CGT question about selling house in Ireland

[MagnificentM]

Hi all,

I am currently living in Australia and have been for a number of years. I am an Irish citizen and built my own home when I lived there. I lived in it for 4 years before coming here. I am thinking of selling my house in Ireland as I don't think I will be coming back in the near future. Will I be caught for CGT on the sale of the house and if so, how will I work that out?
I have been here for 10 years and the house has not been rented during that time.

Thanks .

 

[asdfg]

For CGT purposes


Selling Price less selling expenses (Auctioneers and legal exps etc)

Deduct Purchaes price
Purchase Exps (Auctioneers and legal exps etc)
(Increase both of the above by multiplier see here appendix 1

Selling price - purchase price = Profit

You can then deduct according to the following formula:
Number of months lived in property plus 12 months* over number of months property owned
* You are allowed 12 months to sell property without being liable to CGT. As far as I know you would be able to apply for this.
In your case 60/168

Amount liable to CGT Profit - 60/168

Less Annual exemption 1270

Balance CGT * 20%

As you are non residence in Ireland you will not get a clearance certificate. If the selling price is over Euro 500.000 the purchaser is supposed to deduct 15% of the price of the house and return to revenue but when you make your return you can deduct this tax from your liability. See Chapter 10 of the above link

See also Chapter 11 section 1 for worked examples

You may also have a liability to the tax authorities in Australia


Hope this makes sense.