Navigating a Foreign Domicile Tax Position

A UK couple residing in Ireland contacted us, faced with uncertainties regarding their domicile status and tax implications. With significant UK property investments, family ties in the UK, and a desire to plan for the future transfer of their wealth to their children, they sought guidance on their tax obligations and optimal strategies.

A man sitting at a desk behind a computer being given a piece of paper with a difficult task to complete.
A man sitting at a desk behind a computer being given a piece of paper with a difficult task to complete.

Problem

  • Despite seeking advice from a local accountant, the accountant in question lacked familiarity with taxation for non-Irish individuals.
  • This resulted in the couple finding themselves unclear about their Irish domicile status, compliance status, and their ability to transfer wealth in the future without being penalised.

Process

  • After conducting an initial consultation to assess their domicile position, we were able to prepare a comprehensive advisory memo addressing their domicile concerns and outline key actions to maximise tax benefits. Collaboratively, we devised a structured plan for remitting foreign income and gains to Ireland, ensuring the most favourable tax outcomes.
  • Additionally, we assisted in calculating Capital Gains Tax (CGT) for an Irish investment property and offered sound advice to protect the best interests of their children.
A woman writing out a detailed list of procedures on a piece of paper.
A contemplative, worry-free man sitting on a mountain side looking at mountains with a blue sky back drop.
A contemplative, worry-free man sitting on a mountain side looking at mountains with a blue sky back drop.

Outcome

  • Due to our deep understanding of non-Irish individuals’ tax obligations and familiarity with Irish tax compliance, we provided the comprehensive support our client needed.
  • Through our guidance, the couple experienced a reduction in stress and gained confidence in the organisation of their tax affairs. They also obtained clarity on their domicile status and received actionable insights for future planning. 

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We’re sure we can assist and help with your tax obligations, compliance, and any other questions you may have

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