D
dearg
Guest
Hi,
My partner and I live in Dublin. She has a property in Northern Ireland which she has been renting out for some years now. Her tenant has announced that he is moving in the coming month, and having examined the rental market and likely selling price, she is probably going to sell the property, and re-invest the proceeds in somewhere sunnier we can use as a holiday home.
Would we be right in assuming that CGT would be payable to the Irish Revenue Commissioners (as opposed to the UK), and at the Irish rate of 20% (with indexation relief for the period up to 2002)? It was also her principal private residence for about 2 years before she left (she's owned it 12 years), should she apportion the capital gain on the basis of the amount of time she lived there? She never paid income tax on the rental income, but she's fairly sure that it was always exceeded by the mortgage interest and agency fees in any given year, and so it would if I understand correctly mean that she would not have been liable, although I'd imagine she should have made some sort of declaration anyway? She's a PAYE taxpayer, if that makes any difference.
Finally, should we use a Northern solicitor for the sale, given the tax matters should be handled by someone familiar with the southern system or, heavens forbid, will we need 2 solicitors?
Any advice - including websites with the answers to some of the above - gratefully recieved!
Dearg
My partner and I live in Dublin. She has a property in Northern Ireland which she has been renting out for some years now. Her tenant has announced that he is moving in the coming month, and having examined the rental market and likely selling price, she is probably going to sell the property, and re-invest the proceeds in somewhere sunnier we can use as a holiday home.
Would we be right in assuming that CGT would be payable to the Irish Revenue Commissioners (as opposed to the UK), and at the Irish rate of 20% (with indexation relief for the period up to 2002)? It was also her principal private residence for about 2 years before she left (she's owned it 12 years), should she apportion the capital gain on the basis of the amount of time she lived there? She never paid income tax on the rental income, but she's fairly sure that it was always exceeded by the mortgage interest and agency fees in any given year, and so it would if I understand correctly mean that she would not have been liable, although I'd imagine she should have made some sort of declaration anyway? She's a PAYE taxpayer, if that makes any difference.
Finally, should we use a Northern solicitor for the sale, given the tax matters should be handled by someone familiar with the southern system or, heavens forbid, will we need 2 solicitors?
Any advice - including websites with the answers to some of the above - gratefully recieved!
Dearg