Tax on rental income on UK prorperty whilst living in Ireland

Mfren

Do I need to declare my rental income from a property in the UK that I already pay tax to HMRC for if I am now resdient in Ireland? Or does the double taxation agreement mean this is not necessary?

If I sell the rental property in the UK I think I get PPR relief from capital gains tax as it is the only property I own. Would there be any tax implications with the irish revenue when selling a UK property? 

Thanks 

user1977

I think you'd be better asking somewhere which deals with Irish tax questions, the knowledge here is pretty much UK-based.

Grumpy_chap

Mfren said:

Do I need to declare my rental income from a property in the UK that I already pay tax to HMRC for if I am now resdient in Ireland? Or does the double taxation agreement mean this is not necessary?

If I sell the rental property in the UK I think I get PPR relief from capital gains tax as it is the only property I own. Would there be any tax implications with the irish revenue when selling a UK property? 

Thanks 

This thread might be better moved to the Cutting Tax board.  

As you are not living in the UK, the income from the rental property will fall under the Non-Resident Landlord Scheme which means your Letting Agent (or the Tenant) must deduct tax from the gross rent before the balance is forwarded on to yourself.

I do not believe that you will get PPR relief as you are not living at the property so it is not your Principal Private Residence.  PPR is not just for being your only property, but for living there as your main home (I guess the clue is in the name).  AIUI, CGT will be chargeable in full on any profit.  There is an element of pro-rata treatment if you previously lived at the property.

I cannot comment on the specific with regard to double-taxation and RoI and / or whether there is any exception for RoI that is not general to RoW.  RoI does have some specific tax advantages compared to the majority of the world.

I note you say "...if I am now resident in Ireland".  I have assumed you do mean RoI and not NI.
What nationality are you?  British / Irish / dual?  (I am only asking as this may influence the taxation position.)
When and for how long have you lived in Ireland?
Where did you live previously?

_Penny_Dreadful

Mfren said:

Do I need to declare my rental income from a property in the UK that I already pay tax to HMRC for if I am now resdient in Ireland? Or does the double taxation agreement mean this is not necessary?

If I sell the rental property in the UK I think I get PPR relief from capital gains tax as it is the only property I own. Would there be any tax implications with the irish revenue when selling a UK property? 

Thanks 

IIRC, as you are resident and domiciled in Ireland, you will be taxed on your worldwide income so you need to declare the UK rental income to the Revenue. If you have already paid tax on this income in the UK you should be able to claim a credit under the double tax agreement between Ireland and the UK. If in doubt find an accountant with experience of handling income received outside of Ireland to help with your tax return. 

It doesn’t matter if you own 1 property or 100 properties, to be eligible for Principle Resident Relief a property has to have been your principle residence. If at some point during your ownership of the property you did live in it as your principle residence then under UK CGT rules you receive PPR for the months you resided in the property plus the final 9 months of ownership. I don’t know how CGT rules work under Irish tax legislation but I do know that CGT is also covered under the double tax agreement. 

https://www.revenue.ie/en/tax-professionals/documents/double-taxation-treaties/u/uk.pdf

silvercar

I’ve asked the forum team to move this to the Tax board.