Remittance basis taxpayers - are you aware of potential risk from Brexit?

The aim of this blog is to, once again, highlight a potential risk for Irish tax resident but non-domiciled individuals who avail of the remittance basis of taxation on income arising from savings and investments in financial institutions currently located outside of Ireland.

If the financial institutions move operations to Ireland, for example, back office administration functions, clearing house functions and/or fund management, this may inadvertently result in a taxable remittance to Ireland, for example, by:

  1. the new Irish financial operation clearing funds that you hold abroad,
  2. your investment funds being managed from Ireland
  3. the location of your bank account moving to Ireland

It is recommended that remittance basis taxpayers undertake a review of their foreign banking and investment arrangements, so that there are no inadvertent remittances of funds to Ireland as a result of any operational changes undertaken by financial institutions.

Contact Imelda Prendergast to discuss Brexit, remittance basis of taxation or international tax on 01-439 4200.

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