# UK ISA (Individual Savings Account) after moving to Ireland



## BigBelly (24 Aug 2005)

I am thinking of moving to Ireland.

I have about £50,000 in ISAs (Individual Savings Accounts) in the UK - for an explanation see:

http://en.wikipedia.org/wiki/Individual_Savings_Account

Basically they allow me to put up to £7,000 a year into shares without paying capital gains tax on any gains or income tax on any dividends.

If I leave the UK, I cannot put any money into them any more, but they will remain open and I can continue to put money into them if I return to the UK. However, will the Irish Revenue recognise the tax free status once I am resident in Ireland?

Is there an equivalent system for tax free investing in Ireland? If so, would its tax free status be recognised if I return to the UK?


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## ClubMan (24 Aug 2005)

BigBelly said:
			
		

> Is there an equivalent system for tax free investing in Ireland? If so, would its tax free status be recognised if I return to the UK?


Not really. Schemes like the _SSIA _(now closed), pensions - including _PRSAs_, some _Credit Union _accounts, some _Post Office _savings schemes etc. involve tax breaks/exemptions while gross roll-up unit linked funds are only taxed on exit but there is no direct equivalent of the _UK ISA _as far as I know and I don't know if/how the _Irish Revenue Commissioners _recognise or treat these for migrants from the _UK _to _Ireland_.


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## CCOVICH (25 Aug 2005)

There used to be something similar to ISAs in Ireland (Presonal Equity Plans-PEPs).  PEPs offered lower tax on investment returns  on condition that the fund invested primarliy in Irish equities.

However, no new PEPs can be taken out since April 1 2001, and the tax benefits no longer apply.


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## harbals (2 Apr 2007)

> However, will the Irish Revenue recognise the tax free status once I am resident in Ireland?


 
Does anyone know the answer to this question? I'm about to invest in another ISA for this year but won't bother if I get taxed in the future as an Irish resident.
Thanks


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## Welfarite (2 Apr 2007)

This any help? [broken link removed]


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## Domo (2 Apr 2007)

No, another country will not recognise "tax free" status of other countries.  You will be taxable in Ireland on any income/gains arising after your return to Ireland.

However, if you are non-Irish domiciled you will only be taxable on overseas income/gains to the extent that you remit these gains/income to Ireland.

What is your domicile?  Where were you born?  Where is your home country?


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