Hi All,
I am planning on selling my BTL due to long term tenant leaving. The property is worth £100-110k, purchased for £94k, with an outstanding mortgage of ~£60k. In the UK, I am subject to CGT on the price increase, however the CGT exemption is 12k so I am unlikely to have a large tax bill (need to confirm with my UK accountant). For simplicity excluding fees, I will have a lump sum of ~£50k.
I am trying to figure our the tax implications on bringing the money into Ireland? I am a tax resident in Ireland since Dec 2018, and I have been paying tax on the rental income on a remittance basis as my domicile is non-irish. I am a higher rate taxpayer, would the entire lump sum be taxed as additional income, or only the gain on the property?
Thanks,
Andrew
I am planning on selling my BTL due to long term tenant leaving. The property is worth £100-110k, purchased for £94k, with an outstanding mortgage of ~£60k. In the UK, I am subject to CGT on the price increase, however the CGT exemption is 12k so I am unlikely to have a large tax bill (need to confirm with my UK accountant). For simplicity excluding fees, I will have a lump sum of ~£50k.
I am trying to figure our the tax implications on bringing the money into Ireland? I am a tax resident in Ireland since Dec 2018, and I have been paying tax on the rental income on a remittance basis as my domicile is non-irish. I am a higher rate taxpayer, would the entire lump sum be taxed as additional income, or only the gain on the property?
Thanks,
Andrew