Equivalent to UK

Robbie12

Having being over in the UK for a while, they set up ISA's (individual savings accounts) and can use them to trade tax free.

Have we got an equivalent method? Or has anyone set up an english bank account to trade out of that?

Bizness

Robbie12 wrote: »

Having being over in the UK for a while, they set up ISA's (individual savings accounts) and can use them to trade tax free.

Have we got an equivalent method? Or has anyone set up an english bank account to trade out of that?

Sorry to crush your hopes and dreams, in short answer no.

Only thing that policy makers and politicians in this country know is pumping up property through tax incentives - witness the myriad tax incentives on property during the boom and Noonan's capital gains tax free on property purchased between start 2012 and end 2014 if held for seven years. Numerous rich of Ireland and abroad brought residential and commercial property during that period and will make a tax-free killing.

And now more bribes for the general election - Labour 'help to save' scam for first time buyers giving them your money, i.e. taxpayers, €1 for every €3 they save. ffs

UK a different country bud, £11,000 annual Capital gains tax free allowance for gains outside ISA wrapper, basic rate CGT 18%, 28% CGT for higher rate taxpayers.
Contrast with Ireland, €1270 Capital gains tax free allowance (hasn't been increased in 20/30 years), and an eye watering 33% CGT for everyone. Not to mind 52% odd tax on dividends in Ireland.

The punitive taxes and the eye-watering charges levied by fund managers in Ireland is scandalous..


Profits and dividends, interest etc within UK ISA tax free.

It is one for people to tackle the politicians about on the doorsteps. (But sadly, most people will just ask how the politicians can help to get their little Johnny or Mary on the property ladder).

If there was an equivalent to ISA's here, you might entice people into other asset classes instead of the Irish property obsession, as you could invest efficiently in a broad range of asset classes, or invest the children's allowance etc to help pay for third level education etc etc.


Closest thing to ISA's in Ireland is a self administered pension plan, where you can hold shares, property etc, and the capital appreciation, divs, interest etc accumulated is tax free. You need to go through a few hoops I think, including appointing a trustee, and of course you won't be able to access the money until retired (or have a serious illness).

I guess you could still set up an ISA in the UK, but the Coimisineiri in Ireland will treat all that as taxable, iykwim.

Spread-betting in Ireland and UK tax-free, but not advisable for the general majority of people, because most lack the patience and discipline.

Robbie12

Bizness wrote: »

Sorry to crush your hopes and dreams, in short answer no.

Only thing that policy makers and politicians in this country know is pumping up property through tax incentives - witness the myriad tax incentives on property during the boom and Noonan's capital gains tax free on property purchased between start 2012 and end 2014 if held for seven years. Numerous rich of Ireland and abroad brought residential and commercial property during that period and will make a tax-free killing.

And now more bribes for the general election - Labour 'help to save' scam for first time buyers giving them your money, i.e. taxpayers, €1 for every €3 they save. ffs

UK a different country bud, £11,000 annual Capital gains tax free allowance for gains outside ISA wrapper, basic rate CGT 18%, 28% CGT for higher rate taxpayers.
Contrast with Ireland, €1270 Capital gains tax free allowance (hasn't been increased in 20/30 years), and an eye watering 33% CGT for everyone. Not to mind 52% odd tax on dividends in Ireland.

The punitive taxes and the eye-watering charges levied by fund managers in Ireland is scandalous..


Profits and dividends, interest etc within UK ISA tax free.

It is one for people to tackle the politicians about on the doorsteps. (But sadly, most people will just ask how the politicians can help to get their little Johnny or Mary on the property ladder).

If there was an equivalent to ISA's here, you might entice people into other asset classes instead of the Irish property obsession, as you could invest efficiently in a broad range of asset classes, or invest the children's allowance etc to help pay for third level education etc etc.


Closest thing to ISA's in Ireland is a self administered pension plan, where you can hold shares, property etc, and the capital appreciation, divs, interest etc accumulated is tax free. You need to go through a few hoops I think, including appointing a trustee, and of course you won't be able to access the money until retired (or have a serious illness).

I guess you could still set up an ISA in the UK, but the Coimisineiri in Ireland will treat all that as taxable, iykwim.

Spread-betting in Ireland and UK tax-free, but not advisable for the general majority of people, because most lack the patience and discipline.

Well thanks Bizness for the thorough response! That comparison seems ridiculous! So essentially the message I'm getting from this is if you're any good at the markets move to the UK and do it there!

Still some food for thought though - looking into a self administered pension plan

I could set up an ISA and then never bring the money back and eventually become tax resident in the UK and then take it (although that sounds too simple)

It's just annoying because it nearly turns you off trying with all that tax etc. Its difficult to find people that are interested in the markets in Ireland whereas in the UK quite a few would talk about it regularly and I take it no one has quit their job in Ireland to trade from home considering the barriers you need to overcome in the first place!

All in all spread betting sounds the way to go!

jeamimus

Bizness wrote: »

and an eye watering 33% CGT for everyone.

This has the effect of keeping large swathes of property from coming on the market (and thereby keeping property prices high).
All those investment properties bought in the 80's and 90's will be held until the owners pop their socks.