CAPITAL GAINS TAX - RESIDENCIAL PROPERTY

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19 Feb 2018 3:22 PM by johnoconnor2414 Star rating. 2 posts Send private message

I sold a property in May 2017 and paid   3 % CTG ie €3300.00.   Someone has now told me that i will also be liable to pay a further 19% on the profit.   Is this correct  at all.    Thanks John





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19 Feb 2018 5:42 PM by mariedav Star rating in Ciudad Quesada. 1177 posts Send private message

No, you paid 3% retention tax which is witheld on all sales for non-residents. If there is no capital gains tax to be paid (that is, you didn't make a profit on the sale) then the 3% is refunded but you have to apply for it.

If you made a profit then  the Capital Gains is levied at 19%. If there is a balance to pay then you must make up the difference. You can offset improvements, fees etc from the amount you received for  the  property.

If you are a resident then you don't pay the  3% retention tax and, if buying another property with all the profits, don't pay CGT on it if you have lived in it for 3 years.

 





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19 Feb 2018 11:43 PM by johnoconnor2414 Star rating. 2 posts Send private message

Thanks for that.   I did make a profit but no CGT was deducted at the time.    My solicitor even hinted that he didn`t know of anyone who actually pays this tax even though they are made aware of it.   I know personally of  other people who have made a profit but have never paid any CGT.    So if i do have to pay when am i likely to pay now that i am living  back in the UK .

 

 





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