CGT on company shares for non-resident

[Amethyst]

Hi everyone

I have a slightly odd scenario. I own 200 shares from a company I worked for from 2000 to 2002. The shares have done really well and I'm thinking about selling some.

The company though is listed on the French stock exchange, although handily, I can sell them through the Irish HR dept of my old firm. (They keep an Irish company account since apparently there are all sort of complications about selling shares in France.)

This year I'll become a non-resident as far as Irish taxation goes. I'm in Australia (which has a taxation agreement with Ireland) and I expect to pay CGT somewhere, but obviously don't want to pay it in 2 countries.

Do I need to do anything as far as the Irish Revenue is concerned?

Cheers!
Amethyst

 

[nmh001]

if you have been resident in Ireland for a number of years then you will be "ordinarily resident" here in 2006 notwithstanding spending a year or 2 in Australia.

Therefore under Irish law the capital gain is subject to Irish CGT.

If you are also subject to Australian CGT under their domestic law then the double tax agreement needs to be consulted.

This is likely to deem you to be an Irish resident in which case the Australian CGT charge will be eliminated because the gain does not derive from an Australian source.

Its a fairly complex area and it would probably be advisable to get professional advice.