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Capital Gains tax if emigrating.

  • 31-12-2011 2:18am
    #1
    archer22
    Registered Users, Registered Users 2 Posts: 2,116 ✭✭✭


    Hi guys can anybody tell what is situation with capital gains tax if emigrating.Have been unemployed now far a while and am getting sick of it.So have been looking at my options.I inherited 20 acres of land here some years ago..its not viable as a farm..too small, no buildings etc.Anyhow what I want to do if possible is sell it and coupled with my somewhat modest savings buy a working small farm in France.Then here is the problem,if I have to pay 30% capital gains tax on sale of my 20 acres.I will not be left with enough to buy the small farm in France.The question I would liked answered is this...I was told that if you are leaving Ireland permanently you are exempt from capital gains tax when you sell your property here...does anybody know if that is correct?..thanks


Comments

  • #2
    Delancey
    Closed Accounts Posts: 5,451 ✭✭✭Delancey


    I've never heard of such an exemption though I reckon the folks on the Taxation forum will know for sure.


  • #3
    ABEasy
    Registered Users, Registered Users 2 Posts: 566 ✭✭✭ABEasy


    Never heard of this relief, generally you are liable to CGT on gains from all Irish source assets regardless of residency. Will you make that much of a gain (sales price less expenses less declared value at date of inheritance).


  • #4
    archer22
    Registered Users, Registered Users 2 Posts: 2,116 ✭✭✭archer22


    ABEasy wrote: »
    Never heard of this relief, generally you are liable to CGT on gains from all Irish source assets regardless of residency. Will you make that much of a gain (sales price less expenses less declared value at date of inheritance).
    Land prices were very low when I inherited..going on estimates at current prices would prob have to pay 30-40 grand.And as I would already have been going to the wire on the French farm..paying that much capital gains tax would sink the entire project.Oh well back to the drawing board I guess.


  • #5
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,632 ✭✭✭✭Marcusm


    What you are looking for is a form of rollover or reinvestment relief which was abolished some years ago. There are proposals which might reintroduce it for farmland which is the subject of a compulsory purchase order but that is unlikely to help you. Unfortunately, you may just have to accept the tax liability. Did you get it really valued when you inherited it?


  • #6
    dermot_sheehan
    Closed Accounts Posts: 2,062 ✭✭✭dermot_sheehan


    Moved to Taxation, you might get a better response there.


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  • #7
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,632 ✭✭✭✭Marcusm


    dermot_sheehan wrote: »
    Moved to Taxation, you might get a better response there.

    Cheeky; perhaps you mean better rate of response rather than quality of response!!!


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