Dáil debates
Wednesday, 25 November 2020
Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2020: Committee and Remaining Stages
3:25 pm
Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source
Under a double taxation agreement, the gain will only be taxed once on whatever is the higher rate of tax in either jurisdiction. That agreement already exists in any event regardless of Brexit. Let us suppose the tax rate on a particular item in Ireland is 30% and the tax rate in the UK happens to be 35%. Depending on where a person is settling his or her tax affairs and where he or she is resident, if 30% is paid in one country, only the balance must be paid in the other country and vice versa.
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