Non-Dom CGT

TimTim2008

Hello Members,

I have lived (as a Non-Dom) & paid income tax in the UK for the last 6 years and have a share of a property in Ireland for the last 4 years. The property has increased in value since I originaly brought a share in it. Now we are considering renting the property and the income will hopefully cover the mortgage etc.. and no monies will be brought to the UK.

I believe that 18% CGT will be payable under from April 2008. However on what amount is this payable (purchase price of the property OR the value of the property when we started renting)?

Is it possible to reduce the amount of CGT payable to a new amount by selling the property (before the April changes) to a family mamber. And then the CGT amount due at a later date will be on the New Purchase price and not the former?

If I choose to later live in the property as my perminent residence is any UK CGT due?

I think I need a TAX accountant but all thoughts welcome :-)

Cook_County

You are talking about either paying the £30,000 charge in the year of sale or claiming credit for Irish CGT against the UK 18% tax. It will be a mathematical calculation which gives the best result.

You may also owe tax in your home country.