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Steph Wickham

๐Ÿ‘ค Speaker
287 total appearances

Appearances Over Time

Podcast Appearances

Ask About Wealth
Leaving Ireland to Avoid Tax

That's not how they work.

Ask About Wealth
Leaving Ireland to Avoid Tax

So, you know, clients will often come to us and, you know, the comments that we'll hear

Ask About Wealth
Leaving Ireland to Avoid Tax

which have an element of truth to them are, you know, well, there should be credit for the tax I paid or I already paid tax on that so Ireland doesn't get to tax it again.

Ask About Wealth
Leaving Ireland to Avoid Tax

And it's rarely that simple because when you actually look under, you know, the framework that the OECD has kind of drafted the treaties on,

Ask About Wealth
Leaving Ireland to Avoid Tax

It provides different articles in the treaty, articles being paragraphs or sections that apply to different income and gain types.

Ask About Wealth
Leaving Ireland to Avoid Tax

So normally in a standard treaty, you'll have an article for employment income, interest, dividends, rental income, capital gains, pensions.

Ask About Wealth
Leaving Ireland to Avoid Tax

government pensions, et cetera, et cetera, you get the gist.

Ask About Wealth
Leaving Ireland to Avoid Tax

And when you read each of those, you've got to be very clear when you read it as to where the individual is a resident for the purpose of the treaty, where the source of the income comes from, and then also how the credit mechanism works practically.

Ask About Wealth
Leaving Ireland to Avoid Tax

Different treaties, so for example.

Ask About Wealth
Leaving Ireland to Avoid Tax

So taxes are a necessary evil, really, aren't they?

Ask About Wealth
Leaving Ireland to Avoid Tax

And they serve such an important function in a society like what we live in.

Ask About Wealth
Leaving Ireland to Avoid Tax

But I'm a big believer in, you know, what do clients want?

Ask About Wealth
Leaving Ireland to Avoid Tax

They want to comply.

Ask About Wealth
Leaving Ireland to Avoid Tax

They want to know that their taxes are in order.

Ask About Wealth
Leaving Ireland to Avoid Tax

But nobody likes to pay more tax than they need to.

Ask About Wealth
Leaving Ireland to Avoid Tax

So how we approach the tax return preparation is,

Ask About Wealth
Leaving Ireland to Avoid Tax

is we will use it, particularly if a client has come to us, as a way to kind of give them confidence that everything's in order.

Ask About Wealth
Leaving Ireland to Avoid Tax

So are you compliant?