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How much tax will I have to pay?

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  • 22-05-2011 10:17pm
    #1
    hollytrees
    Closed Accounts Posts: 83 ✭✭


    I am thinking of selling my house as I'm moving in with partner. I had sold a house a few years back and didn' have to pay tax as it was 1st residence.

    Does anyone know what percentage I'd have to pay if I sold? thanks


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    #2
    Sparky_Larks
    Closed Accounts Posts: 32 ✭Sparky_Larks


    as far as I know
    If the house is your principal private residence your are not subject to Capital Gains tax.
    If the house is an investment then you have to pay capital gains on any profit you have made, i.e the how much more you sell the house for than what you paid

    Rate is currently 25%
    There is a guide on WWW.revenue.ie, just type in Capital Gains tax in the serce bar


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    #3
    dearg lady
    Closed Accounts Posts: 2,091 ✭✭✭dearg lady


    Capital gains tax is paid on any gains made, eg you bought the house for 100,000, and are selling it at 150,00, CGT would be levied on the gain of 50,000. There is indexation used on the purchase price if it was bought prior to 2003, you would need to look at this.

    If the house was your principle private residence for the whole time you owned it, a relief is goven in the full amount of CGT owed. If it was your PPR for only part of the time, it's time apportioned, eg you owned the house for 10 years and lived in it for the first 5. You would time apportion the gain of 50,000 by 4/10 to give you a gain of 20,000 on which CGT is owed. That's 5 years lived in and the last year of ownership is deemed to be a PPR.

    There's a few other exceptions so you'd really need to speak to someone or go on the Revenue site to check it out. It's not too complicated tho!


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