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Capital Gains Tax

  • 22-02-2011 12:53pm
    #1
    Closed Accounts Posts: 1,432 ✭✭✭


    I have owned a house in the UK for 8 years now. I lived in it for a year while I was working there and then moved to Ireland to work. It has never been rented as I often return to it every other month.
    I am planning on moving back into it for about 3 months to refurbish before selling too.

    If I sell then do I owe any CGT on it?


Comments

  • Registered Users, Registered Users 2 Posts: 59,702 ✭✭✭✭namenotavailablE


    For these types of transactions, the forum strictly advises seeking professional advice.

    Some general pointers to set you on the way:

    1. The Ireland-UK Double Taxation Agreement sets out the appropriate treatment. [Article 14(1)]. You can probably find this on the Revenue.ie website
    2. The status of your 'tax residency' and 'ordinary residency' determine your potential liability. Basically, if you are an Irish tax resident, you would be liable to Irish CGT on the gain.
    3. I don't know how the UK authorities normally treat this transaction.
    4. At the risk of repeating myself, "Get professional advice!"


  • Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Thread closed.

    You know the rules.

    Name- final warning- you reply on a property thread again and you're taking a ban too.


This discussion has been closed.
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