CGT Do I have to pay

J

jackey

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I recently sold property and am moving outside the EU. I have purchased another property in this Country.
Do I have to pay the CGT if I am emigrating?
Is there any excemption at all on CGT?
 
what kind of property did I sell or buy? does this matter ?
but I sold agri - land and bought a house outside the EU
 
jackey said:
what kind of property did I sell or buy? does this matter ?
Click to expand...
Yes - if it was your PPR (Principal Private Residence - i.e. your home) and was never rented out then any gain would be exempt from CGT.
but I sold agri - land and bought a house outside the EU
Click to expand...
You probably have a CGT liability so regardless of what you are doing with the proceeds of the sale.

There is an annual personal exemption of €1,270 on capital gains. You can also offset allowable expenses and previously incurred losses. If the property was acquired before 2003 (?) then indexation relief (indexation of the acquisition price for inflation purposes) may apply.

Best to get independent, professional advice.
 
Hi Thanks for that, its all over my head im afraid,

can you recommend an expert?

Thank you again
J
 
Suggest you talk to your solicitor in the first instance to get some general guidance.

mf
 
List out exactly what property you bought, for how much and when and people might be able to comment. This is no substitute for professional advice though.
 
HI I dont want to mention any figures on this site,
But the details are as follows

A. There was no house on the land, It was a field.I sold it so I can emigrate.

B.I bought a house to live in abroad with the money I got from the land.
 
You owe CGT. You have an annual exemption of €1,270. As far as I know, the fact that you are leaving the country is irrelevant as you were resident at the time you sold the property.

As others have said, get professional advice if this isn't making sense, or if you want a second opinion.
 
Would agree with CCOVICH. Without more detailed info nobody here can really help you further.
 
If jackey had become resident abroad and then sold the land afterwards , would CGT in Ireland have been avoided ?
 
I understand that CGT attaches to land in the state. So whereas if CGT was due ( perhaps it wasn't) and was not paid, Revenue would have a hard time collecting it if X did not to pay it.

Interestingly, where a solicitor has a non resident Vendor client, it is very good practice to withhold any potential CGT liability from the sale price as Revenue are entitled to look to the solicitor for payment if the Vendor does not pay.


mf
 
Land in the State is a "specified asset" and a CGT liability will arise on disposal regardless of residence position at the date of disposal.

As stamp duty may be paid by the purchaser on the value of the land, there will be a record of the purchase, and by default the disposal, in the Revenue system.
 
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