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selling property abroad/capital gains?

[Deleted User]
[Deleted User] Posts: 0 Newbie
Part of the Furniture 10 Posts Combo Breaker
in Cutting tax
Hi there,

Sorry if this post is in the wrong section...

My parents have sold a holiday home in Eire and are unsure whether they owe CGT under Irish tax laws to the Irish government, or to HMRC?

Can anyone help? I believe the gain is around £130,000 (depends on exchange rate)

Thanks!

Comments

  • laticsforlife
    laticsforlife Posts: 1,315 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    HMRC - unless Eire tax it and UK give double taxation relief so you don't pay twice.

    Basically a UK domiciled resident is taxed in the UK on income (and gains), worldwide.

    Hence we tax gains on Spanish holiday homes etc
    I didn't do it, nobody saw me do it, you can't prove a thing!
    Quidco and Topcashback, £5,687
    ShopandScan, £3,470
    Tesco Double The Difference, £2,700
    Thomson EU261/04 Claim, £1,700
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  • John_Pierpoint
    John_Pierpoint Posts: 8,401 Forumite
    Part of the Furniture 1,000 Posts
    Does this help:

    http://www.revenue.ie/en/practitioner/law/double/uk.html

    Article 14 Capital Gains

    1. Gains derived by a resident of a Contracting State from the alienation of immovable property situated in the other Contracting State may be taxed in that other State. (I think it says the Irish tax man will want to know too).
    "Man is born free but everywhere he is in chains.............."
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