O
OBrien
Guest
Hello, I wonder if anyone can help me with this situation –
I returned to Ireland in 1994 having lived and worked in London for 6 years. I had bought a flat there which was my main residence until I left. Hard as it is to believe in Ireland today, the flat was well into negative equity when I came back, and having taken out a 100% mortgage, I held onto it and rented it.
That was then, but now I still own it and am considering selling it. Over the past 11 years, it has been let most of the time. However, when all expenses, etc, are taken into account, I have not profited from rental income. In fact, with upkeep and associated legal and agents expenses. outgoings have been more than the income received. I have made tax returns to UK inland revenue on the income each year without any liability arising.
However, I have never made any declaration to the Irish Revenue Commissioners. I am a PAYE employee and have never made a supplementary return other than my standard P60. I assume though, that on sale of the property I will have a Capital Gains Liability and that this is most likely to arise in Ireland, as I am both domiciled and ordinarily resident here.
The property was bought for stg£65k and will probably sell for c.stg£190k based on estate agents estimates. I imagine I will need to talk to an accountant, but it would be useful to have a general understanding of the position first.
Thanks.
I returned to Ireland in 1994 having lived and worked in London for 6 years. I had bought a flat there which was my main residence until I left. Hard as it is to believe in Ireland today, the flat was well into negative equity when I came back, and having taken out a 100% mortgage, I held onto it and rented it.
That was then, but now I still own it and am considering selling it. Over the past 11 years, it has been let most of the time. However, when all expenses, etc, are taken into account, I have not profited from rental income. In fact, with upkeep and associated legal and agents expenses. outgoings have been more than the income received. I have made tax returns to UK inland revenue on the income each year without any liability arising.
However, I have never made any declaration to the Irish Revenue Commissioners. I am a PAYE employee and have never made a supplementary return other than my standard P60. I assume though, that on sale of the property I will have a Capital Gains Liability and that this is most likely to arise in Ireland, as I am both domiciled and ordinarily resident here.
The property was bought for stg£65k and will probably sell for c.stg£190k based on estate agents estimates. I imagine I will need to talk to an accountant, but it would be useful to have a general understanding of the position first.
Thanks.