CGT on foreign investment property sale

Trying to fully understand sale of an investment property in Hungary.

At a high level is this correct?
Take a simple example, bought in 2005 for 50K. Sell in 2023 for 100K.
CGT in Hungary = 50k * 15% = 7,500
CGT in Ireland = 50k * 33% = 16,500

Do you get a credit for the 7,500 in Hungary? If so then it is 9,000 CGT to pay in Ireland?

Also, does the fact there is an o/s mortgage on the property matter for the CGT calculation?
Thank you.

Harfang said:

Do you get a credit for the 7,500 in Hungary?

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Example calculation here:


Double Taxation Treaty between Ireland and Hungary:


Per Article 23 paragraph 2a of the above treaty, Ireland gives a credit for the Hungarian tax.

Harfang said:

does the fact there is an o/s mortgage on the property matter for the CGT calculation?

Click to expand...

No.

The chargeable gain of an asset is the difference between the amount you received for it (sale price) and the amount you paid for it (purchase price) and any ‘allowable expenses’:


Don't forget the annual exemption (x2 if property owned jointly).