T
tvmania
Guest
Hi …
I have a few queries, which I hope some of you won’t mind in taking time to answer.
My wife & I have some monies (approx. 300,000) in sterling in an offshore account & currently pay 42% in tax + 2% prsi on the interest earned. The interest earned on the account is approx. 4.7%.
We are now thinking of changing the money over to euro & transferring it to an Irish deposit a/c account, such as Northern Rocks online a/c (interest rate 3.05%). Other than paying 20% on the interest earned, is there any other tax implication we should be considering? (My wife is English but has been resident in Ireland since 1998 & I am Irish).
Also, is the above a wise move or not? … The reasons we are considering doing this are easier access / management of the money, sterling / euro exchange rate forecasts looking less healthy down the road & interest earned after tax in offshore a/c seems to balance out when compared to interest earned in an Irish deposit a/c.
We are also thinking of putting a side some of the sterling (approx. 20000) into a UK a/c as we travel over there a few times a year. According to our accountant interest earned on such an account would be now taxed @ 20% (not taking into account tax paid in the UK).
Is this case or not?
Also, on the subject of changing the money in to euro, we are thinking of using a foreign exchange broker based in the UK. Has anybody got any other suggestions?
Any advice / opinions would be much appreciated ... Thank you!
I have a few queries, which I hope some of you won’t mind in taking time to answer.
My wife & I have some monies (approx. 300,000) in sterling in an offshore account & currently pay 42% in tax + 2% prsi on the interest earned. The interest earned on the account is approx. 4.7%.
We are now thinking of changing the money over to euro & transferring it to an Irish deposit a/c account, such as Northern Rocks online a/c (interest rate 3.05%). Other than paying 20% on the interest earned, is there any other tax implication we should be considering? (My wife is English but has been resident in Ireland since 1998 & I am Irish).
Also, is the above a wise move or not? … The reasons we are considering doing this are easier access / management of the money, sterling / euro exchange rate forecasts looking less healthy down the road & interest earned after tax in offshore a/c seems to balance out when compared to interest earned in an Irish deposit a/c.
We are also thinking of putting a side some of the sterling (approx. 20000) into a UK a/c as we travel over there a few times a year. According to our accountant interest earned on such an account would be now taxed @ 20% (not taking into account tax paid in the UK).
Is this case or not?
Also, on the subject of changing the money in to euro, we are thinking of using a foreign exchange broker based in the UK. Has anybody got any other suggestions?
Any advice / opinions would be much appreciated ... Thank you!