Taxable or not for Non-dom ?

[arasar]

If a person who is non-domiciled and tax resident in Ireland transfers 10,000 Euros of their foreign income to their account with Interactive Brokers Ireland, and they are instructed by Interactive Brokers Ireland to send the money to a bank account in Germany that is in the name of Interactive Brokers Ireland, is this transfer considered to be a remittance of foreign income to Ireland for Irish tax?

In other words, will this transfer of 10,000 be considered to be a remittance of foreign income by this person to Ireland, and fully taxable at their top rate of tax, even though the funds were sent to a bank account in Germany?

 

[Brendan Burgess]

Hi arasar

For any cross-border issues, you need specialist tax advice.

Answers provided on askaboutmoney or any other online forum may guide you to the relevant legislation and Revenue manuals, but you should not rely on them.

Brendan

 

[arasar]

Hi Brendan

I have not seen this issue covered in any legislation or Revenue manuals and so I thought that some people on here might know the correct answer

I would assume that the transfer is considered to be a fully taxable remittance of 10,000 to Ireland even though the money was sent to Germany

Interested to hear though if anyone is certain about the correct answer

 

[Farma1]

I believe that you are correct. If you were to treat it otherwise you'd need specialist advice as stated. If you're making more than 10k on foreign income then you are definitely in the bracket that should pay for advice and save 1000s over time.