Revenue Extend Foreign Assets Tax Deadline

The Revenue incentive to declare and pay tax liabilities on “offshore” assets (assets held in Northern Ireland or overseas) has been extended to next Thursday, 4 May at 5.30pm.

The original deadline was Sunday 30 April – which fell in the middle of the bank holiday weekend – so it’s not particularly surprising that it’s now been extended.

A payslip with a calculator and pen

It is only necessary to make a disclosure, if you have tax liabilities arising from:

  • an account held outside the State,
  • income or gains arising outside the State, or
  • property situated outside the State.

Making a voluntary disclosure now will avoid a more serious penalty regime that is now coming into force from next Friday.

You don’t need to make a disclosure unless you have taxable income from any of these sources.

If you’re considering making a disclosure, I would strongly recommend you first seek professional advice, as the rules governing disclosures are complex and fraught with difficulty.