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Capital gains tax EIRE

Discussion in 'Buying Overseas Property' started by albert, Sep 6, 2006.

  1. albert

    albert New Member

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    Hello ,
    My friend is hoping to join me here in the south of France soon. He has just sold his house in Ireland (Eire). He is British, but moved back from the US several years ago to care for his father who has since died. a couple of years after his father passed, he moved into rented accommodation as the house was terribly old. I was a little concerned to hear that he will have to pay capital gains tax after selling the old house now even though he was only renting another property. Is there something we have missed here? Does capital gains tax when renting another property mean that you have a second home or is this something particular to Eire? I would very much like to hear from anyone who knows...
    Many thanks..
     
  2. alexander

    alexander New Member

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    Hey Albert,
    Normally capital gains is paid on the sale of assets, i.e. if the house is not his principle residence then it would be regarded as a taxable asset

    Try this info www.revenue.ie/leaflets/cgt1.pdf

    Consult with a good accountant and they may be able to argue the point with the revenue commissioners.
    Keep in touch
     
  3. andy

    andy New Member

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    Hi Albert,
    If he is leaving Eire (Rep of ireland) permanently, he can claim back taxes from the last couple of years. I moved from Republic of Ireland to Northern Ireland (UK soil) last year and got a good share back of my taxes from that year in the Republic. Best is to contact the Revenue (The Irish Revenue Commissioners: Taxation and Duty Information) or to hop in and talk to one of their staffmembers. They're very helpful. The office is along O'Connell Street in the heart of Dublin City.
    See you again
     
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