"The 2007 Finance Bill in
Ireland is finally sorting out
a double taxation issue that
has long been a bug-bearer for
French property Owners"
according to John Crawley,
Chief Executive of Oui Can Do
French property. From
passing of the Finance Bill
into Irish Law (expected
before Easter) there will no
longer be a double hit on
Capital Gain Tax. This
means that any French Property
sold will be subject to a
maximum of 20% tax on the
gain.
Oui Can Do offer tax and legal
guidance to all their
customers and monitor changes
in law that affect them.
Crawley gives the following
example to illustrate the
impact of the tax change.
|
|
|
Before
|
|
After |
|
Selling price of
property |
|
250,000 |
|
250,000 |
|
Purchase price |
|
150,000 |
|
150,000 |
|
Gain (Sold after year 5)
|
|
100,000 |
|
100,000 |
|
French CGT |
16% |
16,000 |
16% |
16,000 |
|
Irish CGT |
20% |
20,000 |
(20% - 16%) |
4,000 |
|
Total CGT |
|
36,000
|
|
20,000 |
|
Net Gain |
|
64,000 |
|
80,000 |
|
Effective Tax Rate |
|
36% |
|
20% |
Oui Can Do offer a free Tax &
Legal consultation on buying
French property.
Contact: John Crawley
FCCA FIB MMII, Chief Executive
Tel: 01
2110780
Email:
Sales@OuiCanDo.com
Web:
www.OuiCanDo.com
Text: Text
“FRANCE” to 51000 for a call
back
Address: 24 Main
Street, Blackrock, Co Dublin
Visit the French Property Page
of our website:
France
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