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opening a UK bank acount - is it legal / tax question

  • 04-07-2009 8:13am
    #1
    mikedublin
    Registered Users, Registered Users 2 Posts: 360 ✭✭


    So, I'm wanting to open a UK bank account - , and am wondering if to do so is legal, and Ok with the tax laws.
    If I earn interest on it, do I declare it here and pay the tax on it.


Comments

  • #2
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Of course you can open a UK account.

    If you earn interest UK interest is taxed in Ireland net.


  • #3
    Beasty
    Administrators, Social & Fun Moderators, Sports Moderators Posts: 77,932 Admin ✭✭✭✭✭Beasty


    Mr. Incognito wrote: »
    Of course you can open a UK account.

    If you earn interest UK interest is taxed in Ireland net.
    It's the gross interest that is taxed in on Irish tax residents, and you get credit for any UK tax withheld. For individuals who are tax resident in Ireland, but domiciled in another country (typically someone who came to Ireland from another country and expects to return to that country at some future date), the UK source interest is only taxed in Ireland if remitted to Ireland


  • #4
    misspiggy40
    Users Awaiting Email Confirmation Posts: 277 ✭✭misspiggy40


    At the end of the year you fill in a form 12 telling revenue about whatever interest you get. That is the same form people use for any income above and beyond their paye income provided they are not self assessed (self employed, director ect). If self assessed, pop it onto your 11e.


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