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Thursday 14 December 2017

Deadline to declare your assets abroad is extended

(Stock picture)
(Stock picture)
Charlie Weston

Charlie Weston

The tax authorities have extended the deadline that allows people to cut their tax bills on income and assets abroad which they have not declared.

The deadline, that allows people make a voluntary disclosure about assets and income outside the country, was due to fall on bank holiday Monday. But it has now been extended to next Thursday, the Revenue Commissioners said.

People who own up to Revenue before the new deadline will be able to get reduced penalties for failing to pay taxes owed, and can avoid having their names published in the tax defaulters' list and avoid a prosecution.

The disclosure option covers foreign pensions, or interest from a bank account outside Ireland. It is also likely to cover a property that is being rented out, even for part of the year. And properties inherited in another jurisdiction also come into the scope of the tax disclose deadline, if tax has not been paid on the inheritance.

Irish Independent

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