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Posted Tue, 30 Jan 2024 16:06:28 GMT by
I am a UK resident in the final stages of selling an inherited house in Ireland. I have a Euro account in Ireland. Upon completion I will be liable for Capital gains tax in Ireland and that is in hand. At what point do I need to inform HMRC of my gain? At completion of sale or after my Irish Capital gains tax ihas been paid or when/ if I transfer the tax-paid proceeds of the sale from my Irish euro account to my UK bank account. Am I correct in assuming that if I have paid Capital gains tax in Ireland I will not be liable for further Capital gains in the UK ?
Posted Thu, 01 Feb 2024 15:47:28 GMT by HMRC Admin 2

You will need to work out if there is a UK Capital Gains Tax liability, using just and reasonable exchange rates in use at the time of acquisition and disposal, so that all aspects of the capital gains calculation are in pounds sterling.  

If there is a gain, you will need to report this in a tax return for the tax year that the completion date of the disposal occurs.  

You would declare the gain on SA108 and if foreign tax paid on the gain, you would declare the gain and foreign tax dedcuted on SA106.  You will be able to claim a foreign tax credit of up to 100% of the foreign tax paid.  

You can use the Capital Gains Tax caculator to help you work out if there is a gain.

Tax when you sell property

Thank you.


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