Living Overseas - Tax liability on Irish house sale?

J

julian6873

Guest
I bought my first home in Ireland 5 years ago. After 2 years I moved to the Uk and rented out my house in Ireland. So have been living in the UK now for 3 years.

I am thinking of selling my house in Ireland. What is th CGT position with this? Are there any advantages to me waiting?
 
I bought my first home in Ireland 5 years ago. After 2 years I moved to the Uk and rented out my house in Ireland

Did you buy the property as a FTB. If so you will have to pay clawback of Stamp duty plus interest and penalties.
Have you paid tax on the profit from rental income See [broken link removed] including the part about foreign landlords and what the tenants should be paying to revenue.

You may also have a liability to UK revenue?
Any tax paid in Ireland can be offset against UK liability

I am thinking of selling my house in Ireland. What is the CGT position with this

CGT is calc as follows Gain * length of time let in months -12 over length of time owned * 20%.


You may also have a liability to UK revenue.
Any tax paid in Ireland can be offset against UK liability

Gain = Sale price less expenses - purchases price plus expenses
Expenses incl legal expenses auctioneers expenses stamp duty etc

The above info is a brief explanation, you should really get independant tax advise on this from a uk and ireland prespective as rules about residency for tax purposes etc could decide where ultimate liability resides.