All Topics / The Treasure Chest / CGT question/ dodge, maybe???

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  • Profile photo of neologismneologism
    Member
    @neologism
    Join Date: 2003
    Post Count: 91
    July 28, 2003 - 6:59 am

    say if i have an IP for 20 years then move into it for say 12 months, then sell it.. do i pay any GCT at all because it was my PPOR or would i still have to pay CGT on the estimated price of 12 months ago..

    would it work simular to one of these ways or a totally different way??

    NEO

    NICE ONE BRUVA!! Nice One Bruv! nice one

    Profile photo of josie_2josie_2
    Member
    @josie_2
    Join Date: 2002
    Post Count: 15
    July 28, 2003 - 7:13 am

    Hi Neo

    The CGT will be pro-rated for the time it was an investment property so 19 out of 20 (years). It will be based the Fair Market Value at the time it ceased to be an investment property.
    Like what you said.
    Josie[:)]

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