Worried about Revenue clampdown on offshore assets

Q&A: Dominic Coyle

Tax authorities in different countries are now working much more closely with each other. The Irish Revenue will receive any details about Irish taxpayers that is held by tax authorities in most other countries

Tax authorities in different countries are now working much more closely with each other. The Irish Revenue will receive any details about Irish taxpayers that is held by tax authorities in most other countries

Given all the recent talk about a Revenue clampdown on offshore assets could you please clarify what should be declared and how to do so?

I am a PAYE taxpayer. I have two modest offshore accounts, one in euro and one in a foreign currency. They are deposit accounts which earn no interest. There also hasn’t been any trading in the foreign currency which might give rise to capital gains.

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