Capital Gains Tax - Non-resident

D

deedee

Guest
I purchased a house in 1993 and lived there until 1995. I then emigrated to the US and remained there until Oct 2003.
Myself and my husband would now like to sell this property and would like to know if we are liable for CGT. We are currently renting in Ireland and don't own any other property. The "Guide to CGT" states that the period of time that you work abroad is exempt. So if I lived there for 2 years and was abroad for 8 years - do I opwe CGT.
Thanks,
 
deedee

The exemption you refer to related to 'foreign employment as an employee'. You may need to check the CGT Act as to what this actually means.

It is clear though that you must occupy this as your residence when you return.. although you may not be able to until the letting is clear..but it seems there is an occupancy clause ..whether thats a single day and night ..I am not sure.

The 'divil' is in the detail.

As of now, if you sold, you would have a liability.
 
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