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Renting - PDP - CGT - HELP NEEDED

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  • 06-08-2008 9:23pm
    #1
    CSOSulla
    Registered Users Posts: 30 ✭


    Hi All,

    I hope that I am posting in the correct forum.

    I have a house (owned) that I have lived in as my Primary Dwelling Place for 7 years. I have just found a job abroad for 18 months and need to rent my house for 18 months.

    Does this mean I will pay full Capital Gains on the property in years to come when I come to sell the house? I will be moving back and using the house as my PDP after 18 months.

    Also, what rules on CGT apply in this situation?

    Any help would be much appreciated!

    Regards - S


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    #2
    Victor
    Registered Users Posts: 78,397 ✭✭✭✭Victor


    You would only pay CGT on a straight line basis for the fraction of time it was rented. Look up CGT on www.revenue.ie


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    #3
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Rules were revised in December 07.
    In brief, CGT should not apply, as long as the property becomes your PPR once again on your return to the country (and remains so for a set period of time, prior to the disposal). You will be a non-resident landlord for the period you are abroad- and the tenants will legally be expected to deduct witholding tax from the rent and forward it to the Revenue Commissioners. You will have to make a tax return declaring the rental income but can use the witholding tax paid by your tenants towards any tax due. Its slightly messier than it would be for a resident landlord, but must be done.


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