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Hello Richard, I am one of the experts on Just Answer and pleased to be able to help you with your question.
The Double Taxation Convention between Ireland and the UK embraces Capital Gains Tax (CGT) in both jurisdictions. Thus gains can only be taxed in one or the other. This is achieved by means of tax credits, the tax paid in one country being allowed against the liability in the other. The convention does not, however, protect you from differences in rates of taxation. Where we go on from here depends upon your sister in law's country of residence.
I concur. She will be taxed in the UK and unless and until she crystalises an UK gain and an Irish loss in the same tax year then there will be no loss capable of offsetting her British gain.
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You are correct, however on the sale of the Irish business any loss or gain made would be liable to UK taxation so if done in the same tax year there would be a loss to offset against the gain thus reducing exposure to UK taxation.
Well, not quite right. Both sales would attract CGT so were the loss maker sold in an earlier tax year then any loss could be carried forward indefinitely and used to mop up gains in subsequent years .
Delighted to have been of assistance, Richard.
Thsnk you for your support.
And your kind bonus.