gnf_ireland
Registered User
- Messages
- 1,441
If someone had offshore assets in the past, say a share trading account, but closed it in 2016 would it be advisable to declare this to the Revenue?
Would advice on this change if income had previously been declared under S.747D(a)(i)(II) *payment in respect of offshore funds* - income arising from sale of ETF's in 2015 & 2016 ? In this case the Revenue would be aware of offshore activity in the past?
Finally, if bank accounts were held offshore in the past (when working as an ex-pat), but finally closed in 2015 or 2016, would it make any sense in declaring these?
It should be noted all CGT gains, Income and dividends have been declared on the various tax returns over the years, and all accounts are now closed - but is it advisable just to let the Revenue know this given the previous S.747D declaration?
BTW, I have also noted that Rabodirect did not appear to deduct Exit Tax automatically when I sold the funds with them in 2017. Is this deemed to be offshore assets as well (although will also be closed by 1st May) ?
Would advice on this change if income had previously been declared under S.747D(a)(i)(II) *payment in respect of offshore funds* - income arising from sale of ETF's in 2015 & 2016 ? In this case the Revenue would be aware of offshore activity in the past?
Finally, if bank accounts were held offshore in the past (when working as an ex-pat), but finally closed in 2015 or 2016, would it make any sense in declaring these?
It should be noted all CGT gains, Income and dividends have been declared on the various tax returns over the years, and all accounts are now closed - but is it advisable just to let the Revenue know this given the previous S.747D declaration?
BTW, I have also noted that Rabodirect did not appear to deduct Exit Tax automatically when I sold the funds with them in 2017. Is this deemed to be offshore assets as well (although will also be closed by 1st May) ?