federico141168
Registered User
- Messages
- 2
Hello,
I would like to ask a question to the forum in relation to an article that I read in a newspaper in the weekend and has to do with undeclared foreign assets.
I wonder if I would have to be worried
This is my situation:
More than 10 years ago I moved from Italy to Ireland. I work as Payee and still I’m Italian citizen. A few years before moving to Ireland so about 15 years ago I had bought a house in Italy and go there 2 or 3 times every year.
The house generates no income since it’s not rented however I rent out a small farm field to my neighbor and receive a payment of about 1500€ / year for that. The contract
is registered with the Italian revenue system so I pay taxes and do the tax return there for this.
Also I pay the property tax in Italy for the house (which is normally higher than in Ireland). I’m a bit worried because I wonder if I should have declared these assets in Ireland too and how even if I pay already the taxes in Italy for the rent of the field and the house generates no income.
This below is what I found after some further research website it says:
...................................................................
Disclosures of Foreign Income and Assets
...................................................................
New Restriction of Qualifying Disclosures
The Finance Act 2016 includes a measure to preclude a person, as and from 1 May 2017, from making a disclosure that would otherwise be a qualifying disclosure if the disclosure relates to "offshore matters".
As and from 1 May 2017, it will no longer be possible to obtain the benefits of a qualifying disclosure if matters included in the disclosure relate directly or indirectly to any of the following:
an account held or situated in a country or territory other than the State
income or gains arising from a source, or accruing, in a country or territory other than the State
property situated in a country or territory other than the State.
........................................................................
Thanks to anyone who will reply
Federico
I would like to ask a question to the forum in relation to an article that I read in a newspaper in the weekend and has to do with undeclared foreign assets.
I wonder if I would have to be worried
This is my situation:
More than 10 years ago I moved from Italy to Ireland. I work as Payee and still I’m Italian citizen. A few years before moving to Ireland so about 15 years ago I had bought a house in Italy and go there 2 or 3 times every year.
The house generates no income since it’s not rented however I rent out a small farm field to my neighbor and receive a payment of about 1500€ / year for that. The contract
is registered with the Italian revenue system so I pay taxes and do the tax return there for this.
Also I pay the property tax in Italy for the house (which is normally higher than in Ireland). I’m a bit worried because I wonder if I should have declared these assets in Ireland too and how even if I pay already the taxes in Italy for the rent of the field and the house generates no income.
This below is what I found after some further research website it says:
...................................................................
Disclosures of Foreign Income and Assets
...................................................................
New Restriction of Qualifying Disclosures
The Finance Act 2016 includes a measure to preclude a person, as and from 1 May 2017, from making a disclosure that would otherwise be a qualifying disclosure if the disclosure relates to "offshore matters".
As and from 1 May 2017, it will no longer be possible to obtain the benefits of a qualifying disclosure if matters included in the disclosure relate directly or indirectly to any of the following:
an account held or situated in a country or territory other than the State
income or gains arising from a source, or accruing, in a country or territory other than the State
property situated in a country or territory other than the State.
........................................................................
Thanks to anyone who will reply
Federico