Capital Gains or Income Tax?

I purchased 40 Apartments off plan in Poland 2 years ago, completion is another 18 months. I intend to sign final contracts with the developer on completion and then sell on immediately.
The polish authorities will tax me 19% income tax as I am registered for the flat tax rate. However, my question is what will the Irish authorities see it as... Income Tax or Capital Gains Tax?
Thanks in advance.

It will be treated as capital gains tax. You will however get a credit for the tax paid in Poland. E.G. Profit = €1,000,000, tax in Poland at 19% income tax = 190,000. Tax in Ireland on a profit of €810,000 (1,000,000-190,000) = €162,000 (20% capital gains tax).
Profit after tax =€1,000,000-190,000-162,000 = €648,000
Effectively you will pay tax at 35.2% on any profit

Scruffy,

be careful on this one as you may be considered by the Revenue to essentially be 'Trading in Property' which means it could be taxed as income rather than capital gains. I would imagine 40 apartments would be considered sufficient justification for being considered in this category but you really would need guidance from an experienced accountant on this one.

From the [broken link removed]:
"Trading in Property

If I am buying and selling foreign property on a regular basis, how are my profits taxed?

Normally if a property is sold any profit is subject to capital gains tax. However, if you are essentially trading in properties, the profits may be treated as income and subject to income tax."

Thanks GalwayBoy & Overseas Cafe........ As much as I would love to think it was CGT I suspect that it will be considered as "Trading" and I will be subject to Income Tax!
As I have no intention of renting them for a peroid of time then it definietly looks like trading and will be subject to Irish income tax rates with a credit for polish tax paid.