As and from the 1st of May a taxpayer, both individuals and corporates, will be unable to obtain the benefits of a qualifying disclosure in respect of offshore matters.

What are offshore matters?

Offshore matters relate to any asset outside the State and would include such items as;

• Rental income arising from property situated outside the State.
• Income earned from a foreign bank account held outside the State.
• Foreign income such as foreign pensions, salaries, foreign trades and foreign dividend income.

What are the benefits of making a disclosure before the 1st of May?

If a qualifying disclosure is made before the 1st of May the taxpayer can avail of the following;

• Reduced penalty in respect of the tax underpaid.
• The taxpayer will not be subject to publication.
• The taxpayer will not be subject to prosecution.

After 1 May 2017 a taxpayer disclosing a purely onshore default may not be in a position to avail of the benefits of a qualifying disclosure if the taxpayer has offshore tax issues that were not disclosed to Revenue prior to 1 May 2017.

What should taxpayers do next?

It is important that taxpayers review their returns and ensure that all income, but particularly offshore income has been reported as part of their tax returns. The tax team at Cooney Carey have assisted numerous clients in reviewing their tax affairs to ensure compliance with the tax legislation.  If you have any concerns regarding your tax position you should contact us as soon as possible and we can assist you in bringing your affairs up to date. For help please contact Eamonn Madden, Tax Manager at Cooney Carey, on 01 677 9000 or email him on: emadden@cooneycarey.ie To keep in touch, connect with our friendly team on LinkedIn.

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