"They will get you in the end "

[EMM]

It woyuld appear that the Financas are checking up on old property sales and chasing for unpaid capital gains.
We heard today of someone who has received a massive tax bill for a sale some years ago.
EIther in error of ingnorance they did not declare all of their gain and even though purchased a new property rolling over part of the gain ( CGT free ) they are now in serious trouble.
The Financas are also trying to track down those who have sold up and left Portugal.

[Jaylay]

Rightly so!

[joeysoap]

The Financas are also trying to track down those who have sold up and left Portugal.

think it was Rockefeller who said that you never go broke making a profit, but he evidently didn't know how desperate some governments would become, ie if you sell in Portugal and make a profit ( ) even after you pay capital gains tax in Portugal you still have to declare the profit in Ireland and then pay the difference between Portuguese capital gains and Irish capital gains ( another 3% at present). don't know what the rules are for UK but expect it's much the same. So if the Portuguese managed to trace someone from Ireland who sold up and didn't declare their capital gains and the Portuguese informed the Irish tax authorities you would be in for a very rough demand from the Irish revenue (penalties and interest would be added to the amount due)

[EMM]

The same rules apply in the UK, any PT tax paid is offset against any UK tax liability.