If I open a bank account in Northern Ireland, must I do a tax return?

C

Crazychick

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I have a bank account in Newry. I use it for withdrawing sterling from the ATM when I go up there for shopping and when I visit the UK. It's a deposit account, not a savings account, I don't make any interest on the money lodged. My mother insists I need to "declare it" as I may be liable for tax. I've told her I don't need pay tax on it because I'm not making any money on it. Can anyone tell me who is correct ? Thanks.
 
"In any year in which you open a foreign bank account you are a 'chargeable person'. This means that you are required to file a tax return in which you must declare, among other things, the name and address of the financial institution where the account is located, the date on which the account was opened, the lodgement made to open the account and details of any intermediary (individual or company) in Ireland who assisted you in opening the account."

http://www.revenue.ie/en/personal/b...sues-foreign-property-ownership.html#section3
 
I have always reported, as above, if I have opened an account in a new bank, but thought it unnecessary to report a "new" account in the same bank, as Revenue already would have the information.
If, for example, a term deposit matured, and the money was rolled into another account at the same bank, should that be reported on the Form 11?
 
Thank you for the reply. I was assured by the bank at the time I opened the a/c that I would not be liable for tax because I was not making any interest. It appears Revenue still need to be informed. I wasn't aware of that.
 
OP, You prefer to listen and believe what a Bank chooses to say to you ? Madness. In this case I'd say you're better off what others are saying. Better to be safe rather than sorry.
 
Johnny, you have misunderstood me. I completely accept what the other posters are saying. I was given incorrect information by the bank.
 
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