TAX Implication of overseas property - were to get advice?

Tonisop

Registered User
Messages
10
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 were I am originally from and own a house but would commute daily to R.O.I for work and pay tax, 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 but I would 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 ??

Thanks for any suggestions in advance.

 
you're non domiciled and non Irish (or UK at present) tax resident. UK will tax you similiarly though to irish rules.

so proceeds of a disposal of foreign property while non ordinarily resident would be taxed on the remittance basis i.e only if you bring the proceeds back into the country will you be taxed. similiar to rental income from a foreign source while non-ordinarily resident. when after 3 years of being resident again, you will be taxed on your worldwide income so your rents abroad will be taxed.

If you're resident but not ordinarily resident
If you're resident but not ordinarily resident you'll pay tax on all your UK income.

You can usually pay tax only on overseas income you bring into the UK. But you'll pay tax on:

all your income from investments in the ROI
90 per cent of a pension from the ROI - unless it's an Irish government pension
You'll pay tax on earnings for work done abroad that you bring into the UK.

If you're not resident
You'll pay tax on your income from:

work you do in the UK
UK pensions
UK investments
rental income from UK property
You won't pay tax on your overseas income even if you bring it into the UK.