or part of a
garden of a principal private residence for ‘development land’, e.g. if sold as a site, or for access, right
of way etc. If the consideration (or open market value, if it is transferred in a non arm’s length
transaction e.g. gift ) is less than €19,050 full relief will be due.

It would seem to me from this that the intention of the buyer to develop could bring CGT liability on the seller but that doesn't seem sensible.

P.S. apologies for clouding the clear anwser to the original question which I'm sure applies.
 
It is true as long as the development land issue doesn't arise and regardless of the sale price of the property. I am assuming that the development land issue doesn't apply in cward033's case or in that of most other PPR sellers reading AAM.
 
Brouhahaha - thanks for the insight. Development land is not involved in this particular case. My PPR that I intend to sell is on a 1/2 acre site with no further development possible. Access will also not be a issue.

Thanks for the replies
 
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