Tax issues on relocating to ireland

H

Homelet

Guest
Not sure if this is the correct forum for this subject but:

I am an Irish national who is a UK resident for last 20 years.

I plan to move back to Ireland soon.

I plan to sell my UK PPR (there will be no UK tax on the profits from this as its my PPR).

I will transfer the proceeds of this house sale into an Irish savings account and then use this money to purchase my new PPR in Ireland.

My question is:

will there be any Irish tax payable on this money. As I said I will use the money to buy my PPR in Ireland, so I know I will pay stamp duty on the purchase, but is their any other tax I should know about.

Thanks
 
Thanks Clubman, the following excerpt seems to answer my question:

15. If I bring the proceeds from the sale of a foreign property into Ireland will I be
liable to Irish tax?
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If the property was your principal private residence for the full period of
ownership the proceeds will be exempt from capital gains tax. In order to avail of this
exemption the property must be sold within 12 months of it being vacated. For further
information on capital gains tax please refer to leaflet CGT 1.

It looks like I can spend all the proceeds on the new house in Ireland (less Stamp duty of course).
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Homelet - This is not directly to do with the tax issue but it may influence how you conduct the relocation to be aware that when purchasing your Irish PPR there are many instances of the eventual price asked being higher than the tag when you expressed an interest/viewed. The situation in Ireland is the opposite to that in the UK where currently offers of 5 - 10% below the asking-price are usually immediately accepted. In Ireland you may find you are expected to 'up' your offer.......so beware!
 
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