Hello,
Non resident here - Question.
Does Revenues definition of "WorldWide Income" / "World Income" include Capital gains (outside of Ireland)?
I ask because, as a non resident, this figure is used on Form 11, Q17 to work out the portion (if any) of Irish tax credits applicable.
I'm in touch with two professional preparers, but each have a different opinion on this. One says it's ALL income including CG, but another says it's not to include CG (leaving mainly only Earned and Dividend income) and references something in the tax acts that says "INTERPRETATION AND BASIC CHARGING PROVISIONS
"Pr.1 S.3 (4)" TCA 1997 that says:
"References to profits or gains in the Income Tax Acts shall not include references to chargeable gains within the meaning of the Capital Gains Tax Acts."
I cannot find anything on Revenue site that definitively defines this.
Any ideas?
Non resident here - Question.
Does Revenues definition of "WorldWide Income" / "World Income" include Capital gains (outside of Ireland)?
I ask because, as a non resident, this figure is used on Form 11, Q17 to work out the portion (if any) of Irish tax credits applicable.
I'm in touch with two professional preparers, but each have a different opinion on this. One says it's ALL income including CG, but another says it's not to include CG (leaving mainly only Earned and Dividend income) and references something in the tax acts that says "INTERPRETATION AND BASIC CHARGING PROVISIONS
"Pr.1 S.3 (4)" TCA 1997 that says:
"References to profits or gains in the Income Tax Acts shall not include references to chargeable gains within the meaning of the Capital Gains Tax Acts."
I cannot find anything on Revenue site that definitively defines this.
Any ideas?