CGT on Foreign Investment Property

Q. I sold a foreign investment property that I had during 2017. Do I need to pay Irish Capital Gains Tax (CGT) on this?  

1st December 2017

A. If you dispose of a foreign property, and are a tax resident in Ireland, you must pay Irish CGT.

You may also have to pay CGT in the country that the property is located in.

You may be able to deduct some or all of the foreign CGT you have paid when calculating how much Irish CGT you owe. The amount you can reduce your Irish tax by depends on whether Ireland has a Double Taxation Agreement (DTA) with the country that your property is located in.

If you pay more foreign CGT than Irish CGT you can only claim a credit up to the amount of Irish CGT that you owe.

Disclaimer: Advice shared in this blog is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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Call us today to make an appointment at your local office

1890 98 76 09

Or submit an enquiry