Resident/nonresident accounts

sole

Registered User
Messages
69
Maybe this is legal rather than money matters!!! Maybe someone can help!!

Jo is an Irish student with a few bank accounts. She goes to England on a Graduate program and is 18 months there now. The program ends in 6 months. She will likely to stay in England but may return to Ireland in a few years.
Can she continue to hold Irish Bank accounts and more important can she invest in some Irish investment scheme? If dirt is deducted by bank (in Ireland) will this satisfy her English tax requirement to pay tax on income from investments? Is it lawful just to keep addresses in both places and just pay each country its tax on the income arising in that country - that is pay the dirt in Ireland on the interest and don't declare it in England?
Anyone had this experience and able to give any advice?
 
Can she continue to hold Irish Bank accounts and more important can she invest in some Irish investment scheme?

Yes, unless the bank precludes non-residents from investing, but as she will still have an Irish address and may be (ordinarily) Irish tax resident for the next few years, then I don't see a problem.


sole said:
If dirt is deducted by bank (in Ireland) will this satisfy her English tax requirement to pay tax on income from investments?

That depends on the double tax agreement (DTA) in place with the UK.

sole said:
Is it lawful just to keep addresses in both places and just pay each country its tax on the income arising in that country - that is pay the dirt in Ireland on the interest and don't declare it in England?

I would imagine interest earned in Ireland would have to be declared, but I can't say for sure.