Reloacting from UK

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simpsp31

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Hi,

I have just moved over to Ireland from the UK and have been advised that i will not be liable for Irish income tax on my Uk assets (dividends and savings interest) and should continue paying tax on these in the UK for the next 3 years.

Is this the case ? The revenue website seems to suggest i would be liable to Irish tax after spending 183 days in the country.

Thanks.
 
Hi,

Yes, assuming you are a Non Irish national, then the remittance basis of taxation will apply to your UK income and gains. That means you will only be taxed on these to the extent that they are remitted into Ireland. Just to note, if you are earning interest on a UK bank account and remitting funds from that account to Ireland, any remittances will be deemed in the first instance to be interest and therefore taxable. It may be worthwhile setting up a separate account, having the interest paid into that account and leaving those amounts in the UK. It may alos be possible to arrange for your UK bank interest to be paid gross due to you becoming non resident. Speak to your bank.

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Yes i am a UK national.

We intend to stay in Ireland permanently so would need to move the money over here at some point. How would this be treated for tax purposes.

Thanks for your help.
 
Money that you have built up prior to your arrival in Ireland can be remitted without giving rise to an Irish tax liability. However any amounts of interest arising after your arrival here that are remitted into the country will be taxable here and need to be declared on a tax return. Please note that the remittance basis only applies to non-Irish domcilced individuals. If Irish domciled, you are taxable on worlwide income if resident here. You were born in the UK so your domicile is non-Irish. You can however acquire a new domicile if you move somewhere permanently, have no intention of returning to your previous home country, cut off all ties with your domcile of origin etc. Shouldn't be an immediate issue but something to watch if you intend to stay here permanently as you say.

www.phoenixtaxservices.ie
 
Appreciate your help on this.

Do i need to fill in any sort of tax return explaining my situation or just continue as i am ?

I'm not actually paying tax on this income in the UK as the sum is below my personal UK allowance, although it would be more than the irish allowance. Is this OK ?

Thanks.
 
Assuming you are a PAYE taxpayer then there is no requirement for a tax return until such time as you remit the interest/dividends to Ireland. When that occurs a tax return is required for the year the remittance takes place.
 
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