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Archived Article!
Whilst some of the information is outdated, you may still find this article useful.
Moving to Ireland from the UK
Selling Your Private UK Residence
You can avail of 'Principle Private Residence' capital gains tax relief
on your UK home as an Irish Tax Resident providing you sell it within
1 year of departure. The relief exempts you in full from liability to
capital gains tax on your private residence. This means that you could
let it for up to 1 year following departure though you would have to sell
within the year. If it is sold after one year you may be liable to Capital
Gains Tax (CGT) in Ireland depending on the original cost, sale price
and period of ownership. The UK allow a 3 year period of absence on your
principle residence before it becomes liable to CGT but to avail of this
in full you would have to be UK resident for tax purposes.
You are treated as resident in Ireland for a specific tax year only if
either:
you spend more than 183 days in Ireland during that tax year, or
you spend more than 280 days in Ireland in that tax year and the preceding
year of assessment.
You are treated as resident in the U.K. for a specific tax year only
if either:
you spend 183 days or more in the U.K. during the tax year, or
your visits to the U.K. average 91 days or more a tax year over a
maximum of four years.
Careful tax planning is therefore required before you make any decisions
regarding property you own in the UK.
Letting Your Private UK Residence
Any rents received less property expenses will form part of your taxable
income in the UK and in Ireland as an Irish tax resident. You will have
to submit an Income Tax return in both countries. Any tax due in the UK
on this income can be claimed against your Irish tax liability under the
double taxation relief treaty between Ireland and the UK.
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This is levied at the rate of 22.5% to 30% on the value of new cars or
cars brought into the country from abroad. You may be exempt from this
tax providing you meet all of the following conditions:
all local taxes on the vehicle in the UK have been paid;
the vehicle has been in your ownership for at least 6 months prior
to transfer to Ireland;
the vehicle is brought to Ireland within 12 months of date of transfer
of residence;
you can provide proof of residence in the UK and Ireland;
you do not sell the vehicle within 12 months of re-registration; and
you present the vehicle & application at a local Irish Vehicle Registration
office by the end of the next working day following arrival in the state.
(In practice you have more time to do this.) |
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