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Forum: Mortgages and buying and selling homes 11-04-2014, 11:44 AM
Replies: 1
Views: 226
Posted By ronaldo
Your foreign financial products will not show up...

Your foreign financial products will not show up on an Irish Credit Bureau report. You'll need to request your reports from the UK credit bureaus, of which there are three.

It can be difficult to...
Forum: Property investment and tenants' rights 09-04-2014, 01:39 PM
Replies: 19
Views: 832
Posted By ronaldo
That's a very good point :)

That's a very good point :)
Forum: Property investment and tenants' rights 09-04-2014, 01:07 PM
Replies: 1
Views: 235
Posted By ronaldo
I believe most of the selling expenses should be...

I believe most of the selling expenses should be written off against your eventual Capital Gains Tax liability, if any. They cannot be written off agaisnt rental profit.
Forum: Property investment and tenants' rights 08-04-2014, 08:14 PM
Replies: 19
Views: 832
Posted By ronaldo
One thing I've often wondered about this but...

One thing I've often wondered about this but didn't look into it because I'm not yet in a position to buy is that, if the property purchased is free from CGT after 7 years, does that mean that, in...
Forum: Property investment and tenants' rights 08-04-2014, 07:34 PM
Replies: 19
Views: 832
Posted By ronaldo
They are 100% incorrect. Provided you bought last...

They are 100% incorrect. Provided you bought last year or this year and hold for 7 years, you have no liability to CGT.

If you hold for 8 years, you will be liable for 1/8th of the usual CGT...
Forum: Property investment and tenants' rights 07-04-2014, 02:57 PM
Replies: 5
Views: 326
Posted By ronaldo
Thank you. I just wanted to make sure my tax...

Thank you. I just wanted to make sure my tax return was completed correctly because we all know the ROS system can't be trusted to get everything correct at times. :)
Forum: Property investment and tenants' rights 07-04-2014, 02:46 PM
Replies: 5
Views: 326
Posted By ronaldo
Is it not allocated as a percentage? For example,...

Is it not allocated as a percentage? For example, my Irish tax return was made up 90% of my foreign income and rental profit in Ireland represents the other 10%. My tax calculation on ROS allocated...
Forum: Investments 06-04-2014, 08:42 PM
Replies: 22
Views: 1,633
Posted By ronaldo
I also agree with this. If someone wanted a...

I also agree with this. If someone wanted a completely hands-off approach, a Eurostoxx 50 ETF, or similar, is a good option.

The things I don't like about the ETF's include the 'deemed-disposal'...
Forum: Investments 06-04-2014, 08:31 PM
Replies: 22
Views: 1,633
Posted By ronaldo
If you were going for this option, I'd go for...

If you were going for this option, I'd go for more than 5 shares. The main reason for choosing 5 would be to reduce trading costs for someone investing a total of somewhere in the region of 10k -...
Forum: Property investment and tenants' rights 06-04-2014, 10:34 AM
Replies: 14
Views: 993
Posted By ronaldo
That would be 33% and it would depend on the...

That would be 33% and it would depend on the valuation used at the time the OP inherited it - not the price paid for it. Chances are it'll be a loss-maker and no CGT will be due.

Also, I'm failing...
Forum: Property investment and tenants' rights 05-04-2014, 11:13 AM
Replies: 14
Views: 993
Posted By ronaldo
As Brendan stated above, the value in 2002 is...

As Brendan stated above, the value in 2002 is irrelevant.

Also, you do realise that a vacant property will still cost you money - insurance, maintenance, property tax, etc. are still all payable....
Forum: Mortgages and buying and selling homes 05-04-2014, 10:48 AM
Replies: 3
Views: 505
Posted By ronaldo
They'll ask you to take out life insurance to...

They'll ask you to take out life insurance to cover the mortgage - depending on your answers to the questions when getting a quote for that, the life insurance company may ask for a medical.

The...
Forum: Property investment and tenants' rights 28-03-2014, 09:03 PM
Replies: 17
Views: 824
Posted By ronaldo
Looking at this again, I believe my previous...

Looking at this again, I believe my previous understanding that you weren't entitled to any Personal Credit as a non-resident was incorrect.

