Any help would be appreciated.
A relative who is an irish citizen, has lived and worked in the UK for the last 30 years. About 20 years ago he bought 30 acres on the side of a hill, near his parents small holding and house. He paid about €30k for the land, but that land is now worth about 120k, 100k at auction.
As both parents are deceased, the land and house will be bought by him, but before all that takes place, he needs to sell the 30 acres, to help provide the cash to buy out his siblings interest in the parents house and land.
He will be retiring in Dec 2019 and hopes to retire back in the homeplace. The question is, as a UK tax resident, what are the tax implications of selling the 30 acres in the coming months, in Ireland and the UK ?
A relative who is an irish citizen, has lived and worked in the UK for the last 30 years. About 20 years ago he bought 30 acres on the side of a hill, near his parents small holding and house. He paid about €30k for the land, but that land is now worth about 120k, 100k at auction.
As both parents are deceased, the land and house will be bought by him, but before all that takes place, he needs to sell the 30 acres, to help provide the cash to buy out his siblings interest in the parents house and land.
He will be retiring in Dec 2019 and hopes to retire back in the homeplace. The question is, as a UK tax resident, what are the tax implications of selling the 30 acres in the coming months, in Ireland and the UK ?