Working & paying tax abroad, Resident of Ireland selling shares.

iknorr

Hi all

Heres my situation
I work abroad. I pay tax in another country. I pay PRSI in Ireland. I am a resident of Ireland.

I bought a fair amount of shares last year and im looking to sell these soon. Im unsure where i stand regarding tax on these shares.
If i make a profit where do i pay the "tax" on this .
If i break even do i have to submit the share certs etc?

TaxingTimes

If you are resident in Ireland you are taxable on any chargeable gain you make in Ireland under Irish tax rules.

You do not say whether you are resident in another country or not - if so, you may also be taxable there on any chargeable gain, calculated under their tax rules.

However, assuming there is a double tax treaty between the relevant countries, you will get tax credit relief for the foreign tax paid, and will therefore not be doubly taxed.

If you do not make a gain, then there will not be any tax to pay.

iknorr

thanks for the info.

I am a resident of Ireland but paying tax in Norway.

If i dont make a gain, do i still have to submit the shares i sold?

What worries me is that if i do make a gain , i need to pay tax on that assuming in Ireland now, but i have no idea how that will effect my pay from Norway.

Can the pay and gains be completely separate or must they be linked in some way?

TaxingTimes

If you don't make a gain you need not declare this in Ireland.

You will need to take Norwegian tax advice to see how to declare any gain there - or indeed whether or not you need to declare this.

Capital Gains is separate from income tax in Ireland, and I would assume it is also separate in Norway.

iknorr

oh so a capital gains return in Ireland has nothing to do with income from general employment.
So i can just submit a capital gains return separately in Ireland and let my company handle my Norweigan affairs as usual?

TaxingTimes

Capital Gains is separate from income tax - but they both are shown on an income tax return.

You will therefore need to complete an Irish tax return - is your company not doing that for you due to the foreign tax credit situation?

iknorr

I have never received any Irish tax forms while working in Norway. I only get Norwegian tax forms. Which the company looks after everything there.

I know the Irish government have no record of me working/paying tax while i worked in Norway.

My PRSI is paid for me in Ireland though.

TaxingTimes

If you are resident in Ireland you are taxable in Ireland and you should be completing tax returns every year to show your Norwegian income.

Check this out with your company - it may be that you are non-resident in Ireland.

iknorr

Iv asked for that info now, waiting for a reply.

also, Im working an E101 .

iknorr

TaxingTimes wrote: »

If you are resident in Ireland you are taxable in Ireland and you should be completing tax returns every year to show your Norwegian income.

Check this out with your company - it may be that you are non-resident in Ireland.

What I got from them was that I am a resident of Ireland. Under the E101 i pay income tax to Norway. PRSI is paid in Ireland.

The company said they have nothing to do with the capital gains and i should seek the advice of an accountant.

They also said they dont do any tax returns to Ireland.

I dont have an accountant at the moment......anyone interested?

TaxingTimes

You may not be resident in Ireland - this depends on the number of days you spend here.

Send me an email setting out full details of your days in Ireland since you went to work in Norway, and I can have a quick look for you.

Also, send me details of your share purchases and disposal - and I can let you know if you need to complete a tax return.

email address: info@taxingtimes.ie