Revenue are sending letters to 480,000 self-employed taxpayers, reminding them of an imminent deadline for disclosure of offshore assets. 30th April 2017 is the latest date by which a “qualifying disclosure” may be made by anyone who has undeclared income from foreign assets. By making such a disclosure anyone with undeclared income from abroad can avail of lower penalties and non-publication. Examples of such income would be rental income from holiday homes, dividends from overseas companies, bank interest earned abroad. To the extent that tax has been paid abroad on such income, credit will be allowed against any Irish liability, provided that Ireland has a double tax agreement with the country concerned.
If you think you may need to make a declaration, please contact us as soon as possible for an initial meeting.