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Capital gains tax on the sale of property in Ireland by a UK resident.
Our client Mr K was born in the Republic of Ireland but moved to England in the 1960s. In 1993 he was gifted a plot of land in the republic. He now wishes to sell the land at market value. The first question is in which country is he subject to capital gains tax? Our assumption is that the charge will arise in Ireland because the land is immovable property but we are also not clear on the extent to which we can claim relief in the UK. Does such relief take into account the much more favourable annual allowances in the UK?
We are also assuming that any costs involved in the initial transfer and the disposal can be deducted from the gain. This leads to our second question: how do we establish the acquisition cost of the land given there was no consideration...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
