CGT ON OVERSEAS PROPERTY
Newspaper columnist Jill Kerby advises a self-employed reader he will not be eligible to offset a loss on the disposal of a foreign property against the tax generated on income from his web-based business.
“If you suffer a loss on the French property, you can use it only to reduce capital gains tax (CGT) arising from profits made by selling other overseas property,” Kerby writes. “Any taxable income from your business cannot be reduced by losses suffered from selling assets, whether in Ireland or overseas. Income tax and CGT are different taxes with different rates and rules.”
If you have concerns over your Capital Gains Tax position ask the taxation experts at Noone Casey for advice on how to minimise your tax bill.