N
nash
Guest
CGT on remittance to Ireland
Hi I have two questions on how remittances are taxed.
A person who is taxed on a remittance basis invests €10000 in America in shares and over the next five years he realizes a gain of €2000 every year (i.e. sells and buys back the shares). At the end of the five years he has €20000 in his American account. What is the CGT liability if he only remits €5000?
If in year six instead of sending back €5000, he instead opts to reinvest the entire amount and losses €15000. Thus €5000 remains in the account. What is the CGT liability if he then sends this amount home?
Hi I have two questions on how remittances are taxed.
A person who is taxed on a remittance basis invests €10000 in America in shares and over the next five years he realizes a gain of €2000 every year (i.e. sells and buys back the shares). At the end of the five years he has €20000 in his American account. What is the CGT liability if he only remits €5000?
If in year six instead of sending back €5000, he instead opts to reinvest the entire amount and losses €15000. Thus €5000 remains in the account. What is the CGT liability if he then sends this amount home?