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Sold property outside Europe - Irish tax on income

Builderfromhell · 2016-09-14 00:06:45

A Irish Citizen who came to Ireland 15 years ago and has a business in Ireland is selling land in Chile to bring funds to Ireland to purchase a house here. Funds are approximately 180,000 euro. Will be taxed on sale of land in Chile. Will huge tax bill be payable here if money is lodged in Irish bank account

14-09-2016 12:06am

#1

Builderfromhell

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A Irish Citizen who came to Ireland 15 years ago and has a business in Ireland is selling land in Chile to bring funds to Ireland to purchase a house here. Funds are approximately 180,000 euro.
Will be taxed on sale of land in Chile. Will huge tax bill be payable here if money is lodged in Irish bank account

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#2 14-09-2016 12:23am

Mrs OBumble

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If the Irish Citizen is tax resident here, I believe they will be liable for captial gains tax here - irrespective of where the property is located, and whether or not the cash is lodged into a bank account here.

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#3 14-09-2016 12:40am

Graham

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Talk to a qualified accountant, it looks like there's a treaty between Ireland and Chile for the avoidance of double taxation:

http://www.revenue.ie/en/practitioner/law/double/chile.pdf

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#4 15-09-2016 9:49am

Builderfromhell

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Thanks.
I wonder how capital gains tax is assessed.

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#5 15-09-2016 1:28pm

Mr. Incognito

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Builderfromhell wrote: »

Thanks.
I wonder how capital gains tax is assessed.

Dont wonder- Hire a professional.

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