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Where Taxpayers and Advisers Meet

Tax on property sold in Ireland

MichaelsTax
Posts: 4
Joined: Fri Jan 26, 2018 1:59 pm

Tax on property sold in Ireland

Postby MichaelsTax » Mon Dec 03, 2018 2:44 pm

I'm a UK resident and had part-ownership of a small property in Ireland which has now been sold. The Irish Revenue are taking CGT on the sale. After CGT and various fees are paid, I am arranging that my share is paid into a euro account in the UK. My question is, will I be exposed to any additional taxation when my money is transferred to the UK? Any advice will be much appreciated :)

AGoodman
Posts: 767
Joined: Fri May 16, 2014 3:47 pm

Re: Tax on property sold in Ireland

Postby AGoodman » Mon Dec 03, 2018 6:52 pm

You will be subject to tax on the sale, not the transfer of the cash to the UK.

Moving the cash would only be relevant if you elect to be taxed on the remittance basis, which would have other effects (the loss of your personal allowances and a substantial charge from year 7).

Absent the election you will be taxed on an arising basis and any gains will be taxed in the year of the sale. You will get credit for any Irish tax paid so there may not be any actual liability.

MichaelsTax
Posts: 4
Joined: Fri Jan 26, 2018 1:59 pm

Re: Tax on property sold in Ireland

Postby MichaelsTax » Thu Dec 06, 2018 12:18 pm

Thanks, AGoodman, for the reply.


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