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Where Taxpayers and Advisers Meet

Republic of Ireland & Remittence
Posts: 39
Joined: Wed Aug 06, 2008 3:05 pm

Postby » Thu Aug 02, 2007 5:35 am

I am R/Non Domiciled in the UK.

If I have a Euro Account in the RoI, I understand the UK remittence basis does not apply from income earnt in Ireland.

Currently I have no need to do a UK tax return and do not wish to, obviously I dont want to do one for earning
As long as this account pays Irish Tax or EU rention Tax on the interest it earns, will that negate me having to declare any bank interest as income? (RoI funds will never come into the UK anyway, but account does have a UK address).

I intend transferring non UK/non Irish funds into this account and use this as my Euro account when in Europe....

HMRC is clear about RoI, but does not answer my above question... (the funds to be placed in the account will not have "arisen" in Ireland - they will be transfered from an offshore savings account as required).

tax me less!
Posts: 983
Joined: Wed Aug 06, 2008 3:29 pm

Postby tax me less! » Thu Aug 02, 2007 8:47 am

The income arising in RoI is taxable and reportable in the UK in these circumstances.

Posts: 7705
Joined: Wed Aug 06, 2008 3:25 pm

Postby maths » Thu Aug 02, 2007 8:56 am

Despite the EU having found the non-remittance practice as between RoI and UK to be discriminatory, for the time being declaration is necessary.

Not really a good idea to have accounts in RoI if you are UK resident but non-UK domiciled.

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