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Buachaill
Buachaill, Barrister
Category: Republic of Ireland Law
Satisfied Customers: 10623
Experience:  Barrister 17 years experience
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My husband has worked abroad for the last 9 years. He is deemed

Resolved Question:

My husband has worked abroad for the last 9 years. He is deemed non-resident for tax and I am assessed as a femme seul-single assessment-

We bought a number of houses -- 2 --and put them in my name only for convenience-
We are considering transferrig the houses to my husbands name so that that he would be deemed a non resident landlord and this would reduce the tax on the rental income,
My question is
What would be involved in transferring ownership into my husbands name.
Submitted: 3 years ago.
Category: Republic of Ireland Law
Expert:  Nicola-mod replied 3 years ago.
Hello,

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Nicola
Customer: replied 3 years ago.

Yes I will wait-


Essentially what I need to know is what is involved in transferring the properties to my husband and the cost. Are there tax implications


 


What tax does a non\resident landlord pay on rental property in Ireland.


Regards

Expert:  Nicola-mod replied 3 years ago.
Hello,

We will continue to look for a Professional to assist you.

Thank you for your patience,
Nicola
Expert:  Buachaill replied 3 years ago.
1. There is Stamp Duty implications when tranferring the houses into your husband's name. Because you are a married couple there are no Capital Grains tax implications as transfers between spouss are zero rated. So no CGT is payable. However, Stamp Duty becomes payable dependent upon the value of the house.
2. Rather than doing a transfer, you would be better off doing a Declaration of Trust whereby you declare you hold these houses for your husband on trust. This would then make him liable for the rental income as he is the beneficial owner of the houses. This would avoid transfer taxes. Yet still make your husband liable to tax on the rental income.
3. Be aware as well that once a transfer is done, then it is final. This has obvious implications beyond the taxation issues, such as if you ever split up. So be careful you know what you are getting yourself into.
Buachaill, Barrister
Satisfied Customers: 10623
Experience: Barrister 17 years experience
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