Hi,
I'm an Irish resident, but not ordinarily resident and not Irish domiciled either. I have savings abroad (income earned before moving to Ireland) and I have received some interest last year. I still haven't remitted any money to Ireland but I'm thinking about doing so. My concern is if Irish authorities will consider that I am remitting interest as well as capital. The interest is paid on the same account where the capital is (there's nothing I can do about that) but I'm "manually" moving it to another account.
I would like to know if this "manual" separation would be enough for the Revenue Commissioners in order to avoid taxation on the interest. If that's the case (I'm not supposed to have to pay tax on the interest) do I have to declare this earnings anyway? I mean, do I have to send any form to the R.C. where I declare that I have earned that money but I use the remittance basis of taxation or I just don't declare it?
Anyway, let's suppose that I have to pay tax for this interest. How much would it be? 20% or 42%? The final question is when am I supposed to submit the form for payment? Which is the form for that?
Thank you in advance for your help. I'm sorry I'm asking all those questions but I want to do things the right way (don't want to do anything illegal) and I'm new to the Irish tax system.
I'm an Irish resident, but not ordinarily resident and not Irish domiciled either. I have savings abroad (income earned before moving to Ireland) and I have received some interest last year. I still haven't remitted any money to Ireland but I'm thinking about doing so. My concern is if Irish authorities will consider that I am remitting interest as well as capital. The interest is paid on the same account where the capital is (there's nothing I can do about that) but I'm "manually" moving it to another account.
I would like to know if this "manual" separation would be enough for the Revenue Commissioners in order to avoid taxation on the interest. If that's the case (I'm not supposed to have to pay tax on the interest) do I have to declare this earnings anyway? I mean, do I have to send any form to the R.C. where I declare that I have earned that money but I use the remittance basis of taxation or I just don't declare it?
Anyway, let's suppose that I have to pay tax for this interest. How much would it be? 20% or 42%? The final question is when am I supposed to submit the form for payment? Which is the form for that?
Thank you in advance for your help. I'm sorry I'm asking all those questions but I want to do things the right way (don't want to do anything illegal) and I'm new to the Irish tax system.