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  • Tax

    Irish Resident, UK Purchase

    Hi Guys,

    I am a small scale landlord living in the Republic of Ireland. Due to prices in the south, possibly entering bubble territory I was considering buying a property in Northern Ireland (UK)  were there would appear to be reasonable value and lower entry costs.

    I have however been put off by Section 24. My question is if I bough a property in the UK as an Irish resident , when completing my TAX return in the UK would I have to disclose my Irish Income , pushing me into the higher tax level or would my income be solely based on my UK rental income which might only be £7800 a year and as a result there would be no Section 24 Impact. Would really appreciate a reply as my future investing depends on it Smile

    Thanks again

    Ronan

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    if you are non uk resident only your uk income is counted

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    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA

    Thats Great News Debbie, really appreciate the time you took to reply.

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    Debbie if you are a non uk resident can you declare all your income in your home country and get taxed there instead of uk.

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    Syed,

    The situation for me is that I have to declare UK earned rental income to the UK authorities and then again to Revenue in Ireland. If the amount due in Ireland is more than what I have paid in the UK I have to pay the balance in Ireland having deducted the amount already paid to UK Revenue.

    Regards

    Ronan

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    Yes I understand that.

    But I want to know can you declare al uk rental lncome in one non EU country and get taxed there,If you resident there.

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    As the property is situated in the UK, they have the right to tax it. Ireland also have the right to tax it as you are resident there but you will get double tax relief.

    Deb

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    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA


    What about if you living in a non EU country?

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    Makes no difference, it is all down to who has the taxing rights under a double tax agreement.

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    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA