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Thank you very much. That explains it even though I found it confusing. Thank you again.

Thank you.

Brendan, My understanding is if you have income in the U.S. and withholding tax is deducted at 15% in the U.S. that this is regarded by the Irish revenue as tax already paid. Apparently, this is not necessarily true. Below is a paragraph I received from revenue recently that I can not...

Yes, revenue did query it and the person I was dealing with initially said I could charge the costs against the asset when the assets are sold. I explained that the assets might never be sold and surely it is only correct and proper to charge current costs against current income. I sent revenue...

This is a paragraph I received from revenue. I cannot understand it. I would appreciate it if would you be able to explain what they mean. Your foreign investment income stated as income from securities on the notice of assessment was input as €25,310 as per your returns. As you are entitled...

Thank you, Nothing is paid directly to me personally. It is all within a trading account Dividends are paid into the account and charges are taken out . The rules of the account is that if the cost of purchases is greater than the funds provided the difference is charged at about 7% per year for...

Thank you for your reply. I don't borrow any money at all. It is all done by the account and within the account. If the funds provided are less than the funds required they charge the account a percentage of the difference. Sometimes they refer to it as interest and sometimes as investment...

On my tax returns I included the dividend paid into our us account less charges made to the account as investment income. I also included the withholding tax deducted from the account as tax paid. But instead of revenue giving a credit for the total tax paid they only allowed 20% on the...

Thank you.

Brendan thank you.

Brendan, Thank you. So you do your taxes ignoring any deductions and at the end, if any tax is due you deduct us tax already paid. If the tax deducted is greater than the tax due you don't get it back. But can you get it back from US. Brendan thank you again. Do you have to state it is US...

You say you can't pick and chose sentences. Surely it is normal for one to pick and to look at the relevant section that refers to the particular issue. That is, I presume, why there are sections. If the act is currently available it must be the current version and/ or encompass any and all...

I am not an expert. Surely margin interest within the trading account, which is deducted from dividends by the broker, is allowable as an expense against the dividends. Otherwise, it would not be fair, reasonable, or make sense, or be even manageable.

Sorry, I did not intend to give advice but I was only stating what I read .

Tax Consolidation Act 1997 chapter 249. " Relief to Individuals on loans applied in acquiring interest in companies" " This section shall apply to a loan to an individual to defray money applied in acquiring any part of the share capital of a company. Section (2) Relief shall be given in...

Yes, The tax consolidation Act 1997 chapter 248 (2) and (a) this is what it states:- (2) Relief shall be given in respect of any payment of interest by the individual on the loan:- Look it upon on Google, easy to find. Scroll down to chapter 248. It is fairly obvious that the interest you...

If you borrow money to purchase shares and you pay interest on the borrowed money and if you receive dividends on the shares purchased with the borrowed money you can treat the interest as a cost and you can deduct it from dividends receive or alternatively you can include it as a cost to the...

Thank ,yuu. if you have an account with a US firm they send you a 1042-S form at the end of the year and they show the dividends paid and also the withholding tax deducted. You can deduct from the dividends the costs incurred within the account in connection with the shares such as any...

I don't think so?. There was a time when 95% of Irish companies paid 50% corporation tax and at the same time, 100% of foreign companies ( IDA companies ) paid zero corporation tax. I am not an accountant. My belief is that when corporation tax was 50% you would get credit for that tax on your...

Before corporation tax was reduced down to 12.5% taxing the profits of companies and again taxing the same money as dividends was regarded as double taxation. It appears therefore Irish companies paid less tax but Irish shareholders paid more in that they suffered double taxation which they...