Is Capital Gains Tax separate from other income ?

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Perplexed

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I would really appreciate advice. For the calculation of CGT is the other income for that year taken into account? I have been unemployed for most of the past year so have not used up my tax credits. Is this offset against the CGT calculation?

Sorry if it should be obvious but I cannot find the information on revenue.ie
 
Thanks Joe. I really appreciate your help. The revenue site is not all that clear.
If I sold some shares at a big loss can this be offset? The capital gains are on a foreign property. Does this make a difference?
 
Usually property is taxed firstly in the country in which it is situated.

Then if you are Irish resident it is taxed here with a credit for any foreign tax paid. A loss in the same year or a prior year can be used to reduce the gain but will not result in a refund of the foreign tax.
 
Thanks a million Joe. I'm aware I have to pay in the other country but their CGT is a lot less than ours. It might be a good time to sell some of my old bank shares. Get some use out of them :)
 
Good tax planning would leave you with the exact same Irish tax liability as the foreign tax. Otherwise you will effectively losing the benefit of the foreign tax paid.
 
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