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Revolut Share Purchase and Tax Liability

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  • 18-11-2022 10:44pm
    #1
    ScaniaIrizar
    Registered Users Posts: 22 ✭


    Hello! Irish citizen here but living outside the EU (more than 10 years). I have always been interested in shares and investing. I have a Revolut account and have the following questions:

    1. If I buy shares on Revolut and sell them later at a profit, am I liable for any Irish tax being a non-resident? Same question in relation to dividends..
    2. Will Revolut automatically take a % of any profit and pay it directly to Revenue on my behalf?

    Thanks for any help/advice

    Tagged:


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    #2
    Atlantic Dawn
    Registered Users Posts: 81,577 ✭✭✭✭Atlantic Dawn
    M


    When setting up Revolut they would have looked for your social security/PPS number, this will be used when Revolut report gains/interest/etc to the tax authority of each country each year as per reporting regulations, if you gave your Irish PPS then it would go to Revenue, if you gave a Belize social security number it would go to the Belize authorities. Generally your liability would be where you are resident but I am no tax professional so best check with someone locally.

    Revolut will have no involvement whatsoever in paying tax on your behalf.



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    #3
    ScaniaIrizar
    Registered Users Posts: 22 ✭ScaniaIrizar


    https://www.boards.ie/discussion/comment/119891939#Comment_119891939

    As far as I remember, there was no request for my PPS number - only a scan of my passport. Since I am technically 'pretending' to be in Ireland to have access to a € account/card , I don't want to end up shooting myself in the foot by buying shares and then discovering I need to declare said (possible) income being a non-resident.



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    #4
    Atlantic Dawn
    Registered Users Posts: 81,577 ✭✭✭✭Atlantic Dawn
    M


    https://www.boards.ie/discussion/comment/119891961#Comment_119891961

    I know on mine I was asked when setting it up what PPS and tax residency was, if I go in to my profile in the app at the bottom it has "Tax Residences" and Ireland next to it and if I select it my PPS is shown.



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    #5
    ScaniaIrizar
    Registered Users Posts: 22 ✭ScaniaIrizar


    https://www.boards.ie/discussion/comment/119891989#Comment_119891989

    I will check it out again to be sure, thanks for the help Atlantic Dawn ☺️



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    #6
    Atlantic Dawn
    Registered Users Posts: 81,577 ✭✭✭✭Atlantic Dawn
    M


    https://www.boards.ie/discussion/comment/119892004#Comment_119892004

    Yes I'd advise setting it up proper in whatever country you are in, the Irish tax position is terrible compared to pretty much anywhere on earth, particularly with the tiny annual allowances you are exempt from gains.



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    #7
    ScaniaIrizar
    Registered Users Posts: 22 ✭ScaniaIrizar


    https://www.boards.ie/discussion/comment/119892018#Comment_119892018

    Well right now I am in quite an undesirable very Eastern European country. In the Revolut app, I am resident in Ireland but no PPS number was required. Given the restrictions on buying and selling where I am now (I hope you can assume where), my plan is to have some of my cash invested outside the country - hence the interest in the tax implications overall



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