UK savings ..but living in Ireland.

[Tubbs]

Planning to move my family from Irleland to UK in a year or so and have about €100k euro in Northern Rock (Ireland).

I have a sterling bank account in UK (and UK address - my parents) and want to move my NR Euro savings to Sterling.

Is this perfectly legal to move all my savings across to UK even though I am not tax resident in the country and will be getting interest paid in sterling on my savings ?

Will I pay the UK version of DIRT or will I need to declare my UK savings to someone in Ireland whilst living in Ireland ?

What (if any) problems might I encounter ?

 

[Gervan]

I see no problem with moving your funds to UK. In the year that you open a foreign bank account, you must declare the details to the Revenue here.
The double taxation agreement entitles only the country where you are resident to tax the deposit income. So, if you continue to live in Ireland, you would not pay the UK DIRT equivalent. It can be a lengthy process however, to complete the forms which seem to boomerang from UK Revenue authorities to Irish and back again. If you intend taking up residence in the UK I would wait till then to transfer the funds.