CGT on selling an investment property

nbc

Registered User
Messages
286
Hi,
Simple question- Investment property purchased 2005 for E200000
If i sell now for E260000 what CGT do I pay? Is it essentially 33% of 60000. I see there is an annual exemption of E1270? I assume I can't multiply that by 9 as it's 9 years?
Is there anyway to reduce the apparent tax bill of E20000 or E18730(20000-1270- is that correct?) in this example?
Many thanks.

nbc
ps I'm resident in the UK for the past 3 years- I don't know if that makes a difference? Am I subject to Irish or UK cgt rates? Obviously UK rates are lower.
 
The calculation is as follows:

Capital Gain: €60,000
Exempt: €1,270
Taxable: €58,730
Tax at 33%€19,380

You can add the costs of purchase to the purchase cost and deduct the cost of sale from the selling price.
 
.

Thank's Brendan.
Is there an advantage here being a UK tax resident?

nbc
 
Sorry, not my area of expertise at all.

My guess is that you will pay the CGT in Ireland. You will also be assessed in the UK, but get a credit for what you pay in Ireland.

Brendan
 
Back
Top