Therefore, I've updated the original post with the...
Forum: Tax 28-03-2014, 08:54 PM
Replies: 1
Views: 329
Posted By ronaldo
Preliminary Tax and Tax Returns - Due Date

I've just filled in my tax return and my income tax liability is higher than last year. I paid 100% of last years liability in preliminary tax.

In completing my return, I now have a 'balancing...
Forum: Property investment and tenants' rights 26-03-2014, 07:18 PM
Replies: 18
Views: 1,404
Posted By ronaldo
Sorry, it was a poorly explained post before with...

Sorry, it was a poorly explained post before with me trying to finish up and get out of the office.

The thing is, I'm not so sure it's finely balanced if you take the whole picture of the OP into...
Forum: Property investment and tenants' rights 26-03-2014, 04:52 PM
Replies: 18
Views: 1,404
Posted By ronaldo
Yes, I can understand the reasonings behind...

Yes, I can understand the reasonings behind selling the one with the least CGT due as opposed to the one with the most.


I still think it's a no brainer to sell the loss making one first but...
Forum: Property investment and tenants' rights 26-03-2014, 12:46 PM
Replies: 18
Views: 1,404
Posted By ronaldo
Unfortunately, on a property located in Ireland,...

Unfortunately, on a property located in Ireland, you must pay Irish CGT on the sale. You then need to complete your UK tax return working out your liability if you were paying the CGT under UK tax...
Forum: Property investment and tenants' rights 26-03-2014, 11:29 AM
Replies: 18
Views: 1,404
Posted By ronaldo
This means that it's not a finanial drain....

This means that it's not a finanial drain. However, selling your property with the lower CGT will cost you 13k in CGT and selling the other will cost 40k. In other words, you'll be managing the...
Forum: Mortgages and buying and selling homes 25-03-2014, 09:54 AM
Replies: 5
Views: 922
Posted By ronaldo
But AIB's 'LTV Variable' rates are lower than the...

But AIB's 'LTV Variable' rates are lower than the standard variable rate. They're not giving a 1 year discount out of the goodness of their hearts.

Look at the actual APR of the deal. The 1 year...
Forum: Property investment and tenants' rights 23-03-2014, 01:13 PM
Replies: 18
Views: 1,404
Posted By ronaldo
Yes, there's no question as to what you should...

Yes, there's no question as to what you should do. If you don't take the advice below, you'll be the tax man's best friend and, despite it possibly appearing like a step backwards, it would be a...
Forum: Mortgages and buying and selling homes 23-03-2014, 07:59 AM
Replies: 5
Views: 922
Posted By ronaldo
Fixed rates are generally offered at a premium to...

Fixed rates are generally offered at a premium to what the banks expect the SVR to run at over the specified fixed period. They know that some people fear interest rate rises and charge this premium...
Forum: Property investment and tenants' rights 22-03-2014, 04:35 PM
Replies: 17
Views: 824
Posted By ronaldo
Yeah, I probably could have chanced it. After...

Yeah, I probably could have chanced it. After all, they don't even quantify what a "long-term commitment" is. I could have argued that I only planned to stay 4 years but bought the PPR as I didn't...
Forum: Property investment and tenants' rights 22-03-2014, 04:01 PM
Replies: 17
Views: 824
Posted By ronaldo
Domicile is a complex area. Have a look at the...

Domicile is a complex area. Have a look at the flowcharts on page 16-19 in this document: http://www.hmrc.gov.uk/cnr/hmrc6.pdf

Basically, in my opinion, I had no choice but to be UK-domiciled. The...
Forum: Property investment and tenants' rights 22-03-2014, 03:52 PM
Replies: 17
Views: 824
Posted By ronaldo
I would do a separate post on this but I don't...

I would do a separate post on this but I don't think it'd add much value. There are regional variations in both Ireland and the UK in terms of gross yield available. It also varies depending on...
Forum: Property investment and tenants' rights 22-03-2014, 02:51 PM
Replies: 17
Views: 824
Posted By ronaldo
I suppose I should mention the reasoning behind...

I suppose I should mention the reasoning behind me keeping my investment property.

They were five-fold:


it had already got a good tenant and was turning a profit;
it was on a good tracker...
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