So this is what is keeping me awake at the moment
Tax and Duty Manual Part 05-01-21A
8
5.4. Where an individual’s income qualifies for the remittance basis
of assessment, is his or her foreign income, accumulated before
he or she became Irish resident for tax purposes but remitted
here AFTER he or she became Irish resident, liable to Irish tax?
Strictly, yes, however there is a long-standing Revenue practice to the effect that for
individuals moving to Ireland for the first time, or Irish citizens returning to live in
Ireland having been non-resident and non-ordinarily resident when the income was
earned, funds accumulated from income earned abroad prior to 1 January in the
year that the individual becomes Irish resident will not be liable to income tax even if
remitted after that date
I am hoping to sell my house in the US before I become tax resident. I could leave most of it in dollars (in theory I hope) but I'd like to transfer some money to buy drugs and drop a few euro in the collection plate on a Sunday. How worried should I be? The paragraph above is saying yes we could tax you but sure it'll be grand. Does it depend a bit on where I put the euros? Thanks
Tax and Duty Manual Part 05-01-21A
8
5.4. Where an individual’s income qualifies for the remittance basis
of assessment, is his or her foreign income, accumulated before
he or she became Irish resident for tax purposes but remitted
here AFTER he or she became Irish resident, liable to Irish tax?
Strictly, yes, however there is a long-standing Revenue practice to the effect that for
individuals moving to Ireland for the first time, or Irish citizens returning to live in
Ireland having been non-resident and non-ordinarily resident when the income was
earned, funds accumulated from income earned abroad prior to 1 January in the
year that the individual becomes Irish resident will not be liable to income tax even if
remitted after that date
I am hoping to sell my house in the US before I become tax resident. I could leave most of it in dollars (in theory I hope) but I'd like to transfer some money to buy drugs and drop a few euro in the collection plate on a Sunday. How worried should I be? The paragraph above is saying yes we could tax you but sure it'll be grand. Does it depend a bit on where I put the euros? Thanks