Transferring over €40,000 to an Irish bank account from USA

[Lovingliving]

If a person transfers over €40,000 from a US share trading account to an Irish bank account, will it be declared to the Revenue Commissioners and will I have to declare its origin and how I got the money?
If so, how much tax would have to be paid on it?

 

[Gordon Gekko]

It depends. What is the background story? What is the €40k made up of? Where does the person live and where were they born?

 

[Lovingliving]

Thank you, Gordon Gekko.
The individual is Irish, lives in Ireland and was born there.
The money would be a transfer from a USA brokerage account that was set up many years ago and the individual forgot about it until now.

 

[Palerider]

If the transfer relates to a share sale then capital gains tax may be payable if there is a gain.

The history on the account is important, for example was the account opened with tax paid funds, if not were those funds used to open the account known to Revenue, if they originated in Ireland and were Tax paid fine but if not income tax and other taxes may be due on that portion of the transfer coming to Ireland as well as CGT on the gain if any.