Sale of foreign property

[asdfg]

I have just sold my property in Spain last month. When do I have to report the sale and pay CGT (if profit) to revenue.
I won't know the cgt bill from the Spanish authorities as the buyer has to deduct 4% of the purchase price (held by buyers solicitor until tax bill sorted out) this can take 6 months to a year to sort out. I will then be sent a cheque for the balance and at that point will know the amount paid to the Spanish tax authorities. I can then deduct this amount off the CGT due to Irish revenue

 

[jpd]

If you made a capital gain on the disposal of the property in December 2022, then the CGT payment is due by 31st January 2023 and the CGT calculation must be filed by 31st October 2023

If you do not pay by 31st January, then you may be liable to interest and penalties - so it is certainly in your interest to estimate the amount you will owe and pay it by 31st January 2023

 

[ClubMan]

Just for reference purposes...

Capital Gains Tax

Capital Gains Tax is charged on the capital gain or profit made on the disposal of an asset. Some assets are exempt from Capital Gains Tax. Find out if you are liable for Capital Gains Tax.

www.citizensinformation.ie

Capital Gains Tax (CGT) on the sale, gift or exchange of an asset

This page explains what Capital Gains Tax (CGT) is and the CGT rate that applies

www.revenue.ie

But, if in any doubt about the calculations then get professional advice.

 

[asdfg]

I have estimated the bill due to be very small so no big deal if I do get hit for interest and penalties but I won't know the total bill due to Irish revenue until the Spanish authorities advise.
If I overpay now can I get a refund later when the Spanish tax authorities advise the amount due to them.
I sold the property inclusive of furniture. Can I make a deduction from the selling price for this on my Irish tax return (probably not just thought I'd ask)
As clubman has said I think I'll get professional advise. Is this allowed against CGT

 

[Brendan Burgess]

You would just be making a preliminary payment now.
When you do the final return, then you will pay more or get a refund.

While you don't want interest or penalties, it's best to avoid them. As the amount is small, pay it and worry about the calculation when you do your tax return in October.

Brendan

 

[Gordon Gekko]

There would be no penalties.

 

[T McGibney]

While you don't want interest or penalties, it's best to avoid them. As the amount is small, pay it and worry about the calculation when you do your tax return in October.

Don't leave it til October though.