capital gains tax

[julie01]

Hi can any1 help me

I am hoping to move to australia mid next year.

I currently own a house in Ireland and plan to keep it rented for the mean time just in case I ever decide to move back home.

does any1 know if I sell the house while im living in australia will I have to pay capital gains tax.

is any1 eles in the same boat

I am going on the 175 skilled visa

thanks

julie

[alan_blue]

im doing the same and emailed HMRC they said that if you sell within the first 5 years then yes and after 5 years no as you are no longer classed as a resident

hope that helps

[julie01]

Hi thanks for that, but as far as I know that if I sell within the first 5 years I will have to pay 20% of the profit to cgt in Irish governement, and if I sell it after the 5 years I will have to pay 40% of the profit to the austraian government.

Is this right

thanks

[alan_blue]

not sure about the oz side of things, where did you hear that from? can anyone shed any further light? however in addition how will they know you have sold it?

[julie01]

Im not sure but i think when you go to bring the money into the country they will be asking you where it came from so you will have to declare it, they will want you prove where it came from.
It was posted on this website some time ago, and I think iv seen it eles where as well.

[alan_blue]

i guess you could always leave it in the uk or even bring it over in small doses too

[julie01]

I suppose thats an option, but you would have to be careful, the banks are not stupid and if they supect anything you would be screwed, dont forget the banks have a legal obligation to report anything suspicous to the government.