buying property in uk

J

juliemc

Guest
hi, just wondering if you had property in the uk and then sold it for £80K. WOuld you be liable to pay tax on that money if you brought it into ireland. if so at what rate?
 
You don't have to pay any tax for bringing the money into the country.

However, normal Capital Gains Tax rules apply to UK property, regardless of whether the proceeds are brought into Ireland or left in the UK.
 
If you are resident, ordinarily resident and domiciled in Ireland then you are liable for CGT on the profit on the sale of the property whether you bring the money into the country or not
 
New legislation was passed mandating that property must be sold for their valued price, effectively bringing an end to price gouging. It is also a great time in the UK to be the manager or landlord of a property because the average time in a city center like London is around a week.
 
@DB74 How precisely would you propose to become non domiciled in Ireland?

Were your parents domiciled outside of Ireland when you were born (= Domicile of Origin)?

Have you now cut every single link with your home country, never intending to return, and have you established a "domicile of choice" elsewhere in another country?

My accountant advised me when I asked about this that about the only way to change your domicile was to close every single bank account in your own country and buy a grave plot in the new country where you lived.

Non-domiciled (no intention of ever returning) is not the same as becoming non-resident (one specific tax year) or not ordinarily resident (3 consecutive years of non residency) .....

so as far as I can see the only exception for CGT for an Irish resident would be 1) for a foreign/UK domiciled person who was 2) living long-term in Ireland who 3) sold a house in the UK after 20 November 2008, and 4) did not bring the money into Ireland. All of which may or may not be relevant for the OP.

http://www.revenue.ie/en/tax/it/leaflets/res1.html
http://www.citizensinformation.ie/en/employment/migrant_workers/coming_to_ie_tax.html
 
1 week turnaround, wow! I guess it depends on how desirable the property is though.
 
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