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Hypothetical question

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  • 27-08-2014 10:34pm
    #1
    Crann na Beatha
    Registered Users Posts: 11,763 ✭✭✭✭


    This post has been deleted.


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    #2
    Nomis21
    Registered Users Posts: 1,409 ✭✭✭Nomis21


    Ask Bono


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    #3
    GoWhest
    Registered Users Posts: 42 ✭GoWhest


    They would be liable to LPT anyway. They could be subject to Income Tax on any Irish source income but this would depend on whether or not they were domiciled in Ireland. As the property is located in Ireland, they will be liable to CGT on any gains they make when they sell it. CG50 provisions would probably come into play here to ensure that the CGT is paid.


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    #4
    Magicmatilda
    Registered Users Posts: 601 ✭✭✭Magicmatilda


    Also bear in mind that with new OECD Common reporting standards, from 2016 Ireland will begin sharing tax informationsw with 48 other countries, over time this will increase. So you may be liable for tax in your home country (Tax Domicile) based on income earned in Ireland.


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    #5
    Carawaystick
    Registered Users Posts: 8,779 ✭✭✭Carawaystick


    There will also be a water charge, and a esb minimum useage charge, if its a personal holiday home. While these are utilities, thy are fairly essential.

    There's stamp duty in the purchase of the house, and more if a mortgage is raised. I don't know if there is an extra tax to register the property with land registry too, over and above the stamp duty.

    There may be vat, but that would be included in the sale price of the house


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