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Can I avoid tax on UK property

  • 19-03-2017 9:09pm
    #1
    Finnanddan
    Registered Users, Registered Users 2 Posts: 2 ✭


    I am selling my flat in London to buy in Ireland. Any suggestions on how to avoid capital gains tax on this? Thanks.


Comments

  • #2
    Penguin3029
    Registered Users, Registered Users 2 Posts: 56 ✭✭Penguin3029


    Finnanddan wrote: »
    I am selling my flat in London to buy in Ireland. Any suggestions on how to avoid capital gains tax on this? Thanks.

    Firstly, I assume you're talking about Irish CGT?

    Was it your principal private residence? If so, and if you occupied it for the entire time you owned it, it's fully relieved under the principal private residence relief for Irish CGT.

    Not sure on any UK tax implications.


  • #3
    Finnanddan
    Registered Users, Registered Users 2 Posts: 2 ✭Finnanddan


    Thank you Penguin 3029,it was my primary residence for twelve 12s all the time, I was paying a mortgage, its just in the last ten months I have been renting it while seeing how the move to Ireland went.


  • #4
    Penguin3029
    Registered Users, Registered Users 2 Posts: 56 ✭✭Penguin3029


    Finnanddan wrote: »
    Thank you Penguin 3029,it was my primary residence for twelve 12s all the time, I was paying a mortgage, its just in the last ten months I have been renting it while seeing how the move to Ireland went.

    Interestingly, the law provides that for the last 12 months of ownership, you are considered to have lived there (whether you did or didn't). If you sell before being 12 months out of it, no Irish CGT will arise.

    If you sell after this, there could be some Irish CGT. The CGT will be in relation to how long you didn't reside there (or weren't considered to reside there, because remember last 12 months of ownership you're considered to have lived there).


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