Capital gains tax on sale of property in UK

minxmad

I have a query relating to the sale of a property in the UK.
I bought a house in the uk Oct 2002 for £154K.
Igot offered an opportunity to move back to Ireland and did so October 2004 ( I wasnt sure if i was going to stay in ireland and wanted to keep my options open so I rented my house in the uk for a year ..My rental income was not covering the cost of my mortgage and management fees..)
I rented myself in Ireland for some of this period . My tenants moved out of my house in the uk oct 2005 and I carried on with the mortage repayments and did not rent out again. I sold my house 5th of April 2005 (I actually sold to my company as they had offered me a relocation scheme to help me move back to ireland and they bought my house off me to sell on (they offered me £176K for it.
They then gave me the preceeds of the sale.
The company then continued to sell my house on the open market (they sold for an extra £6K extra and they gave this me as well, this was around may june 2005.
Meanwhile while this was going on I had been buying a house i(to live in)n Ireland and this purchase completed on the 26th of March 2005.

I would like to know If I am liable to pay capital gains in Ireland for the sale of my UK property as I was under the impression if I sold within 2 years of moving to Ireland I woudnt be. However I have been reading various taxation pages online and from what I can see it looks like I am but it doesnt give worked examples of sellig a uk property.Would really appreciate some advice on this.
Also I have also seen that I should have declared this sale before oct 31st last year, so I am concerned that I have not done this..was getting married then..( thought it was the year after you did returns) so again I would like clarification, and if I need to declare this now, how can I do with with minimum penalty or will I be in big trouble.

would really like to get this sorted as I hate things like this hanging over me and would prefer to have my affairs in good order.
i am on the paye system and have been working fulltime in Ireland since Oct 2004

all advice greatly appreciated

democrates

I'm no expert but from what I've seen here is my understanding:

There are at least two taxes to consider, two jurisdictions, and the residency issue.
Taxes due in Ireland take into account taxes paid in the uk due to our double-taxation agreement.

On income tax it's rent minus allowable expenses eg. collection fees, management fees, council tax, mortgage interest and other such running costs borne by you.

As for cgt AFAIR, ((sale price - purchase price) x cgt rate ) - threshold

If you want it all in order and above board just call revenue and explain the situation, I've found them really excellent, though a complex situation like this can take a few calls as one area will look after you for normal paye etc while another section will specialise on the ins and outs of cgt for deaths, overseas investments etc.

Sorry for the hazy info, others on boards have been there and done it, hopefully they'll have some reliable advice and correct any of my errors.

Kinetic^

Hey, I don't have time atm to answer but will do so later on this evening(if someone hasn't done it by then).