Understanding CGT

[casiopea]

Hi,

Im currently reading and trying to understand the revenue's guide to capital gains tax.

(http://www.revenue.ie/leaflets/cgt1.pdf )

According to this document I am an "Ordinary Resident" from a tax perspective and I shall be until next September when I fall under Domincile (I think) as I reside in Switzerland.


Im hoping to sell my house, here in Dublin, early 2006 and I have a couple of CGT that Im having trouble understanding from this document.
1) If I sell and dont reinvest the money for sometime into another property (say more than 6 months) am I likely to incurr even higher CGT than if it were immediately to go into another property? (The money will be used as a house deposit but the buying process in switzerland is much much slower so it could be a while before it is used).
2) does my tax liability change when I go from ordinary resident to domicile?

thanks in advance
casiopea

 

[Ham Slicer]

1. Rollover relief was abolished a few years ago. So if CGT is due it's due regardless if you reinvest or not

2. Your house is a "specified asset", as such it is liable to CGT. It doesn't matter where you are resident, domiciled etc.

Obviously principal private residence relief should be applied if applicable

 

[WizardDr]

If you were born in Ireland - you dont state that - and if you were by having a house in Ireland, it is unlikely that your domicile has changed.