Saving in the Uk to move to Ireland ADVICE PLEASE
Denise8715
Posts: 5 Forumite
Hi everyone, me and my boyfriend are living int he UK at the minute. We are planning on moving to Ireland in two years time and buying a house. I am wondering if anyone can advise us on the best account so save with and what happens when we move to Ireland will we be taxed on the money? I currently have an Irish credit union account so would I be better sending money home to Ireland and paying it into the credit union gradually. We plan to save upwards of 20k. Thanks for your help :T
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UK or Irish account?
Be aware that interest on savings is taxed at 41-45% in Ireland. For everyone!!0 -
bottleandahalf wrote: »UK or Irish account?
Be aware that interest on savings is taxed at 41-45% in Ireland. For everyone!!
Wow really :eek: so I am originally from Ireland so I have an Irish credit union account. What we had planned on doing was paying money into an English account, a family member of mines in Ireland could take the money out in euros then lodge. So regardless of how we do it we will be taxed at that rate? Thanks for the reply :j0 -
Denise8715 wrote: »We are planning on moving to Ireland in two years time and buying a house.
Will you both have jobs?0 -
The only thing you pay tax on is interest.0
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Info re DIRT (gosh, wonder who decided on that acronym) on savings interest in Ireland:
http://www.citizensinformation.ie/en/money_and_tax/tax/tax_on_savings_and_investments/deposit_interest_retention_tax.htmlbutterfly )i(0 -
Forgot to say, the above link also provides details regarding treatment of interest earned in 'non resident' accounts and first-time buyer DIRT exemption.butterfly )i(0
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Interest rates are just as dismal in Ireland as they are in the UK, however the Irish government has some sort of incentive going for people saving for a house deposit where you get a refund on the tax you pay on your savings. have a look at this http://www.moneyguideireland.com/dirt-refunds-for-first-time-buyers-budget-2015.html.
Make the most out of the high exchange rates at the moment as no one knows how long that will last for. If you sending money back to Ireland consider using online currency brokers such as Currenyfair or Transfermate as the rates they offer are far better than what you will get from the banks.0 -
Thrugelmir wrote: »Will you both have jobs?
Yes my boyfriend will be working as a chef and I as a makeup artist0
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