Proceeds of sale of company in the UK

[LennyD]

Hi,
I'm living in ireland and am about to come into a substantial sum of money from the proceeds of the sale of the family company in which i am a shareholder.

I have an account in the UK, but i want to move the money here to Ireland (to buy a house, and stuff) where can i find out more information (in plain english!) about what i need to do, who i need to contact, and how much of it i'll lose to taxes etc.?

Is it better to get the money paid directly into my Irish account, or move the money from the UK to here after the fact?

Also, i guess i'm going to have to lawyer up, so what do i need to look for in a money lawyer?

Ta

 

[Brendan Burgess]

Hi Lenny

These transactions across tax areas, are very complicated. You absolutely must get professional tax advice from someone who understands the implicatons for CGT in the Uk and for CGT in Ireland. The outcome depends on whether you are tax resident here and/or whether your tax domicile is here. We have a double taxation agreement with the UK, so you shouldn't pay tax twice on it.

It will be complicated, so you won't get a simple, plain English explanation.

Get it paid directly into a UK account first. After that, when you want to move it to Ireland, you can shop around and negotiate the best currency exchange rate. If they transfer it directly into an account in Ireland, you will just be given their normal rate which is unlikely to be competitive.

Not sure that you need to "lawyer up" for this. Presumably lawyers advised the family on the sale of the company.