Calculating CGT due?

[FTB_2008]

Hi,

Just wondering if anyone here has sold property in the UK. If so what costs do you incur?
As explained in the following link Ireland have a double taxation agreement with the UK : [broken link removed]
I can see that Ireland's CGT is 20% however finding it a bit difficult to establish what it is in the UK.

If I bought an apartment for €100,000 in the UK a few years ago and sold it for €150,000 today then how do I calculate what I owe. As we have double taxation agreement do I pay the CGT according to the Irish rule or the UK rule.
From looking at the revenue web-sites this is my take on it :

(1) I pay CGT on €50,000
(2) I pay the CGT in the UK.
(3) If the amount of CGT I pay in the UK is less than €10,000 (i.e. Irelands 20% rule) then I have to pay the difference over here

Appreciate any feedback on this.

 

[advisor]

I don't know the calculation of CGT in the UK but you would be liable to pay CGT in Ireland on disposal.
If you are resident or ordinarily resident, and domiciled in the State you are liable to CGT on worldwide gains. Therefore, if you dispose of a foreign asset, for example a property in another country or shares in a foreign company, Irish CGT will apply. Where foreign capital gains tax is paid a credit may be available against your Irish CGT for some, or all, of that amount. Foreign CGT, which can’t be taken into account for credit purposes, is deducted from the sale proceeds in calculating the gain.
In calculating CGT in Ireland you would use:
Cost Price: 100,000 + any costs of acquisition e.g solicitors fees, etc.,
Sale Price: 150,000 + any costs incurred on disposal e.g solicitors fees.,

Difference between the two is chargeable at 20%.

If you purchased the property prior to 31/12/02 there would be indexation on purchase price, check www.revenue.ie for rates if this applies.