Declaring Irish tax on UK Investment Property

jokerini

Frequent Poster
Messages
80
A person who has always lived in Ireland purchased a UK investment property 10 year ago and is paying UK tax on the property. However, it has never been declared to the Revenue Commissioners through ignorance rather than deception.

If he decides to contact Revenue voluntarily, will he have to pay any underpaid tax plus interest and penalties for all 10 years or is there a time limit?
 

torblednam

Frequent Poster
Messages
397
A person who has always lived in Ireland purchased a UK investment property 10 year ago and is paying UK tax on the property. However, it has never been declared to the Revenue Commissioners through ignorance rather than deception.

If he decides to contact Revenue voluntarily, will he have to pay any underpaid tax plus interest and penalties for all 10 years or is there a time limit?
That person obviously missed this memo:
https://www.irishtimes.com/business/personal-finance/if-you-have-any-assets-overseas-you-need-to-read-this-1.3056747?mode=amp

They mightn't be too badly exposed, as their primary tax obligation is in the UK so they get credit here for UK tax paid.
 
Top