Hi,
We're thinking of selling our house and moving to Ireland. We expect to make 100k profit on our house from when we bought it. Will we have to pay capital gains tax on the profit? We will be using the profit to finance a new home in Ireland?
Thanks, John
Not if it's your main residence IIRC
Not if it is your main residence
Generally, no, but it depends upon the exact circumstances. See
In message , snipped-for-privacy@hotmail.com writes
As far as I know, profit from the sale of your primary residence is exempt from CGT, only if you have a second home to sell do you get clobbered.
if it's your main residence, no.
if it's your main residence and you've lived there less than 12 months, yes.
Also if you've ever rented it out for more than 3 years, yes.
Unless it was to a relative. IIRC those who bought their parents' council flats under the right to buy scheme had relief or exemption from CGT if the parent(s) stayed on as tenants.
Quite.
But actualy I think I should have said that if it wasnt your main residence for more than 3 years. You could have rented it out or left it empty for > 3 years to get hit.
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