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Principal Private Residence Question

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  • 05-09-2014 5:32pm
    #1
    mike_2011
    Registered Users Posts: 1 ✭


    Hi all,

    Just a quick question. Appreciate any help.

    I am working and renting in Dublin and looking to buy a house in Cork.

    If I live in cork at weekends and rent in Dublin during the week, would the house in cork be considered my Principal Private Residence?

    So basically in 5-6 years if I sell it would I be exempt from CGT?


    Thanks
    ML


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    #2
    Victor
    Registered Users Posts: 78,422 ✭✭✭✭Victor


    You would be well advised to get professional advice.

    It would be slightly complicated. Home is where you normally go at the end of the day - most of the time, you would not be going home. It would likely be a different matter if you had a family member living there full time or if you were a contractor that moved around and Cork would be your base.

    I understand there are certain CGT exemptions if a property is bought before the end of 2014. http://www.citizensinformation.ie/en/money_and_tax/tax/capital_taxes/capital_gains_tax.html


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    #3
    MouseTail
    Registered Users Posts: 1,663 ✭✭✭MouseTail


    To be a PPR, a house must be your sole or main residence. I would think Revenue could argue it is not currently your main residence.


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    #4
    Mrs OBumble
    Registered Users Posts: 25,965 ✭✭✭✭Mrs OBumble


    MouseTail wrote: »
    To be a PPR, a house must be your sole or main residence. I would think Revenue could argue it is not currently your main residence.

    I think it could be argued both ways. Depending on work hours and commutes, you would be sleeping in Cork two or three nights a week when working, and an extra night on public holidays, and all the time during annual leave. That all adds up.

    Possibly you could get the job to let you work from home one or two days a week, so could be there for even more time.

    What's more, if you use the Cork address for all official correspondence, register on the electoral roll there, don't claim rent-supplement for the room in a shared house that you rent in Dublin and pay for it in cash, then you will have plenty of evidence that you actually live in Cork, and Revenue won't have much that you live elsewhere - it's not like they ask you to keep a log of where you sleep every night.


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    #5
    snubbleste
    Banned (with Prison Access) Posts: 31,117 ✭✭✭✭snubbleste


    Howrya Mr. Callely :D


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