Justice Laffoy Letter re Offshore

A

Aggie

Registered User
Messages
58
Hi,

I worked outside of Ireland for many years. When I returned to Ireland in 1995, I informed my bank that I should be considered resident for tax purposes. Since returning, I have paid all income tax, DIRT etc, as required.

While living abroad, I opened an investment account in the Isle of Man.

In 2000, I cashed in this account and transferred the money to my Irish current account. Needless to say, the money has now been spent!!

Ive just received a letter from my bank informing me that I am part of the Laffoy investigation, I think any transactions from this financial institution into Ireland are being investigated.

Im not sure what a) I have done wrong and b) if I owe Revenue any money?

Has anyone been through the same query or can anyone advise what I should have done/now do?

I am tax compliant citizen, and have no problem paying the relevant taxes as they fall due. I am genuinely confused as to what the issue is here and concerned I might not have been as compliant as I would like. Any advice appreciated.

Thanks,
Aggie.
 
I won't give a definitive response but, as a general principle, if you can show that the money in the IOM account was earned while working abroad and that you weren't tax resident in Ireland at that time then that money should be classed as 'capital' which you brought back to Ireland and accordingly wouldn't be liable to Irish income tax.

As a first port of call, I'd respond to your bank setting ut the details of your situation. Additionally, I'd advise checking with the tax office to see if they have any information. If you have an accountant you might want to get him/her involved too. Based on the information you provided, I suspect that you probably don't have anything to worry about (but I am not an expert!)
 
This worries me, I have not received a letter but I was working in Saudi Arabia until 1990 and deposit my wages in to the Isle of Man because it was pounds Sterling, which I subsequently later transfered to Ireland. I think also that I am tax compliant and paid tax on my last incomplete year from S. Arabia. But at the time I believe the rule was that, all money brought into Ireland was taxable. I have never heard of the Laffoy enquiry, what is it?
 
Thanks for the reply Deadlyduck. Will check it out.

Roker, I guess if you havent heard anything, then possibly your accounts didnt get picked up. I think the commission was only investigating certain companies in IOM, so possibly you werent customer of theirs. Dont want to have you stressed by it too!

Aggie
 
Not an accountant so take with a pinch of salt.

Did you declare earning on the investment account between 1995 and 2000?
 
You must log in or register to reply here.
Back
Top