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Capital gains tax

  • 22-01-2021 10:05pm
    #1
    fairycakes
    Registered Users Posts: 201 ✭✭


    Hi there I'm an Irish person now living in Canada and want to sell my house in Ireland. Will I need to pay capital gains in Ireland and when taking money back to Canada where I now live. Thank you for your help much appreciated!


Comments

  • #2
    ismat
    Registered Users, Registered Users 2 Posts: 168 ✭✭ismat


    You will need to file a cgt return and pay any tax due in ireland to enable your solicitor to get permission from revenue to release the sales funds to you. You may also have a tax liability in Canada but I’m not sure on this. There are no restrictions on transferring the sales proceeds to Canada afaik


  • #3
    fyfe79
    Registered Users, Registered Users 2 Posts: 4,205 ✭✭✭fyfe79


    Sorry to hijack this thread, but didn't really want to start another "Capital Gains Tax" thread!

    I recently sold some shares which has since been paid in to my back account. They were bought jointly by my wife and I a few years ago before we separated. I have since transferred half the amount to her new account.

    I know that I have a relief of €1270 on the profits before paying CGT of 33%, but my question is is there also a relief of €1270 applied to my ex? In other words, should the relief be €2540?

    We are separated but not divorced. We had a joint account back then - it's now just my account. She will pay me back any taxes owed so that's not an issue etc.


  • #4
    Taxuser1
    Registered Users, Registered Users 2 Posts: 1,689 ✭✭✭Taxuser1


    fyfe79 wrote: »
    Sorry to hijack this thread, but didn't really want to start another "Capital Gains Tax" thread!

    I recently sold some shares which has since been paid in to my back account. They were bought jointly by my wife and I a few years ago before we separated. I have since transferred half the amount to her new account.

    I know that I have a relief of €1270 on the profits before paying CGT of 33%, but my question is is there also a relief of €1270 applied to my ex? In other words, should the relief be €2540?

    We are separated but not divorced. We had a joint account back then - it's now just my account. She will pay me back any taxes owed so that's not an issue etc.

    Yes


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