Tax Return & Holiday Home in Spain

humbahuwamba

Hi

I'm doing my tax return for 2019. I'm self employed, resident in Ireland.

In 2019 I bought a holiday home in Spain. Do I need to enter this under the Chargeable Assets section of Form 11?

I do not own any other property. I did not take out a mortgage.

Thanks
Humba

Calahonda52

You need to disclose it, I don't use F11 so don't know the correct section, if you opened a Spanish bank account that need to go in as well somewhere.

humbahuwamba

Thanks Calahonda, that's what I was thinking. I guess they want to know about it for when you sell it and you're liable for CGT.

I got the bank account thing too!

All the best!
Humba

Calahonda52

humbahuwamba wrote: »

Thanks Calahonda, that's what I was thinking. I guess they want to know about it for when you sell it and you're liable for CGT.

I got the bank account thing too!

All the best!
Humba

Yes, liable for CGT here. I was at the other end of the equation and took a savage hit when I sold after I got a cancer diagnosis. The loss is allowable here, I have enough for 3 generations:D

You shroud also be aware that if you , or your estate needed to sell the gaff and there was a gain in Spain, they need the tax paid before the sale can go through.
If you need any insights, PM me