Taxable When Returning To Ireland

clouddy

Spent 10+ years abroad in the Middle East (tax-free earnings), and will be returning permanently to Ireland this Summer.

Correct me if I'm wrong, but provided I return back to Ireland on or after July 1st/2nd, then this should mean I would not be classified as a taxable resident for the remainder of 2019.

"You are resident for tax purposes for a year if:
You spend 183 days or more in Ireland in that year from 1 January – 31 December "

I need to send money home to my Irish bank account before I move home, and I have some stocks/bonds in DeGiro that I'll probably liquidate soon also (purchased while not a resident).

Is there any risk doing the above banking activities before July, or should I wait until July to send money home etc.?
I've heard of a split-year tax relief also, should this automatically apply to me or do I need to request it?

Cheers

Calahonda52

IIRC the bit you quote is for folk like Magnier and McManus and Desmond that live abroad and come back here during the year, but live elsewhere.
You are moving back permanently so that rule does not apply.

clouddy

Calahonda52 wrote: »

IIRC the bit you quote is for folk like Magnier and McManus and Desmond that live abroad and come back here during the year, but live elsewhere.
You are moving back permanently so that rule does not apply.

Hmm, again I'm no expert but I don't think that's the case.

As far as I understand, you are tax resident if you spent 183 or more days in Ireland, for that particular year. If I move back in mid-July, it should mean I'm not tax resident in 2019, but I will be from Jan 2020.

It appears I can voluntarily choose to be a tax resident in 2019 when I return, but this must be requested, and I believe it's called split-year tax relief.
But I'm not sure who would want to do this, as you'd be willingly enforcing tax on your income/CGT etc.

Anyone know if the above is correct?

namenotavailablE

This link may help:

https://www.revenue.ie/en/jobs-and-pensions/tax-residence/coming-or-returning-to-live-in-ireland.aspx

Calahonda52

Mods delete my post above please as it is incorrect, OP can edit his reply to match

tanit

clouddy wrote: »

Hmm, again I'm no expert but I don't think that's the case.

As far as I understand, you are tax resident if you spent 183 or more days in Ireland, for that particular year. If I move back in mid-July, it should mean I'm not tax resident in 2019, but I will be from Jan 2020.

It appears I can voluntarily choose to be a tax resident in 2019 when I return, but this must be requested, and I believe it's called split-year tax relief.
But I'm not sure who would want to do this, as you'd be willingly enforcing tax on your income/CGT etc.

Anyone know if the above is correct?

If you are domiciled you are liable on CGT on world wide gains. If you sell that stock when you come back you might very well be taxed. And if you are not domiciled and transfer the money to Ireland you might still get taxed depending on the timing.

And in any case if you are working here for the rest of the year you will be taxed, very little but you will be taxed. If earnings are low it might be none.

You are starting to be in a complicated tax situation you better ask for proper tax advice.