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Property abroad, owned prior to permanent residency

Reflective · 2017-02-22 20:46:50

Hi there, Revenue have sent approximately 500k letters to taxpayers about disclosing assets abroad to a certain date, amidst massive fine increases for alleged tax evasion. I currently own property outside of the Republic, that has been in my ownership prior to my permanent residency in Ireland (naturalised). I have not…

22-02-2017 8:46pm

#1

Reflective

Closed Accounts Posts: 16 ✭

Join Date: July 2014

Posts: 5

Hi there,

Revenue have sent approximately 500k letters to taxpayers about disclosing assets abroad to a certain date, amidst massive fine increases for alleged tax evasion. I currently own property outside of the Republic, that has been in my ownership prior to my permanent residency in Ireland (naturalised).

I have not disclosed this to Revenue, which in hindsight didn't really fall into the acquisition, rental, and disposal categories of declaration. I also cannot locate anything on their website regarding this topic.

If/when this comes to the attention of Revenue, will I owe money for keeping this asset; is such a fee imposed on the mere ownership? There is no rental income on the property in question. I am indeed self-assessed.

Many thanks.

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