Irish Inheritance / Uk resident

badgerbill

Registered User
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2
Hello,

I am a UK resident. My parents are Irish residents.

They recently transferred ownership of their Irish home in to me.

At the point of transfer it was valued below the threshold for Capital Acquisitions Tax (ie: less than €225k) so I will not pay tax to the Irish Government (apart from 1% stamp duty for the transfer of the property).

But here's my question. As a UK resident do I now face a UK tax bill for being given an Irish property?
 
Thanks Gordon. I've been thinking further:

If and when I sell it, will I pay Irish CGT on any growth in value since the point of valuation or UK CGT, or both?

(I anticipate that if and when I sell it I will be, as I am now, a UK resident for tax purposes.)
 
You'll pay both but get credit for the Irish tax (so you won't pay twice).

You're non resident but still pay Irish CGT on "specified assets", one of which is property in Ireland.
 
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