For­eign in­come: how to treat in­ter­na­tional earn­ings

Sunday Independent (Ireland) - Business & Appointments - - FRONT PAGE -

are now in re­ceipt of for­eign pen­sion in­come and this should be re­ported at line 302.

Where you are res­i­dent but not domi­ciled in Ire­land and have ticked this box at line 17 of the Form 11, you are as­sess­able on your Ir­ish source in­come in­clud­ing in­come at­trib­ut­able to the per­for­mance of the du­ties of a for­eign em­ploy­ment in Ire­land and re­mit­tances of other for­eign in­come to Ire­land, that is, a trans­fer of for­eign in­come into Ire­land e.g. by bank wire trans­fer.

If you are such a per­son, gen­er­ally you should only re­port the amounts of for­eign in­come re­mit­ted to Ire­land in the rel­e­vant lines in Panel E (lines 301 to 319) FOR­EIGN RENTAL IN­COME — LINE 315 The gross amount of for­eign rental in­come re­ceived and ex­penses in­curred on the rental prop­erty are to be in­cluded in this sec­tion. Cap­i­tal al­lowances for the cur­rent year and any cap­i­tal al­lowances and un­used losses from a prior year should also be in­cluded here. Re­mem­ber for­eign rental losses may only be off­set against for­eign rental prof­its. FOR­EIGN BANK AC­COUNTS OPENED IN 2016 — LINE 320 Where you or your spouse or civil part­ner, opened for­eign bank ac­counts dur­ing the year, you are re­quired to pro­vide in­for­ma­tion in re­la­tion to such ac­counts in­clud­ing the amount of the ini­tial de­posit and other de­tails as out­lined at line 320. FOR­EIGN LIFE POLI­CIES/ OFF­SHORE FUNDS/OTHER OFF­SHORE PROD­UCTS — LINES 321 TO 324 If you have in­vested in any of th­ese poli­cies or prod­ucts you should seek ad­vice from a pro­fes­sional tax ad­viser as the re­port­ing obli­ga­tions on the Form 11 are both com­plex and oner­ous.

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