sale of UK flat - ex PPR - CGT and DIRT on proceeds?

[clonlex]

Hi All,

We've recently sold a flat in the UK. We owned the flat for 5 years in total and lived in it for 4 years. We had it rented out for the last 2 years since we moved back to ireland. Can you confirm that we would be liable for CGT on 2/5s of the profit? What allowable expenses can I deduct from the profit?

Under UK tax, I believe we wouldn't be liable for CGT as you have a 3 yr grace period where you can rent out a PPR. Someone told me that if I get a certificate saying that UK tax is in order, I won't be liable to pay CGT in ireland but I'm not sure that this is correct under double tax system - could someone confirm?

Also, we're debating leaving the proceeds in sterling in our UK bank account, would we be liable for Irish DIRT rates on the interest?

Thanks

 

[clonlex]

Typo in the above - we lived in it for three out of the five years.

 

[DB74]

Re the Deposit Interest - you are liable for income tax on the interest earned at your top rate of tax. DIRT doesn't come into it.