Query re Capital Gains Tax on an overseas property

hkjohn

Anyone help?

I moved to Ireland from Asia about five years back. Have just sold my
flat in Singapore and plan to use the proceeds to buy a property in the UK to use as rental income to fund my retirement.

Anyone know if I will be liable to pay Capital Gains Tax on the profit I made on the property in Asia which I owned and lived in from 2004 to 2012 before renting out from 2012 on?

Don't know if this is relevant but while am not an Irish citizen, took out an Irish passport last year.

Thanks in advance for your advice

Marcusm

On the basis of the facts, you are both resident and ordinarily resident in Ireland. However, you may not be domiciled in Ireland and you should seek tax advice to establish this. It will be influenced by where your father was domiciled when you were born and whether you have made a commitment to live in Ireland for life.

If you are domiciled outside Ireland, the sale of the Sing flat does not come into the Irish tax net unless you bring the proceeds to Ireland. If you have already received them or benefit from them in Ireland then you're already stuffed! 33%!

By the way, how did you get an Irish passport if you're not an Irish citizen?

CIARAN_BOYLE

Taking out an Irish citizenship may be considered establishing Irish domicile.

I would advise seeking professional advice.

hkjohn

Thanks for that

Geuze

Marcusm wrote: »

By the way, how did you get an Irish passport if you're not an Irish citizen?

Indeed.

Only an Irish citizen can have an Irish passport.

wordofwarning

Speak to a tax advisor for the simple reason there is a ways of reducing tax liability if you buy property via a pension