Brendan Burgess
Founder
- Messages
- 52,197
This is very important. To get this beneficial rate, you must submit a Form 12 for 2010 tax year by end of October 2011. If you don't submit it on time, you pay tax at your marginal rate.In order to avail of this treatment, you must make a timely and accurate return of the foreign deposit interest and pay any tax due by the prescribed return filing date for the year concerned.
And if so, what if you're only paying tax @ 20%, or perhaps are below the income tax level altogether?
My wife is German and she has an account with NRW. If I transferred all my AIB savings into her German account would there be a tax penalty?
Is there a potential capital gains issue in the following situation?
- Deposit remains in EU bank account
- Ireland leaves euro and devalues new currency.
- You remit some of your savings back home in and convert to new Irish currency
Essentially the large FX swing has created a capital gain. Anyone any idea on this (hopefully) far fetched scenario?
It is correct that interest is taxed in the year received.
But you have to notify Revenue in the year any foreign accounts have been opened, so will still have to make a tax return for 2010.
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