Karl Brierley
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CGT on Foreign Residential property sale
Hi HMRC, I have just (this week) sold a property in Ireland and have made a capital gain.
The long and short of this is I have paid circa €50,000 CGT in Ireland and I have a CGT Liability in the UK of circa £40,000.
I understand i can claim the forign CGT paid to offset my CGT liability in the UK and I will seek professional tax advice on this.
My question is as follows.
When do i need to declare the sale to HMRC?
i understand if i sold a UK property i would need to declare and pay within 60days.
However if it's an Irish property do i need to do this or do i just fill in a self assessement for the 24/25 tax year.
Thanks -
Income for foreign property
Hello HMRC, I have found these forums very helpful! I have been renting out a property I own in Ireland for the last 9 years. Each year I have filed my self assessment return and paid the required tax in the UK (as well as in Ireland). However i have never brought this money to the UK. It sits in my Irish account and I use it for when I visit Ireland and Europe. so the income is rarely used in the UK. there are some times when I mistakenly use the Irish bank card to purchase something in the UK. However for all intents and purposes the income has remained in Ireland. Q1. Did I need to pay UK income tax on this income as it wasn't brought to the UK