Moving to Ireland from England - Advice needed regarding selling house

MrXYZ

Hi all,

I have been conditionally offered role in the Republic of Ireland and I’m in the final stages of verification of service, references etc. I have a 3-month notice period in England so I’m looking to make the move overseas.

My wife (we) who is Irish already owns a house in Ireland that we plan to move into, this is a property she purchased before we were married. It’s currently rented out but we’ve given the tenants formal notice.

I (we) own a house in England, which I now plan to sell and make the move. I’m going to get the house valued and on the market in the next week or so.

Could anyone offer any advice on the following when moving to another country please?

a) I doubt I will have the house sold/completed before moving in 3 months, as this is our current family home, is there a set period we’d need to sell by before this could have a potential monetary impact due to us being non-residents once we're in Ireland?

b) How long could I hold the money in the UK before transferring it to Ireland after selling the house? The Sterling / Euro exchange rate isn’t great now.

c) Would I have to pay any taxes when bringing a considerable sum of money into another country?

d) Are there any taxes I'd need to pay in the UK before transferring the money to another country?

e) Is there anything else I would need to consider?

In advance, I really appreciate any advice. I’ll look to see someone professionally who can advise but thought I would give this a whirl too

Thank you

J

AdrianC

MrXYZ wrote: »

a) I doubt I will have the house sold/completed before moving in 3 months, as this is our current family home, is there a set period we’d need to sell by before this could have a potential monetary impact due to us being non-residents once we're in Ireland?

That's a question you'd really need to ask on an Irish forum but, in general, residency has nothing to do with whether you own property elsewhere.

b) How long could I hold the money in the UK before transferring it to Ireland after selling the house? The Sterling / Euro exchange rate isn’t great now.

As long as you want.

c) Would I have to pay any taxes when bringing a considerable sum of money into another country?

No.

d) Are there any taxes I'd need to pay in the UK before transferring the money to another country?

No.

e) Is there anything else I would need to consider?

Brexit, and all the fall-out arising.

MrXYZ

Thanks for your advice, sounds simpler that I'd have thought. Guessing I will need to declare I have an account overseas when moving to Ireland (and opening a bank account) if I keep the money in the UK for a period after selling.

Brexit – you’re right, something I’m considering regarding when to move the money, i.e. will sterling drop further during the negotiations, will it ever be as high as it was pre-Brexit vote, a crystal ball would be nice.

One other thing… if the scenario was that I moved, rented the house out in the UK, and then sold it in the future, would I then have to pay capital gains tax? It would no longer be my main residence. I don’t think I will go for this option, but good to consider.

At this point in time my house is valued at roughly £100,000 more than I paid for it 4 years ago, after extending etc. Hence the question about capital gains tax.

xylophone

One other thing… if the scenario was that I moved, rented the house out in the UK, and then sold it in the future, would I then have to pay capital gains tax? It would no longer be my main residence. I don’t think I will go for this option, but good to consider.

It might be well worth considering - it would just be a mirror image of your current situation?

You would retain a sterling based asset and a house to which you could return if necessary.



You would need to consult your current lender concerning consent to let etc and familiarise yourself with rules and regulations for letting in UK.

Re CGT

https://www.gov.uk/tax-sell-home/let-out-part-of-home