Skip to main content

CGT ON OVERSEAS PROPERTY

01
Nov, 2011

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.

Popular Articles

Response to Dept of Finance consultation paper on Contractors

The Departments of Finance and Social Protection issued a Consultation paper …

€90 Million Microfinance Scheme Open For Business

Have you been refused credit by the banks for loans of up to €250,000? The Mi…

AIB’s Big Drive for Small Business… Giving Credit or Paying LipService

AIB has launched a programme of supports aimed at helping startup businesses …