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Capital gains on Irish property while working overseas

  • 12-09-2017 1:24pm
    #1
    jmw236
    Registered Users, Registered Users 2 Posts: 9 ✭


    I bought a house in Ireland in 2006 and lived in it for 3 years. I was then made redundant and couldn't find work in Ireland. I moved overseas for work while renting my home in Ireland. It's been rented since 2009. I rent a property overseas and was wondering would I be liable for capital gains tax for my home in Ireland if I sold. If so can I avoid paying it if I move back to Ireland and lived in it for a period of time before selling it?
    Many thanks for your help.


Comments

  • #2
    tanit
    Registered Users, Registered Users 2 Posts: 325 ✭✭tanit


    jmw236 wrote: »
    I bought a house in Ireland in 2006 and lived in it for 3 years. I was then made redundant and couldn't find work in Ireland. I moved overseas for work while renting my home in Ireland. It's been rented since 2009. I rent a property overseas and was wondering would I be liable for capital gains tax for my home in Ireland if I sold. If so can I avoid paying it if I move back to Ireland and lived in it for a period of time before selling it?
    Many thanks for your help.

    You will get PPR relief from 2006 to 2009 meaning no CGT charge for that period. I no CGT charge either for the last year before selling under PPR relief but the period but any gains that belong to the period where you were abroad and renting will be charge to CGT. There is nothing to avoid paying CGT, you might try arguing with Revenue that you could not get a job in Ireland and had to move away that said I've never heard of anything like that before and I doubt it will work. Coming back to Ireland and living in the house will make no difference either as the period renting the house is still liable to CGT (the last year before selling the house is given to you regardless of you living there or not) (to the ones that know more than me, please correct me if I'm wrong)

    Try getting advice from a tax adviser to see if it can help but I don't think you will be able to get anything different.

    IHTH


  • #3
    [Deleted User]
    Posts: 5,121 ✭✭✭ [Deleted User]


    Will you be making a profit?


  • #4
    Robert McGrath
    Registered Users, Registered Users 2 Posts: 438 ✭✭Robert McGrath


    Talk to a tax advisor, OP.

    You may exempt from CGT if you move back in before selling.

    Make sure you mention Section 604(5) of the Taxes Consolidation Act 1997


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