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Form 11 Tax Return Query

  • 02-11-2009 7:30pm
    #1
    joint 11th
    Closed Accounts Posts: 60 ✭✭


    Hi- I was wondering could anyone help me with this query.

    I am preparing a 2008 tax return for a higher rate taxpayer (resident & domicile ROI) who has deposit interest from a bank account in Isle of Man.

    Should this deposit interest be taxed at 20% (as interest from EU states and even ROI is taxed) or should it be taxed at the marginal rate?

    Im not sure whether the Isle of man can be classified as an EU country for this purpose?

    I would be glad to hear from anyone who has prepared a tax return for individuals who have bank deposit interest from Isle of man.

    thanks
    joint 11th


Comments

  • #2
    Odats
    Registered Users, Registered Users 2 Posts: 767 ✭✭✭Odats


    AFAIK you put it into the foreign income section on the Form 11 under income from all other foreign interest. You must declare to the Revenue the Foreign bank account intermediary etc. Isle of Man eventhough part of the UK is not in the EU same as Channel Islands.


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