TAX Implication of overseas property - were to get advice?

[Tonisop]

I have been working overseas (UAE) and have bought a villa there which has not been completed yet. I do not know if i will keep it or sell it yet but heres my dilemma. I am considering returning home to work in Rep. Ireland (and pay tax again) however i would be living in N. Ireland, If this was my situation and when the villa is ready and i sold it would i be liable for taxation or capital gains in either Rep. or North ????

I know i could leave the money off shore and not declare but then it is no use to me as if i do sell it i want the money to invest or possibly buy something here when things hit the bottom.

Does anybody know what is the best way to play this ?? or any company etc that would be best to get advice on this issue ??

I do want to come home but if i have to work overseas until i do sell it to avoid tax or capital gains then i would rather do that, which would bring me to my next dilemma of is it ok to bring money back into the country that you have earned etc outside the country when you have been working there???

 

[Domo]

Re: TAX Implication of overseas property - were to get advice????

I would need to know more about your position.

Are you now non-resident in the Republic of Ireland? If you are not resident (and not ordinarily resident )in ROI, probably no liability to CGT on disposal of overseas property.

If you become resident but non-domiciled in the UK, there is a possibility not to be taxable in the UK on the CGT if the funds are not remitted to the UK.

You should consider getting professional advice on this (in advance) as I'm sure that depending on your circumstance there are legitimate ways to plan so that there is no CGT liability in either ROI or UK, but you will need to ensure that you take the necessary steps.

If you do not take advice you could trigger a liability, so therefore paying for good advice will be worth it.

 

[Tonisop]

Thanks Domo. To Clarify i would be living in N.Ireland were i am originally from and own a house but would be commuting daily and working in R.O.I (and paying Tax). Have you any suggestions of who i could get advice from??? Thanks in advance.