Can anyone clarify how the Revenue Commissioners treat a foreign deferred tax arrangement for an investment based in that foreign country and owned by an Irish tax resident?
Specifically, in my case, a US 401K plan whereby money was taken from my wages pre-tax and invested in mutual funds. I cannot get access to the money until I turn 65 and as and when I make withdrawals from it from age 65 on, I pay tax on those withdrawals at the then applicable income tax rate. Between now and then, the money continues (I hope) to accumulate capital gains and a yearly dividend that's reinvested in the fund and no taxes apply to it.
If I move to Ireland and become tax resident there, will the Revenue copy the US's IRS treatment of this fund and leave it free of tax until I make withdrawals at age 65 on, or will CGT and tax on dividends apply to it the same as if it was an ordinary fund?
Thanks in advance,
Specifically, in my case, a US 401K plan whereby money was taken from my wages pre-tax and invested in mutual funds. I cannot get access to the money until I turn 65 and as and when I make withdrawals from it from age 65 on, I pay tax on those withdrawals at the then applicable income tax rate. Between now and then, the money continues (I hope) to accumulate capital gains and a yearly dividend that's reinvested in the fund and no taxes apply to it.
If I move to Ireland and become tax resident there, will the Revenue copy the US's IRS treatment of this fund and leave it free of tax until I make withdrawals at age 65 on, or will CGT and tax on dividends apply to it the same as if it was an ordinary fund?
Thanks in advance,