# UK Bank Account and Irish Taxation



## singinvestor (22 Feb 2010)

Hi - I am looking to open up as a sterling bank account in the UK as a resident here in Ireland.  Does anyone how this should get treated with Revenue? Is there particular forms I need to fill out and do I need to disclose interest earned on a yearly basis, etc?

Thanks


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## Domo (22 Feb 2010)

You will be taxable on the net bank interest you earn in the UK.  You should disclose this on your tax return.


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## Domo (22 Feb 2010)

Tyou will be taxable in Ireland if you are domiciled here, but only taxable on any remittances if you are non-Irish domiciled


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## Plover (27 Feb 2010)

I'm from the UK but I'm not a tax expert.

If you don't earn enough to pay UK tax, you can fill in an HMRC R85 form and have interest paid without income tax.  Otherwise tax will be deducted at 20%.  I don't think there's a mechanism to get interest paid without tax as a non-resident.

HMRC will communicate the amount of interest earned with the (Irish) Revenue.  You would then need to declare your other earnings and pay any extra tax to them.  (Afraid I can't help with specifics of the Irish system)

I'm not clear on the position if you overpay tax due to this mechanism.  In the UK the form to reclaim overpaid interest tax is the R40 (both forms are on the web with instructions, search for them).  You might wish to read a document called HMRC6 which sets out the general position for non-residents.  There's a section for non-residents on the HMRC website.


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## Plover (27 Feb 2010)

Found the relevant bit of HMRC6:



> 10.13.3 Interest from building societies and banks
> Most banks, building societies and other deposit takers in the UK deduct UK
> tax from interest they pay or credit to your account. If you are not resident
> in the UK or are resident but not ordinarily resident here, you might be able
> ...


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