Moving to Ireland

[Shep]

Am considering a permanent move to Ireland from UK. Have found the Irish Revenue website generally helpful on what to expect from a tax point of view, but I would like to know how income from UK tax free sources such as ISAs and VCTs would be treated by the Irish revenue.

[Nigel Lord]

Shep

ISAs and other UK tax exempt products are only available to UK tax residents.

If you become Irish resident for tax purposes you will be liable to Irish tax on your global investment income (including income derived from investments in other jurisdictions). You may therefore wish to reconsider your investment strategy.

If you require any further assistance please do not hesitate to contact us, and we will be happy to act on your behalf.

Nigel Lord
Lord Associates
Taxation & Business Consultants
102 Smarts Lane
Loughton
Essex, IG10 4BS
020 8508 1642 & 07769 931852
lordassociates@ntlworld.com

[dcremin@ryanglennon.]

From a Irish tax point of view,Shep might be better for the present not to take a decision to remain permanently in Ireland. That way he could retain his present domicile(which I assume is U.K.) and thereby qualify for the "remittance basis" of tax on income from investments in other jurisdictions.
Even if he does become Irish domiciled,I'd have thought that he would be eligible for remittance basis on such income for the first few years until he becomes "ordinarily resident".

[Nigel Lord]

Denis

I do agree that Shep could use the remittance basis to his advantage. Assuming that he does not have Irish origins, he could probably avoid becoming domiciled there indefinitely. I deal with Anglo-Irish tax quite often, having an Irish spouse, and several Irish clients.

Nigel Lord
Senior Partner
Lord Associates
Caxton House
Old Station Road
Loughton
Essex IG10 4PE
Tel/Fax: 020 8508 1642
Mobile: 07769 931852
Lord associates@ntlworld.com