Lump sum after return to Ireland

J

jonny

Guest
I am currently living overseas in a tax free jusrisdiction and have been for over 3 years. I will be returning to Ireland next year and am wondering what are the tax implications of transferring a lump sum to Ireland two years after I return?

I have a pension fund built up in the mid five figures range that cannot be cashed out for 2 years after I leave. I think I would only be liable to tax on any investment gains during the two years after I return to Ireland, is this correct?
 
Apologies if the bump is inappropriate but it has been quite a while since the original post with no response, does anyone have any thoughts on the post above?
 
did u look on the irish revenue site about returnung to Ireland??

revenue.ie

noah
 
jonny,

I think you may need professional tax advice - there may well be a way to efficiently transfer the value of your pension fund to Ireland. If you are coming to Ireland as part of a relocation package, maybe your company could pay for the tax advice.

I would be surprised if the Revenue only taxed you on the gain since you were resident in Ireland - what you are talking about is Capital Gain tax and this is calculated based on the selling price minus the purchase price - I don't think it matters where you were domiciled when you "bought" - however, I am far from an expert on this matter and there's a good chance I am completely wrong!

Alternatively, would it be possible to leave the pension offshore and recieve the benefits on retirement?

I think a lot will depend on the offshore location ie the laws are different on Guernsey than on the Caymans

BTW - €50k+ pension fund after three years ? - Nice Job! - given the salary level that would be needed to fund that level of pension over three years you should definitely be getting professional advice (IMHO)
 
efm said:
jonny,

I think you may need professional tax advice - there may well be a way to efficiently transfer the value of your pension fund to Ireland. If you are coming to Ireland as part of a relocation package, maybe your company could pay for the tax advice.

I would be surprised if the Revenue only taxed you on the gain since you were resident in Ireland - what you are talking about is Capital Gain tax and this is calculated based on the selling price minus the purchase price - I don't think it matters where you were domiciled when you "bought" - however, I am far from an expert on this matter and there's a good chance I am completely wrong!

Alternatively, would it be possible to leave the pension offshore and recieve the benefits on retirement?

I think a lot will depend on the offshore location ie the laws are different on Guernsey than on the Caymans

BTW - €50k+ pension fund after three years ? - Nice Job! - given the salary level that would be needed to fund that level of pension over three years you should definitely be getting professional advice (IMHO)
Click to expand...

Thinking I need the professional advice allright.
The sum was actually accumultated over two periods of about 3 years with a short gap in the interim and is in US$ but yea still pretty decent (be nicer if the dollar hadn't been in the toilet for the last few years)
 
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