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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13944
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I have lived with my partner in southern ireland years

Resolved Question:

I have lived with my partner in southern ireland for 14 years i have put 200k into the farm over the years i have just been told i cant sell any land for 6 years or i will have to pay 30% inheritance tax i have been left with a 130k morgage and no money i dont pay tax over here i dont claim any money over over here i am registered in England and get my English pensions i am 70 years of age
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.
Hi
Thanks for your post, and the information provided, but can I ask what your question is?
Then I can see if tax or legal question
Thanks
Sam
Customer: replied 2 years ago.

i want to know do i have to pay this tax i being an English resident i have already given you my bank details

Expert:  Sam replied 2 years ago.
Hi
Thanks for your response
Yes you will have to pay capital gains tax as and when this property is sold - which will be a mix of 18% and 28% in the UK, less capital gains tax you suffer in Ireland (so you do not have to suffer tax twice)
Inheritance tax only arises when you pass away and will be considered liable in Ireland as this is where the property is situated ad this will arise no matter how long you have owned part of this farm as your existing ownership will form part of your estate
But for UK purposes - any assets that you have suffered Inheritance tax on will be taken into account in the UK (as per the double taxation agreement the UK has with Ireland for all taxes - and in your case any capital gain position should you sell, or any Inheritance tax position should you retain ownership until you pass away)
Let me know if I can be of any further assistance.
Thanks
Sam
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