Property tax/rental: TRNC + Republic of Ireland

Yvonne



Joined: 16/05/2008
Posts: 273

Message Posted:
13/01/2009 23:27

Hi, anyone have any info re this?

Txs, Y

Lemtich



Joined: 15/02/2007
Posts: 1487

Message Posted:
13/01/2009 23:28

Errrrr??



What???



Lem

Yvonne



Joined: 16/05/2008
Posts: 273

Message Posted:
13/01/2009 23:30

Just wondering what the financial situation is if you live/reside in Ireland and rent a property in TRNC? Tax implications, etc?

Any questions, let me know!

Txs, Y

joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
13/01/2009 23:54

I've no idea of NI tax implications but if you rent out a property here you have to pay 10% rental tax per month. This has to be paid to the tax office by the 15th of every month. If you employ an agent to manage your property for you then they will pay the tax on your behalf. Not sure how you would pay otherwise as I wouldn't imagine you can pay electronically. Does anyone know?

You will also need to pay stamp duty on your Tenancy Agreement (0.5% of the annual rental).

Yvonne



Joined: 16/05/2008
Posts: 273

Message Posted:
13/01/2009 23:56

Thanks for the advice. Appreciate it.

Y

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
14/01/2009 00:15

Hi all,



As the UK and the TRNC have no reciprocal agreement, if you reside in the Uk you will also have to declare the rental income on your UK tax returns. Fortunately you can offset all your expenses against your tax including 2 flights per year. I know this because we have just filed our UK tax returns.



The Butlers wife.

Harold2555



Joined: 19/04/2008
Posts: 1139

Message Posted:
14/01/2009 01:12

In cases where there are no Double Tax treaties in force such as the TRNC then the UK tax authorities can give Unilateral relief for foreign tax paid. I am sorry to say that I don't know the current practice for income arising from TRNC but will find out or you can ask your local tax office (who won't have a clue but might kick it upstairs!)



Harold2555