Tax on Deposit Interest received on a foreign trading account

A

Afterdark

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Anyone know of the tax implications received on a foreign share trading account on money held in the account while not trading. (ie. deposit interest received on the money while not in shares and available for trading). I have the CGT sorted but still received money as interest during 2006. I assume it is not treated in the same way as DIRT Tax here in ireland as if it was held in a interest account. Does the 20% still hold on foreign interest.
 
Foreign interest is shown as the NET amount received on your Irish tax return
 
Domo said:
Foreign interest is shown as the NET amount received on your Irish tax return
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How would you go about calculating the amount owed in this case to the revenue if you example you received €500 as a deposit interest. Is tax deducted at source before the amount is credited.
 
The interest is added to your income. You will need to file a tax return by Oct 31st Tax - see www.revenue.ie for details. Income tax and/or PRSI will be due at your marginal rate.

Depending on a number of factors - for example, the country where the trading account is held, your tax status, ... - foreign tax may or may not be due, may or may not be deducted by the account holder, the income may or may not be reported to the Irish tax authorities and may or may not be allowable against any irish tax due.

Sorry to be so imprecise but you question leaves out so many important details that a more definite answer is impossible.
 
jpd said:
The interest is added to your income. You will need to file a tax return by Oct 31st Tax - see www.revenue.ie for details. Income tax and/or PRSI will be due at your marginal rate.

Depending on a number of factors - for example, the country where the trading account is held, your tax status, ... - foreign tax may or may not be due, may or may not be deducted by the account holder, the income may or may not be reported to the Irish tax authorities and may or may not be allowable against any irish tax due.

Sorry to be so imprecise but you question leaves out so many important details that a more definite answer is impossible.
Click to expand...

Sure thing that makes sense now. It was just complicated when reading about it elsewhere and now i know whats going on from your reply.

Cheers again.
 
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