selling apartment - any tax payable?

sparkles

Registered User
Messages
38
Hello,
Apologies in advance if there is a simple answer to this query but I just don't understand the whole property game....

Bought new build apartment in 2004, paid no stamp as we were first time owner occupiers and it was our PPR. Bought new build house in October 2007 as our PPR, paid no stamp as it was under 125sqm.
We vacated original property to move to new property, put original on the market and got an offer this week. We have been paying mortgage on both properties since the move.

Question: are we liable for any tax on the sale and profits of the original property?
 
Question: are we liable for any tax on the sale and profits of the original property?
As long as you sell the former PPR within 12 months of vacating it then no tax applies. Otherwise some portion of any resale gain will be assessable for CGT. You should only be claiming owner occupier mortgage interest relief on one of the mortgages at any one time.
 
Thanks Clubman. What a nice surprise to not have to pay tax for once! We only moved out in October and have only paid one month's mortgage on the new place.

Will check out the interest relief situation tomorrow to make sure we're not claiming on both, or to make sure we're only claiming on the new place. I presume we contact our broker to rectify this?
 
I presume we contact our broker to rectify this?
No - contact Revenue to make sure that you get the relief on the new mortgage and stop it on the previous one. You can do this online too. Basically if you claim on the new mortgage they will most likely stop it on the previous one automatically.