Capital gains tax - does it apply

J

june04

Registered User
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Hello,

We live in France and are renting out our house in Ireland. We plan to return to Ireland summer 2019. The existing house is too small and far from parents. The house was bought 2000 for 156000 PUNTS. It has gone up in value. If we sell it to enable us to buy a bigger house as our main residence will we be liable for CGT. If we sell it while in France - technically taking us off the property ladder are we liable for CGT?
If we keep it we only become liable for CGT when sold I presume? But will we be heavily taxed on it as income. At present my husband has a job to return to but I don't.

Thanks J
 
Yes, gains on Irish property are liable to CGT regardless of when the owner (i.e. you) is resident. You may be able to reduce the CGT liability if you have ever lived in the house. There may be an exemption from CGT for the time your spent in France if you went there to take up a job. May be worth having an accountant look at this on your return.
 
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