Tax on an overseas investment

M

Moggaman

Guest
Hi.
I am currently involved in an investment scheme based in Malaysia.This scheme has been joined by myself over the internet.While I was sceptical about getting a return for my initial investment of only 1500 euro,my account on this website has now grown to a substantial amount,an amount that I can now begin to withdraw money.To bring this monet back to Ireland they offer 2 alternatives 1. Wire Transfer and 2.Through a debit card from their own bank.Basiclly what I want to know is 1) how much I can take back without paying tax and 2) When the amounts started reaching tens of thousands what is the best way to bring it back without getting stung for 42% tax - legally of course!
Thanks.
 
oversea investment

This should be a capital gain taxable at 20%.
Assuming you are irish domiciled the gain is taxable when made not when remitted to ireland.
You can offset your initial investment, annual allowance and any existing CG losses against the gain
 
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