We are wondering how to go about calculating the amount of capital gains tax we are liable for and if the fact that we were posted away on business with an irish company has any bearing on this fact.
I've never seen any Revenue documents in relation to this rule, infact that post is the only information I've come across on it to date
Revenue said:It also states that any period of absence not exceeding 4 years where as a
condition of your employment you are obliged to work abroad.
(a) any periods in which the owner was required by his/her employment to work wholly outside Ireland
Your PPR only changes once you purchase another property. It is ok to rent it out while renting a property abroad.
Your PPR only changes once you purchase another property. It is ok to rent it out while renting a property abroad.
My husband was posted abroad with his Irish company in July 2000 and we both moved away and are renting here. We have been renting our house out since but are now considering selling the house so that we can buy a bigger family home in Ireland. However we may not be moving home for another year or so.
We are wondering how to go about calculating the amount of capital gains tax we are liable for and if the fact that we were posted away on business with an irish company has any bearing on this fact. He only became employed by his employers swiss company last year - after they establisehed a swiss office.
I can't remember when we became non resident in Ireland (can check this out if it's important).
An individual who was obliged to live abroad or elsewhere for employment reasons may be treated as having lived in the residence during the period of absence if he lived in the residence before and after that period.
EXAMPLE
1. Had she not resided in the apartment before and after each period of absence, tax would arise on the entire gain.
If the residence was used partly for business purposes, only the residential part of the gain is exempt.
5. Exemption is allowed if during a period of absence abroad for employment reasons the residence was occupied rent-free by a relative of the claimant for the purpose of security or maintaining it in a habitable condition.
1. The OP doesn't appear to have any intention of returning to live in the property - must live in the property before AND after the period away.
They are however returning to ireland. Could they move back into the property on returning to ireland and then sell. Is there a minimum period that they must reside in the house on their return.
Can the subject matter be changed to reflect the details of the tread more accurately in order to make searches easier.
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