tara mc adam
Registered User
- Messages
- 10
I am an Irish tax payer who has been on a contract in the UK for the past few years. I bought an apartment in the uK and will be selling it before it gets flooded!
It is my only property.
I have a savings account in the UK.
As the saving rates are so much higher in the UK and I'm not quite ready to splurge on a house back home-I will be leaving the lump sum in the UK savings account for a year or so .
Are there any legal issues I should be aware of ?
You must be a UK resident to open an account but next year I will not have an address in the UK.
Could it be tricky to get my money out if I'm no longer a UK resident!?
I will be paying the standard 20 % uk tax on the interest.
Technically I don't have to pay this again but I should declare the account for Irish tax purposes.Once I pay the dirt tax in the UK I'm covered right?
What about when I eventually transfer the money to my Irish account will the tax man come after me ? If I keep my pay slips I can prove where the money came from & I paid tax on the interest in the UK.
So I should be fine shouldn't I?
I'd prefer if the revenue don't find out the fact that I owned a property in the UK - because I'd lose my first-time-buyer status.
cheers
tara
It is my only property.
I have a savings account in the UK.
As the saving rates are so much higher in the UK and I'm not quite ready to splurge on a house back home-I will be leaving the lump sum in the UK savings account for a year or so .
Are there any legal issues I should be aware of ?
You must be a UK resident to open an account but next year I will not have an address in the UK.
Could it be tricky to get my money out if I'm no longer a UK resident!?
I will be paying the standard 20 % uk tax on the interest.
Technically I don't have to pay this again but I should declare the account for Irish tax purposes.Once I pay the dirt tax in the UK I'm covered right?
What about when I eventually transfer the money to my Irish account will the tax man come after me ? If I keep my pay slips I can prove where the money came from & I paid tax on the interest in the UK.
So I should be fine shouldn't I?
I'd prefer if the revenue don't find out the fact that I owned a property in the UK - because I'd lose my first-time-buyer status.
cheers
tara