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Tax on euro transfer?

  • 14-11-2012 12:27pm
    #1
    m4r10
    Registered Users, Registered Users 2 Posts: 678 ✭✭✭


    A friend of mine wants to sell a property of his from another EU country and plans to bring the money (~€60k) here in Ireland to buy an apartament for himself. Would he be liable to pay any taxes on the money if the transfer is made between his parents euro account into his own euro account?


Comments

  • #2
    seamus
    Registered Users, Registered Users 2 Posts: 68,317 ✭✭✭✭seamus


    He's liable for CGT on the sale of the foreign property, if he's domiciled in Ireland. If his parents are foreign residents, then he will need to transfer the property to them under that state's laws, before the property is sold. The €60k then when transferred is relevant for CAT, but is well within the threshold for gifts from parents to children, so will not require any payment.


  • #3
    m4r10
    Registered Users, Registered Users 2 Posts: 678 ✭✭✭m4r10


    The property is on his parents name as he couldn't be there when it was bought, so there was no need for transfering the property to them. Also, they will pay whatever taxes (CGT) are due in the country where they reside. I had a look on CAT and it seems he's in the clear.


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