Hi,
I'm trying to figure out if I need to make qualifying disclosure on a foreign apartment. The apartment is rented & maintained via a management company, but there is no profit for Irish taxation, so wondering if I need to make a qualifying disclosure for offshore asset.
From the doc "faq-qualifying-disclosure-offshore-matters" it says there is no disclosure needed if there is no tax liability, see section 2.3, 2.4. I assume this means that no disclosure is needed since there is no taxable profit on the apartment.
Any ideas?
"2.3 I have an offshore account or asset and I have received a letter from Revenue regarding "Reviewing and Correcting Your Tax Returns". I do not have any tax liability in relation to my offshore account or asset; do I need to make a disclosure?
No, you only need to make a disclosure if you have a tax liability. If you have no tax liability arising from the offshore account or asset you are not required to make a disclosure. "
"2.4 I have no tax liability from my offshore account but I failed to include it in my Return when the account was opened. Do I need to make a disclosure?
No. You only need to make a disclosure where there is a tax liability arising from the offshore account. If there is no tax liability arising from the offshore account you are not required to make a disclosure. Please include details of the account on your next tax return. "
I'm trying to figure out if I need to make qualifying disclosure on a foreign apartment. The apartment is rented & maintained via a management company, but there is no profit for Irish taxation, so wondering if I need to make a qualifying disclosure for offshore asset.
From the doc "faq-qualifying-disclosure-offshore-matters" it says there is no disclosure needed if there is no tax liability, see section 2.3, 2.4. I assume this means that no disclosure is needed since there is no taxable profit on the apartment.
Any ideas?
"2.3 I have an offshore account or asset and I have received a letter from Revenue regarding "Reviewing and Correcting Your Tax Returns". I do not have any tax liability in relation to my offshore account or asset; do I need to make a disclosure?
No, you only need to make a disclosure if you have a tax liability. If you have no tax liability arising from the offshore account or asset you are not required to make a disclosure. "
"2.4 I have no tax liability from my offshore account but I failed to include it in my Return when the account was opened. Do I need to make a disclosure?
No. You only need to make a disclosure where there is a tax liability arising from the offshore account. If there is no tax liability arising from the offshore account you are not required to make a disclosure. Please include details of the account on your next tax return. "