Hi,
Just wondering if anyone here has sold property in the UK. If so what costs do you incur?
As explained in the following link Ireland have a double taxation agreement with the UK : [broken link removed]
I can see that Ireland's CGT is 20% however finding it a bit difficult to establish what it is in the UK.
If I bought an apartment for €100,000 in the UK a few years ago and sold it for €150,000 today then how do I calculate what I owe. As we have double taxation agreement do I pay the CGT according to the Irish rule or the UK rule.
From looking at the revenue web-sites this is my take on it :
(1) I pay CGT on €50,000
(2) I pay the CGT in the UK.
(3) If the amount of CGT I pay in the UK is less than €10,000 (i.e. Irelands 20% rule) then I have to pay the difference over here
Appreciate any feedback on this.