Stephen Donnelly (Wicklow, Social Democrats) | Oireachtas source

There is a misunderstanding between capital gains tax in share ownership which is paid in the country where the person lives and capital gains tax on physical assets which is paid in the country where the assets are. If one buys a hotel in New York and sells it at a profit, the United States will apply capital gains tax. If one buys shares from a company based in New York which double in value, the Irish State will tax one on the gains when one sells them. Capital gains tax is applied to physical assets in the country where they are to be found. Anyone in Ireland who buys an apartment in France, Turkey or the United Kingdom and sells it will pay capital gains tax in these countries.