Selling Property abroad after returning to live in Ireland & CGT

[Fedonya]

I am planning to return to Ireland after many years abroad (in Turkey). I know I can transfer my prior savings and not pay tax on them but I have two properties that I have put on the market but that have not sold yet.

My question - at what stage will I become liable for CGT in Ireland on the profit if they do sell?

Lets say one property has been my PPR abroad. If I vacate it on 1 July to return to Ireland, but can only rent in Ireland until it is sold, does it continue as my PPR and do I have an unlimited time to sell it and remit the profits? (as long as I continue to rent?) Or do I need to ensure it sells within one year of my return (since it is assumed to be PPR in the last year of possession)? If it does so can I simply remit the profits to my bank?

For the second property, am I right in thinking that since only income earned prior to Jan 1 of the year in which you become resident is exempt, once I become resident, I will be liable for 33% CGT on the profit if it sells? Is this only applicable if I remit the money to Ireland?

Thanks for any advice.....

 

[Joe_90]

http://www.revenue.ie/en/tax/cgt/faqs.html

If you are resident and domiciled then you are subject to Irish CGT.

A PPR is exempt from CGT for the period it was your PPR and the last 12 months of ownership.

Gains are usually taxed in the country in which they are situated and then a tax credit is available for the foreign tax paid.

[broken link removed]

 

[PaddyBloggit]

I think you must try to consult some estate planner it would be helpful.

What's an estate planner?