Offshore shares/assets

J

Jordan Belfort

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I'm reading about revenue cracking down on people hiding money in offshore assets and removing any voluntary disclosure options.

I have shares in a US brokerage account. There were originally funded with after tax proceeds of share option sales. I annually declare and pay income tax on earnings and CGT on any gains from sales etc. so I have nothing to hide.

I have never specifically declared owning these assets.

Should I declare these stocks as "assets" held offshore ?
Where/how would I declare that ?
 
I'm in a similar boat in relation to a few items.

My plan is to write to Revenue, tell them what I have, and point out that they either know all about it on foot of me returning any income/gains or that no tax exposure arises.

An example would be my foreign current account.
 
I'm also in a similar situation, I have a US brokerage account. I'm tax resident in Ireland but not Irish and non-domiciled and had gains and losses over the years going back 15 years which I never reported. I never remitted any of the gains into Ireland so I should have no liabilities. I funded the account with some savings that I had before moving to Ireland, then some revenue approved shares that the company gave me over the years and some wire transfers from my Irish bank account to the US account over the years. I also availed of some professional tax advise recently and they are of the idea that because I'm non-dom and didn't remit anything back to Ireland I should not have to worry or declare anything. I wonder though if someone in the forum is of a different idea and I should also write to Revenue explaining my position same as Gordon Gekko. I'm PAYEE and never did a tax return for the gains/losses on the US account. The only time when I did a tax return and paid income tax was many years go when I had gains from a irish Rabobank account that I subsequently closed.

Thanks
 
Actually found some very good information on revenue site including an FAQ document which addressed my questions.

I don't have permission to paste the link but under "news" on revenue home page see item dated 5/1/2017 "Changes precluding Qualifying Disclosure regarding Offshore matters, effective 1 May 2017."


2.2 I have money offshore does that mean I have a tax problem?
If all the money you put offshore has already been declared for Irish tax purposes and you have declared all income or gains arising from that money on your tax returns, you have no further liability and you do not need to make a disclosure. If you have opened an offshore account or acquired a financial product with monies that are exempt from tax or on which the correct Irish tax has already been paid and have not earned any income on the account or financial product itself, you have no tax liability. However taxation is complex and it is possible that there might have been changes in the law or in the treatment of foreign investments of which you are not aware. Now is a good opportunity to review your foreign investments, accounts and assets, including shareholdings in foreign companies to check whether you have a liability that you may not have been aware. If the money which was put offshore was not previously declared or you have received income or gains from offshore sources which you have not declared, it is very likely that you have a liability. In these circumstances, you are strongly advised to make a disclosure to bring your tax affairs up to date. If you make a qualifying disclosure you will be subject to reduced penalties, your name and details of your settlement will not be published in the list of tax defaulters and you will not be prosecuted.
 
I have received revenue letter re foreign assets. I have an apartment in France for personal use only and a French bank account for paying bills. The bank account was declared on form 11 when it was opened approx 9 years ago. The apartment was not declared as I did not see any field for that. I have no foreign income as the apartment is never rented.
Do I now need to declare apartment? I am totally confused.
 
No you have no income to declare, the obligation is to let Recenue know you have opened a foreign bank account, you did that.
 
I'm going to disagree ... "M - CHARGEABLE ASSETS ACQUIRED IN 2016 / (b) Residential Premises". I would imagine foreign apartments have to go there.

I also declare shares purchased in that section, under "(a) Shares (quoted and unquoted)". I'm a tad worried about what they might infer from it, as it's an outrageous amount that is many times what I actually hold in shares ... it's just churn from a bunch of trades that were quickly sold again (and reported in the relevant section for gains).
 
Thanks for your replies. In the interim I have been checking revenue site. "Buying foreign property" info page says that it is not necessary to declare purchase of foreign property, so I guess that answers my query.
 
Hello.I am a great fan of Askaboutmoney.I have to make an offshore voluntary disclosure before 1st of May.5 years ago i bought an apartment in Turkey and declared it to Irish Revenue.I have rented it out long term unfurnished for the last 4 years and declared the rental money to irish revenue each year.However it turns out that the rental company in turkey lodged the rental money to a deposit account of mine in Turkey and there is now 7k in the account and it includes accumulated interest of 4k in total over the 4 years and it is this 4k which is the money that i want to declare.I have just two question.1.Would the 6k innocent error come into play.e.g.I have never travelled to turkey or had any communication with the Garanti Bank up to now.[oversight.etc.]2.I will be forwarding my tax returns as per usual in July for 2016 and would be including the turkish rental interest for 2016 on the returns.Will i be penalised in this interest for 2016 also?.Any comments and advice would be appreciated and i understand that there posts are not binding.Kind Regards.
 
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