UK ISA (Individual Savings Account) after moving to Ireland

B

BigBelly

Guest
I am thinking of moving to Ireland.

I have about £50,000 in ISAs (Individual Savings Accounts) in the UK - for an explanation see:

http://en.wikipedia.org/wiki/Individual_Savings_Account

Basically they allow me to put up to £7,000 a year into shares without paying capital gains tax on any gains or income tax on any dividends.

If I leave the UK, I cannot put any money into them any more, but they will remain open and I can continue to put money into them if I return to the UK. However, will the Irish Revenue recognise the tax free status once I am resident in Ireland?

Is there an equivalent system for tax free investing in Ireland? If so, would its tax free status be recognised if I return to the UK?
 
BigBelly said:
Is there an equivalent system for tax free investing in Ireland? If so, would its tax free status be recognised if I return to the UK?
Click to expand...
Not really. Schemes like the SSIA (now closed), pensions - including PRSAs, some Credit Union accounts, some Post Office savings schemes etc. involve tax breaks/exemptions while gross roll-up unit linked funds are only taxed on exit but there is no direct equivalent of the UK ISA as far as I know and I don't know if/how the Irish Revenue Commissioners recognise or treat these for migrants from the UK to Ireland.
 
There used to be something similar to ISAs in Ireland (Presonal Equity Plans-PEPs). PEPs offered lower tax on investment returns on condition that the fund invested primarliy in Irish equities.

However, no new PEPs can be taken out since April 1 2001, and the tax benefits no longer apply.
 
However, will the Irish Revenue recognise the tax free status once I am resident in Ireland?
Click to expand...

Does anyone know the answer to this question? I'm about to invest in another ISA for this year but won't bother if I get taxed in the future as an Irish resident.
Thanks
 
No, another country will not recognise "tax free" status of other countries. You will be taxable in Ireland on any income/gains arising after your return to Ireland.

However, if you are non-Irish domiciled you will only be taxable on overseas income/gains to the extent that you remit these gains/income to Ireland.

What is your domicile? Where were you born? Where is your home country?
 
You must log in or register to reply here.
Back
Top