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What to do for interest on savings in foreign Bank

  • 02-10-2019 9:46pm
    #1
    Donald Trump
    Registered Users, Registered Users 2 Posts: 20,832 ✭✭✭✭


    Hi,

    I'm sure someone on here will know.

    Suppose you have some foreign non-euro savings (all legal - not ansbacher or panama papers job).

    Suppose last year you received some interest on those savings. Not a huge amount, and I'd say that the real value of the accrued total is less than it was at the start of the year (i.e. the interest was less than inflation)..........but I'd doubt that that excuse woudl hold water.

    What tax would be due on this? Is it DIRT or does it go towards income tax? Or can you choose. If the interest was deposited monthly, how do you calculate a Euro value? Spot FX at that time of deposit or FX at the time of paying the tax?

    How would you go about paying it?


Comments

  • #2
    MunsterM
    Registered Users, Registered Users 2 Posts: 120 ✭✭MunsterM


    I called Revenue with a similar query yesterday. I'm not working and my only income is interest on savings in UK banks. Revenue told me to register for income tax using for TR1.
    For exchange rates I think this is used : https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-04/04-06-12.pdf

    Best to give them a call and see what they say.


  • #3
    Donald Trump
    Registered Users, Registered Users 2 Posts: 20,832 ✭✭✭✭Donald Trump


    thanks very much for the response.

    I had registered for the online thing before. I sent them a question through their system, waited about 6 weeks and got a response that clearly didn't read my question so I wasn't aware that they'd still accept calls.

    I'd be wary of being told something over the phone....in the sense that it might be helpful but I wouldn't want to rely on it if the people responding are so careless.


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